JoAnn Chirico defines globalization as \"a set of processes through which the wo

Question

JoAnn Chirico defines globalization as "a set of processes through which the world is becoming a single place." To this end, the world shares common statuses, roles, values, and norms. What are some advantages of globalization? What are some disadvantages of globalization? Explain if you believe that globalization "good" or "bad" overall.

Expectations: All posts must be 200 words in length at minimum. Please think about the question carefully and do your best to post a thought-provoking response. Please also be careful to edit for spelling and grammar. If referencing language from a work that is not your own, please be sure to include the appropriate citations.

JoAnn Chirico defines globalization as "a set of processes through which the world is becoming a single place." To this end, the world shares common statuses, roles, values, and norms. What are some advantages of globalization? What are some disadvantages of globalization? Explain if you believe that globalization "good" or "bad" overall.

Expectations: All posts must be 200 words in length at minimum. Please think about the question carefully and do your best to post a thought-provoking response. Please also be careful to edit for spelling and grammar. If referencing language from a work that is not your own, please be sure to include the appropriate citations.

Explanation / Answer

Globalization brings the different countries on one platform, and there is an emergence of globally accepted regulations, norms and principles that are to be accepted by all the countries. For example, GAAP (globally accepted accounting principles), copyright laws, drives for sustainability and pollution control measures are some of the examples. Hence, globalization brings different advantages. The first advantage is that it makes the countries work upon their strengths and use each other as a market for their products. It increases overall GDO, employment and living standards. The second advantage is that mobilization of resources such as capital and labor takes place. USA and European countries can bring capital, and Countries like China and India bring labor to complement each other. It brings synergy and global economy grows. The third advantage is building of the strategic alliances among the nations to fight for the common problems such as rising temperatures of the earth, pollution and disturbed ecological system among the others.
Though, there are issues also, as MNCs try to exploit the weak regulatory framework of the poor nation. It makes these nations realize that they are not getting their share of the growth. Besides, the rich nations apply their hidden agenda through the IMF and World Bank in the name of globalization a treat these countries only as a market for poor quality products. It is a wrong practice, used by some of the companies. So, countries resist. Hence, it can be said that globalization is good for the countries, but it requires a sound economic and regulatory framework with law and order to tackle the challenges, of exploitation, corruption, economic rent and exaggerated dominance of the rich countries.

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