Advantages and Disadvantages of Globalization

1098 Words Feb 22nd, 2018 4 Pages
It strives to bridge the existing gap between nations by trying to foster healthy trade and investment relationships amongst them. An economist, Thomas Friedman has described today’s globalization as “farther, faster, cheaper and deeper” [1]. Nobel Laureate Joseph Stiglitz defines globalization as “the closer integration of the countries and peoples of the world which has been brought about by the enormous reduction of costs of transportation and communication, and the breaking down of artificial barriers to the flows of goods, services, capital, knowledge, and (to a lesser extent) people across borders” [2]. Many countries such as China and India have benefitted majorly due to globalization. According to the World Bank, poverty rates in China fell from 60% to 16% between 1990 and 2005 and the poverty rate in India has reduced to 50% of what it originally was, in the past 2 decades. Uganda also witnessed a drop in the poverty levels by 40% and school enrollments doubled in that period [3].
In my opinion, the key factor influencing globalization is the improvement in the technology over the last century. I believe that since technology is constantly evolving, it is a major driving force behind globalization. Technology has contributed to globalization by enabling people to widen their horizon and by providing them with access to unlimited knowledge through the internet.…
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