Speak For Globalization

So as we know Globalization plays a crucial role in development of countries. So we try to lessen the drawbacks and bring globalization as a glorious savior and a key to development and emergence of countries and nations. And now we are going to speak for this phenomenon. As we know international trade keeps prices low and quality high. Anytime a country in the past has tried to be self sufficient and not take part in global markets, they find that their business became inefficient due to lack of competition, prices rise and their products lack innovation. Thus they end up with hyperinflation. Moreover, Globalization can help bring world peace. As every country on the planet becomes more interconnected with every other country there is a serious incentive for all of the involved to keep the peace. Thomas Friedman, in his book “ the lexus and the olive tree” goes so far as to discuss the “golden Arches” theory of world peace. Economies that are developing globally have more economic growth than established economies demonstrating globalization. Benefits for developing regions are for example if you give a machine to USA to help raise productivity then it’s GDP would rise but only by a little cause their GDP has already reached a point and they don’t lack capital but if you give it to say South Korea then it would raise their productivity and production which would result in a drastic rise in GDP because they lack such capital and face low productivity. Therefore developing countries with the gaining of capital through globalization would establish faster. Another crucial point would be foreign exchange allows more products and services to be available while also lowering costs because of specialization. Globalization brings FDI into the country which creates job opportunities for many people. Therefore, employment increases which in turn leads to the rise in AD resulting in a rise in production and GDP in the economy. On the other hand, increase in employment increases standard of living in the economy and reduces social crime etc.
Globalization provides a better quality of life for example more opportunity for international travel through job transfers etc. Foreigners visiting our country- rise in tourism.
Greater consumption of worldwide entertainment including sports, pop culture getting the knowledge and spreading or initiating it in home country.
Increase in exports resulting in inflow of foreign currency into the home country which leads to a balance of payment surplus.
Moreover there’s communication, greater and faster forms of communication development like the era of smart phones which is originally made and imported from USA, has made face to face communication so much easier.
And finally human capital, which has increased due to globalization. FDI investments have trained home country employees into professionals and gave them knowledge to operate various machines and electronics therefore they raised human capital of workers in a nation.
Overcoming the cons of Globalisation
We all know the Cons of globalization, here’s how to deal with them.
As we know Globalization destroys the environment but on the other hand it could save the env too. Some people have pointed out that in the past nation like China could have produced as much poillution as they would have like to but today if China wants to engage in the global market place the rest of the trading partners could potentially put pressure on them to clean up their act.
Secondly, to save domestic firms from being driven out of the market we can promote our domestic products, improve quality and reduce price and imports of competitive products by raising the tariff a little. In this way the goods will be sold and foreign goods will also be available.
Real life examples of countries succeeding through globalization
Now for the reality check of how globalization actually succeeded.
Globalisation can bring wealth to some of the world’s poor countries for ex much of the South East Asia was terribly poor few decades ago
Thanks to globalization and international trade many of tose countries have experienced growth in double digits and many of the people are now much better off than their parents were, a generation ago.
One argument shows that based on per capita GDP growth rates, developing countries became much wealthier. In 1960s non- globalised economies grew at an annual rate of 1.4% while globalized economies grew at 4.7%.