Globalisation

Globalisation is making the world become more interconnected and interdependent where different cultures and backgrounds learn to adapt and embrace a common economic, social and cultural environment. This has also strengthened the world and helps us understand each other’s needs in a better way. The world has recognized that their domestic economy is too small and so, the only way out is to go global. This will significantly increase their GDP and raise their per capita income thus improving their way of life. This is evident where big MNC’s like Citibank, Apple, BHP and Rio export their goods and services to all parts of the world generating income for their domestic market.

Globalization also makes the world more affluent and aware because of the new machinery, technology and advancements exported into the developing countries making them pick up skills to make them competent with operating these stuff increasing employment rates.

It will help politically as countries aim to foster closer ties between them by allowing free trade and communication between governments.

To illustrate the impact of globalization is looking back to the recent world financial crisis would have plunged the United States, Europe and the rest of the world into an abyss fortunately for globalization these countries are able to export their way out of the recession to these emerging countries such as China and India.

On hind side, the negative effects of globalization has caused unrest in many developing countries. where big MNC’s set up their factories where people are generally uneducated and where work is more labor intensive. These MNC’s utilize workers in these countries to take advantage of the low wages paid to them and sometimes even resorting to child labor, as labor laws are altered these MNC’s then again relocate their factories to other parts of the world where it is cheaper and those working initially in the other part of the world lose their jobs forcing them to...