Globalisation has both advantages and disadvantages. Discuss both views and give your opinion.
Individuals have varying perspectives on the consequences of globalisation. While some see globalisation as beneficial, others see it as a threat. In my view, if the government plays an effective role, globalisation can be beneficial to society as a whole.
To begin with, globalisation has resulted in easy access to anything an individual desires that are unavailable in their home country. For instance, Japan is a country that lacks natural resources such as iron and copper but possesses technical expertise. They import metals from other countries and incorporate them into their manufacturing processes. Thus, globalisation has aided these countries in their survival and establishment as developed nations. The primary disadvantage of this trend is that many workers in developed countries have lost their jobs. Those who have recently entered the labour force are finding it more difficult to find work due to competition from people worldwide. This results in an increase in unemployment, which has a negative effect.
Globalisation, on the other hand, destroys local businesses and job opportunities. Typically, imported goods create competition in the domestic market. For instance, consider India, saturated with Chinese products at significantly lower prices than their Indian-made counterparts. Numerous local businesses have closed due to a lack of demand for their products, which they cannot sell at a discount due to the higher cost of production. In my opinion, it is beneficial to any economy and nation. However, it must be regulated by the government, with rules and regulations framed in a way that protects the interests of domestic merchants, sellers, and manufacturers.
To conclude, globalisation has emerged as a supply chain solution where goods and services are available across borders, but it has also created problems for local economies. Hence, it must be controlled by the government and policies should favour local economic benefits.