Globalization has had a major impact on the world at large, both in terms of business and culture. As technology improves, the world metaphorically gets smaller. When that happens, cultures collide and changes begin to occur. Along with all of the positives, there are several pitfalls that can accompany globalization.
Initially it looked so ambitious, optimistic and great global unifying effort – the globalization. It all started in the early nineties, with many new nations after the breakup of the USSR and other countries in east Europe. But colors and fervors seemed to fade away so soon. There was a big gap of what was proposed and what was being executed at the global level. The implications are clear – the proponents of globalization and the executioners were never the same people. This caused the first set back. Many studies have been conducted to assess the impact of globalization and the results were striking.
Humans were greedy since early civilization, but ethics and law were greater forces to make him civilized citizens. Globalization only helped to use his greed more cleverly in a society than before. Globalization had devastated many cultures in the under developed and developing countries. Reports of bullying, bribery, blackmail and outright deceit have shown that these increased abruptly during the last twenty-five years. Globalization created the opportunity for the local elites to join the global elites by way of tax evasion, frauds, offshoring and layering of black money etc. This was the effect of the ‘New World Order’ thrust on the poor countries under the garb of globalization. The Transnational Warlord Banks own the 43000 transnational companies which comprise 60 % of the world’s income.
It is estimated that the top 1300 transnational companies generate about 20 % of the world’s income. The interwoven collusion between these entities is a tangled knot of corporations, banks, asset management companies, holding companies, investment companies, LLCs, PLCs, AGs, Private groups, trusts etc. that hide the flow of revenue from national taxation. Some 100000 people, a thousandth of a percent of the world’s population control $ 9.8 trillion, and that if all the $ 21 trillion that has been offshored earned 3 % a year and were taxed at 30 %, it would have raised $ 188 billion in revenues, more than what rich countries spend on aids to the developing world.
Globalization has augmented the environmental damage to all time high levels. worldwide 23 % of all cropland, pastures, forests and woodlands, totaling 2 billion hectares have been affected by soil degradation since 1950s, impacting livelihood of 1 billion people. Of these 16 % are severely degraded, 46 % are moderately degraded. During the period 1975-2000 global per capita fresh water supplies have declined by one-third, and about 1.7 billion people in the developing countries are experiencing water stress.
Out of the 125 developing and transition economies 54 countries were actually poorer in 2000 than in 1990. More than 1.2 billion people currently live in extreme poverty (less than $ 1 per day), and a total of 2.8 billion (more than half of the developing world) live on less than $ 2 per day.
The global disparities were far greater than the domestic disparities of the developing countries- this was known to the proponents of globalization. So the inbuilt economic resilience of the developing countries was damaged by the global maneuvers. Today the after effects of globalization can be ubiquitously found in the shape of Scarcity, Trans-boundary migration, deprivation, State failure and terrorism.
Globalization was not a sacred thing; a little analysis could show us why de-globalization has already began.
-Globalization has created many opportunities to develop social, political and economic spheres. However, it is posing some serious threats to the world in various ways.
2. Opportunities/ Advantages/Merits
2.1 Economic boost
2.2 Free Trade
2.3 Social integration
2.4 Ability to tap into a wider talent pool
2.5 New ideas due to cultural diversity
2.6 Lower Costs for Products
2.8 Better education and schooling
2.9 Peace and stability
3. Challenges/ Threats/ Demerits
3.1 Data insecurity
3.2 Identity crisis
3.3 Worst competition
3.5 Economic disparities
3.6 Privacy issues
3.7 Ideological conflicts
4. Suggestions to make globalization more effective
4.1 Constructive role of international organizations
4.2 Inter-faith harmony
4.3 Sense to live together
4.5 Equal opportunities
4.5 Political consensus
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