Globalization has strengthened the bond and has helped us to know each other's need in a better way. It has helped to demolish those walls that separated us.This term is typically based on business ethics in which both of the communicating parties or countries need to have agreement for providing benefits to each other.
Proponents of globalization argue that it allows poor countries and their citizens to develop economically and raise their standards of living, while opponents of globalization claim that the creation of an international free market has benefited multinational corporations in the Western world at the expense of local enterprises, local cultures, and common people.Over the years there has been a steady liberalization of the current account transactions, more and more sectors opened up for Foreign direct investment's facilitating entry of foreign investors in telecom, roads, ports, airports, insurance and other major sectors.
**Major pros and cons**
Discussing about the pros of Globalization we have:-
1.There is a worldwide market for the outsourcing companies and for the customers there is a better access to products from different countries with varied choices.
2.Globalization helps in increase of demand of products. This in turn increases rate of production. Manufacturers thus, find this profitable and helps in availability of more jobs. Agriculture in India has been touching new heights due to the described fact.
3.The influx of information between two countries increases, especially of those nations who do not have anything in common between them.
Discussing about the cons of Globalization we have:-
1.Globalization may lead to loss of cultural identity as usually western ideas are always imposed upon the Eastern thoughts.
2.There is an immense pressure on the employed people of developed countries who are always under the threat of their jobs being outsourced.
3.Besides some of the positive traits, incursion of negatives like communicable diseases and social degeneration can be stated under this title.
Atlast but not the least Globalization has made way for free trade and business. It has also helped improve communication around the globe.It is not only modernizing but also has westernized the native cultures.
The question is how prepared are we to face all the pros and cons of this global change."