What is Globalization? – Characteristics, Advantages, Disadvantages | New Topic [2024]

In this note, we are going to learn a topic called “What is Globalization?“, and its characteristics, advantages, and disadvantages as well. Welcome to Poly Notes Hub, a leading destination for engineering notes for diploma and degree engineering students.

Author Name: Arun Paul.

What is Globalization?

Globalization refers to a scenario where countries and nations around the world becomes inter-connected and interdependent for meeting their needs, both internal and external.

Characteristics of Globalization –

• Advanced transportation system (road, sea, and air) between countries.
• Movement of capital between countries in the form of investments.
• Cross-border transaction of goods and services.
• Wide scale financial transactions between nations.
• Movement and settling up of people in foreign countries.
• Flow of raw materials, semi-finished goods, finished goods, and services to foreign countries.
• The flow of resources from one country to another, both material and human resources.
• Massive use of technology including internet technologies.
• Transfer of technology including defense technologies.

Advantages of Globalization

Below we listed some merits of globalization –

1. Globalization broadens our minds. We feel that we belong to one world and we are a part of one nation, namely, humankind.
2. Closer contact with foreign people make us quite familiar with their manners, habits, and customs.
3. Globalization help us shake off narrowness. We get the chance of comparing our country with other countries. In this way, we enrich our manners, customs, and habits.
4. Globalization help us fight illiteracy and promotes education. It gives us clear knowledge of facts and things.
5. Globalization help us shed or combat the burning social issues such as child labor, dowry etc.

Disadvantages of Globalization

Below we listed some demerits of globalization –

1. In a way, globalization has contributed towards increasing the gap between the rich and the poor. Rich and wealthy people are able to exercise more control over the national resources through the application of science and technology.
2. The environment has suffered greatly due of globalization. On one hand, the increase in traffic between countries has polluted the tourist destinations. On the other hand, the poisonous gases released into the air by large industries have caused environmental pollution.
3. The natural resources of the earth have been exploited beyond the tolerable limit. Some places on earth, which was once rich in minerals and forests can no longer claim their richness.
4. Many countries failed to preserve their old tradition, custom, and culture. Being attracted by the culture of developed nations, many people in under-developed nations have shed their traditional dress, food, and rituals. This is yet another disadvantage of Globalization.
5. Local business, hand -loom industry, cottage and small -scale industry suffered a lot due to globalization. The highly specialized and efficient multi-national companies take advantage of large-scale production and put products at throwaway prices. The local industries could not compete with their global counterpart.