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Benefits and drawbacks of globalization

Globalization has been seen by some as beneficial where it is the key to future world economic development, it is irreversible and inevitable. On the other hand, some view it as a mode to increase inequality within and between nations, threatens employment and living standards and thwarts social progress. Discuss.

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The most important realms of globalization are economic, political, and cultural. Economic globalization raises issues of the development of a global marketplace and the potential for a single, world economy. There are benefits and problems with globalization. Regarding the benefits, the main actors facilitating increased economic globalization are multinational corporations (MNCs). Linkages have developed between Northern countries, but there are also expanded connections between the North and South. Trade linkages between developing economies in the South are also increasing. Also, you can explore the vast array of transnational networks of international and nongovernmental organizations that may contribute to the development of a new system of global governance. For instance, the development of international norms and regimes promotes cooperation and the general improvement of conditions for all peoples of the world. The homogenization of world politics implied by globalization may also contribute to the development of a global norm of democracy and human rights. Finally, cultural globalization involves the spread of common values, norms, traditions, and practices. This is the type of globalization that is commonly discussed in popular media, such as the spread of American products to stores around the world. This is also associated with the development of a popular cultural globalization, with American television programs and news services appearing on televisions worldwide. Cultural globalization may also ...

Solution Summary

Globalization is one of the most used, and perhaps overused, terms to describe world politics. Globalization and interdependence are sometimes used interchangeably, but there are important differences of interpretation. Globalization places more emphasis on the growing similarity of people, places, and things in a "borderless world." Definitions of globalization typically stress the increase in linkages at all levels of world politics, perhaps creating a global community that shares many characteristics.