Is Globalization Really Necessary?

There is certainly a positive side to globalization. Those who support it say that it creates jobs by making companies more competitive. This results in lower prices for consumers. Others support globalization because it brings capital and technologies to impoverished nations and brings international products back to the United States in return. Globalization increases the number of decisions that are made on a worldwide level, resulting in a merging of politics and decisions that are made for the good of people all over the world. The cultural intermingling that occurs also promotes greater equality and acceptance of others, especially since different people can share the same financial interests. Speedy travel and worldwide communication has resulted in a more educated, more cultured public.

As every cloud has a silver lining so Globalisation too has. It is must for any country to help in the economic as well as social growth of a country. It is needed to keep in pace with technological advancements across the world and overall developments in the world.

What is Globalization?

Globalization is a series of social, economical, technological, cultural, and political changes that promote interdependence and growth.

Globalization raises the standard of living in developing countries, spreads technological knowledge, and increases political liberation.

One of the benefits of globalization on a social level is an increased Human Development Index. The Human Development Index is a measurement of a country's social, political, and economical growth in comparison to other countries in the world.

Negative aspects of Globalization:

Globalization has led to exploitation of labor. Prisoners and child workers are used to work in inhumane conditions. Safety standards are ignored to produce cheap goods.

Earlier people had stable, permanent jobs. Now people live in constant dread of losing their jobs to competition. Increased job competition has led to reduction in wages, and consequently, lower standards of living.

Positive aspects of Globalization:

Globalization has created the concept of outsourcing. Work associated with software development, customer support, marketing, accounting, and insurance is outsourced to developing countries like India. So, the company that outsourced the work enjoys the benefit of lower costs because the wages in developing countries is far lower than that of the developed countries. Workers in the developing countries get employment. Developing countries get access to the latest technology.

Yes to some extent globalization is very useful to a developing economy. But before going global and government must ensure its own players are competent enough. Otherwise it can backfire. For example let we have all big retail shops are owned by foreign companies in our country. That might create jobs but the Indian people working there must be the lowest paid employees. And that will not help our GDP. We must have some have Indian companies strong enough to enjoy the fruit of globalization.

To keep and spread the gains, government must not only reduce barriers to trade and investment, they must also get domestic policies right. Many people may think that globalization is making poor countries poorer. However the evidence is very convincing that developing countries that globalize grow and reduce poverty level faster than those that do not. For example, recent study of 72 developing countries shows in the 1990's globalism developing economies real incomes and output grew faster, on average about 4 times faster, than inward looking economies' output.

Great Good Morning Friends,

Globalisation is really very necessary for our country to prosper. As we know globalisation is a means to which cross country flow takes place of output, technology, investment, etc. In a developing country like ours free market enterprise is very much needed as it will not only enhance production and sales but also it will generate employment opportunities. During 1990s, the government of India decided to embrace Globalisation as a means to raise up its economic condition in a better position.

Well to end up, I must say that Globalization's with all its positive points has also got its threats as well. The policies might also hamper the economy by poor utilisation of resources.

Thanks.

Yes Globalisation is necessary, for an economy to grow. Globalisation refers to the integration of economic, technological, socio-political factors with the world. And with globalisation, with the mutual cooperation and assistance -particularly with reference to the law of comparative advantage- it is going to be beneficial. Globalisation also helps reducing the poverty level in the country-there are plenty of evidences and record to support it. Developing countries specially require globalization. Because Indians are very rich in resources of skilled manpower.

So Other countries are interested to invest in India. We don't have that much funds/money to make very huge industries or developments. There is no shame to invite other countries for investing. Lot of advantages are there. Employment, infrastructure development, tourism, foreign exchange and etc. Even America would be nowhere if globalisation was an imaginary concept never put forward. Half the world's countries would be reeling in depression right now if not for globalisation.

For example, petroleum, most countries are on the verge of depleting their entire reserves and some countries don't have it at all. Seeing this if not for globalisation the entire world would be left crippled due to the massive energy crisis facing them. While globalisation is necessary it is not sufficient to ensure communities gain from globalisation. To keep and spread the gains, government must not only reduce barriers to trade and investment, they must also get domestic policies right.

Many people may think that globalisation is making poor countries poorer. However the evidence is very convincing that developing countries that globalise grow and reduce poverty level faster than those that do not. For example, recent study of 72 developing countries shows in the 1990's globalizing developing economies real incomes and output grew faster, on average about 4 times faster, than inward looking economies output.

As far as my knowledge, globalisation creates good job opportunities and it increases the national growth and development globally. Our country is a developing nation need to be become developed one. In Order to have that we should allow globalisation. Globalisation makes the country to adapt new things like technology, infrastructure. It allows the country to make relationship with other countries.

Well I think that globalization is must for every country. It helps to combat causes like unemployment, financial problems, education etc. Due to globalization foreign companies spend their capital and opens their firm in other countries which further increases employment level and thus, standard of living of people will be raised automatically.

In the year 1990 globalization was started in India and at that time GDP of India was 97% and now in 2013 it has increased to 8 to 9%.

As some of them spoke that we are forgetting our culture, but I think it not so, we are just mixing our culture with western to make a better culture. Everyone needs change so as to prevent himself dying from bored.

Despite of it's advantages it also has some disadvantages like.

* Sometimes it causes "BRAIN DRAIN".

* Foreign market might dominate over Indian market, but if globalization is allowed under strict rules and regulation of Indian government then it doesn't remains as this advertisement. Anymore.

Thanks.

Its a very important point. I think globalization is good because it gives consumer more option and so the supplier has to improve the quality and cut the prices to stay alive in competition. And it prevents market from being a monopoly market, and also invites new technology, and production tech.

While it can also be detrimental to domestic industry on some occasion, because its hard for Indian companies to compete with the foreign companies where the interest rate is as low as 2%, and low labour cost. The prime example of this is the electric market dominated by Chinese products in India.