Globalization is the process of interaction and interdependence of culture, trade, governments, and economies among different nations. Also, if we see today’s situation where the whole world is affected by the pandemic coronavirus, we can say it is also a part of globalization. The coronavirus pandemic spread is the best example to explain the effects of globalization.
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So what’s next? Are we ever able to globalize again? Well, that is the question everyone is looking forward to. But today we know even if globalization has some cons, it also has so many pros, so it is important to know are the pros and cons of globalization to understand today’s situation.
Benefits of Globalization
Here are some pros of globalization:
Easy flow of new culture
Globalization makes it easier for people to adopt foreign cultures, attitudes, and values like environmentalism. Suppose you like the art of some other country. It is only through globalization that you can easily learn the art values of a foreign culture.
Technology and Innovation Spread
It is only due to globalization that people are able to share the best technologies with each other. Since people remain connected with each other, it is easy to transfer one technology to other parts of the world.
Access to Availability
People now have better options in the market. There is a huge availability for options to not only customers but also to sellers. Different sellers can sell their products in different markets. Sellars is enjoying the diversity of customers.
Lower Costs of Products
Globalization increases competition in the market. Thus companies find better ways to lower down their prices in order to sell the product. The lower cost factor is helping many developing and underdeveloped companies to showcase their talent.
Cons of Globalization
Here are some demerits of globalization:
The spread of Pandemic Diseases
It is only due to globalization that pandemic disease like coronavirus has hampered the whole world. From Wuhan city to the whole world, the virus destroyed millions of lives in just 4-5 months. Even in the future, if we want ourselves to be safe from such diseases, we have to understand the demographic transition model across the globe.
Difficulties in Recruitment
First, companies have to make plans suitable for international employees. Then companies have to spend a lot of money on traveling expenses and rent expenses when they hire some foreign employees. It is companies that have to face other challenges too, like time zone, language barriers, etc.
Loss of Cultural Identity
If people will adopt each other’s culture at this rapid rate, then it would create a situation of homogenous culture. There will be no longer people from a different culture., no unique societies. Different countries will have the same culture. Have you ever imagined how boring it would be?
These were some pros and cons of globalization. If you need more information related to marketing homework help, then contact our experts. We provide instant online assignment help at your online window.