Globalization: Advantages and Disadvantages

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GLOBALIZATION
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Execution summary
The objective of this paper is to study in details on globalization and its impact across the
globe. The paper will focus on major issues surrounding globalization by looking at its
advantages and disadvantages. For centuries have been celebrating the world globalization due to
its positive impact across the globe, but it few seem to understand that it has some shortcoming
that have inconvenienced the existence of man on this planet. Therefore, it important to
understand both sides of globalization such that it will be able to make decisions based various
aspect of life such economy, business as well as the political world. This paper will also
highlight the countries as well as the industries that have been affected by globalization
Introduction
Globalization refers to the process of integration and interaction among government,
companies and people across the globe. As a multifaceted and complex phenomenon, some
people consider globalization as a form of capitalist expansion that integrates the local and
national economies into unregulated market economy in the world. Advances in communication
and transportation technology have played a significant role toward the growth of globalization.
Increased interaction across the world enhances the growth of international ideas, trade as well as
the culture. Primarily, globalization is an economic process of integration and interaction linked
with cultural and social aspects. However, diplomacy and conflicts forms a large part of modern
globalization as well as history of globalization. For the last few centuries, globalization has
greatly enhanced economic growth and development across the world. It has improved the
manner on which goods and served are produced and sold. Moreover, it has enhanced the
economic resources of capital, data and technology (Pieterse, 2015).

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Besides, the expansion and growth that have been witnessed in the global market have
liberalized the economic activities through the exchange of goods and fund. The formation of
global market has become more feasible by the removal of cross boarder trades barriers, which
had highly affected the trade for centuries. The jet engines, steam locomotive, container ships as
well as steam ships are the advances that have played a role in improving the means of transport.
On the other hand, rise of internet, telegraphs and mobile phones have greatly enhanced the
development of telecommunication infrastructure. As much as globalization has many
advantages in various sectors it has some disadvantages of well. In various aspect of life, there
areas that people feel globalization is not necessary because it result in more harm than good in
those areas. This study seeks to study both the good and wrong aspect of globalization.
Countries and industries affected by globalization
The effect of globalization is not same to all the countries and industries across the globe.
For instance, in most of the African countries, the result of globalization has been very minimal
and therefore bypassed by the phenomenal increase in global trade. Therefore, globalization has
played a significant role in widening the inequalities and marginalization that has been existing
in developing country. Besides, the current international system has placed some obstacles to the
effect of globalization in the country. In this regard, it is important to have sufficient action in
place and take action at global, regional as well as national level to ensure there is equalities on
globalization. Besides, some countries in western Asia have also not benefited much from
globalization. The Middle East countries have been a political, geographical and cultural notion
but not an economic reality. Many people and organization thought that this region is well
integrated into global economy, which was a distortion from a high imported bill and oil exports.
Intra-regional investment is very little (Boyden 2015 pp. 607-201)

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.
One of the countries that have been where globalization has had a great impact includes
Caribbean and Latin America. They have experienced a high rate of growth in trade, which have
played a significant role in the development of the economy of these countries. The high level of
free trade, regional integration as well as preferential agreements with developed stated has been
the fundamental features of the economic landscape in both central and South America
(Hawkesworth 2018). The Europeans countries have also benefited from globalization. The
government has been able to come up with classic industries of world class that have stood out in
the world market. This has provided a serene atmosphere for European countries to trade with
the rest of the world.
In Mexico, diversification is dynamic due to its trading with the United States. Trade is
very lively within this continent due to qualities product from the manufacturers. Diversification
is also evident in Central American and Caribbean economies, which result to increase in trade
with the United States of America. Since there have been an increase in imports, there are
various trade deficits and imbalances in various cases. The growth of 9 percent led to a much
smaller increase in the gross domestic product (GDP).
The economic sanctions have been a threat to the economy where there are imposed as
well as all the developing countries and have hindered globalization in a great way. For instance,
America is obstructing the flow of goods and services by imposing some sort of blockade on
Iraq. In regard, Iraq government has been derived of large amount of money, which amount to
over $140 billion in income. This blockage was imposed in 1990 and by so doing United States
is perpetrating genocide against the citizens of this country. American is also preventing this