Globalization is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology. This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being in societies around the world.
Globalization is not new, though. For thousands of years, people—and, later, corporations—have been buying from and selling to each other in lands at great distances, such as through the famed Silk Road across Central Asia that connected China and Europe during the Middle Ages. Likewise, for centuries, people and corporations have invested in enterprises in other countries. In fact, many of the features of the current wave of globalization are similar to those prevailing before the outbreak of the First World War in 1914.
Advantages of Globalization:
- It opens the borders between the nations and increases the awareness about the differences between us (racial, religious, traditions) and how they can be managed in our favor.
- According to a Forbes article: It also provides poor countries, through infusions of foreign capital and technology, with the chance to develop economically and by spreading prosperity, creates the conditions in which democracy and respect for human rights may flourish. This is an ethereal goal which hasn’t been achieved in most countries.
- It can offer a global market in which all the people can consume the same series of goods based on their preference. For example, any person in the world can buy an iPhone, drink a Cola and eat a Mac hamburger. (Actually, I don’t know if it should be in the pro list, especially when I think about McDonald’s).
- Free movement. This is a big advantage – people can travel and the labor force can move. Yet, we can see immigration, culture clashes, and other negative sides of this.
Disadvantages of globalization:
- Free trade simply kills competition by letting the developed countries surpass the poor ones. It is namely the globalization which lead to an even wider discrepancy in wealth distribution.( depress of wage)
- Globalization made possible the US to rule the world with the help of the USD as a world reserve currency. This wouldn’t be possible in an isolated world.
- Globalization killed traditions of hundreds of nations and tribes. This is why most of you don’t know African movies and music, Chinese movies and music, Russian movies, etc. but everyone knows Hollywood movies and the trash music promoted on Youtube. In short, all the crazy and shameful qualities of the Western world are propagated in the world to make our brains kind of uniform.
- Globalization made corporations flourish and killed small companies and middle class. They make the rules. They decide what’s good and what’s bad. Monsters like Google, Pfizer, Monsanto, McDonald’s, Exxon, Chevron, etc. will decide what’s good and what’s bad for you and no-one will have the power to oppose. Smaller business can simply follow the trends – they can’t create new trends. The monopoly is huge. A Forbes article notes well that you can find multinational corporations that are accused of social injustice, unfair working conditions (including slave labor wages, living and working conditions), as well as lack of concern for environment, mismanagement of natural resources, and ecological damage.
- Globalization can also have a significant negative impact on taxation. Since many companies are able to trade with one country while being based in another, large corporations often exploit tax havens such as Luxembourg, Switzerland, and Hong Kong to avoid paying taxes in the countries where they generate their profits.
- Workers in developed countries like the US face pay-cut demands from employers who threaten to export jobs. This has created a culture of fear for many middle class workers who have little leverage in this global game.
In Singapore :
1. social decay and urban degeneration( conflict of social and hostility )
2. core value are erosion, making a country less productive in the future.
(where culture and brought up are different)( where knowledge are not being passed down)
3. Stagflation during this current economy downturn where the company is not willingly to invest or hire locally.
4. unhappiness and more divorce; more broken family
5. increase of mental health issue among the native as paranoid growth within (since most the import of FT are within the southeast Asia such Indian, China, Myanmar, Malaysia and Indonesia)
6. Reduce of birthrate while locally needed to fend for a living merely for a few dollars in order to survive; attitude change and shifted such as what we know sinkies pawn sinkies else can’t sleep well in the night.
7. high increase of spending for national defend and home security due Increase of espionage
8. living on debt thru borrowing of credit card or within the limit.
9. increase of income equality and poverty
10. increase household debt