Globalization is a word we all have heard a million times, be it in debates, news, articles, or books. It has always been blamed for the problems it was supposed to solve. It opened the world markets, increased GDP, brought us all together, yet is criticized on all ends. Why is it so? Let’s find out by understanding the basics and then form our own opinions.
What Exactly Is Globalization?
Globalization, in simple terms, is the free flow of information, goods, and service at the world level.
Remebering The History:
The concept of globalization is not new. It has always been present since the time of the ancient civilizations. The Harappa, one of the ancient civilizations to exist, also had its port cities responsible for the trading of goods. Therefore, whenever we talk about trading goods in a market outside ours, we speak about globalization. The silk route is the next best example of globalization through which goods were transferred from one place to another.
Let’s try to redefine the entire thing by stating its characteristics:
● First, it is a not western concept: Though the word might have been coined in the western side of the world, globalization has always been presented. The moment the ancient scriptures mentioned Vasudhaiva Kutumbakam, meaning that the world is like a small village connected, we were introduced to the concepts of globalization.
● Second, it is a mindset: It is a theory that was devised to improve world trade.
● Interdependence: No country is truly independent if it imports something or the other from the places outside of its border. Thus globalization has made the world interdependent, united, and more caring towards the needs of each other.
The Advantages that come with the pack:
This new theory has been around for a very long time. So what are the various benefits it provides:
● First, opened gates to new cultures: It has made accessing foreign cultures, art, music, etc., a lot easier.
● Technological Advancements: Since the world has come together, so has the knowledge and skills. This has led to rapid improvement in the world of technology.
● Low product Cost: With new markets and stiff competition, the product prices have lowered to prove oneself the best.
● Better living standards: Globalization has improved the living standards across the globe, especially in developing countries.
Just like everything has the good and the bad, this is nothing different:
● Foreign Recruiting: Recruiting people far away from the country of the company is a difficult challenge. The Hr needs to create a proper plan from the interview process and end at the market value for salaries.
● Immigration: Many of the countries feel immigration laws are one of the most challenging factors of globalization.
● Export fees: The next hurdle in line is the export fees when the company wishes to sell a product elsewhere.
● Loss Of identity: Culture has for sure taken a hit as globalization is merging the world.
Conclusion: Regardless of any challenges or hurdles, there is no denying the fact that globalization is here to stay as its time has come.