Globalization

Photo Courtesy: David Castillo Dominici 

Globalization carries out the amalgamation of various ideas, cultures, languages, people, financially viable activities like trade and commerce.  It supports worldwide trade by reducing various tariffs on goods and services. Globalization takes on the entire world as a single community.

It strengthens countries relations with each other. It promotes comprehensible market for foreign countries and encourages amiable social and political relations.  Enhances the functionality and capabilities of the companies and encourages healthy competition. With easy accessibility of goods and services broadens the horizon of global trading.  Also, globalization reinforces better communication channel among various countries.

Healthy flood of information among countries can be observed. Also, globalization will boost-up the economies by encouraging innovative ideas and their proper implementation. People will be more aware about the different cultures and languages.

Photo Courtesy: Digitalart

But globalization has a negative side too, the economies will favor machinery intensive techniques rather than labor intensive ones and so manpower will face a drawback. Also, bran drain problem can be faced, with skilled people being recruited in foreign countries.