Blog 7

What have been the benefits and drawbacks of globalization since 1945? During its inception, globalization was pitched as a phenomenon that would promote industrial growth and increase economic gains for both developed and developing nations. Indeed, globalization has doled out political, cultural and economic gains. It has enhanced trade by making the world interlinked into a global village. The access to a variety of goods and services has been made possible through online marketing and easy transfer of goods from bountiful regions to scarcity areas. Strayer states that consumers have a vast pool of low-cost choices and this access has raised the standard of living throughout the world. Globalization has also resulted in the establishment of local and international organizations with the mandate to promote international cooperation. The cross-border exchange of ideas and commodities has increased opportunities for different nationals to appreciate various forms of diversity. Currently, cross-cultural awareness and an understanding of global civics are inevitable meaning that different nationals can work for international organizations. Additionally, today it is much easier to learn any foreign language or initiate a discussion with a foreigner with the aid of online applications such as Google translator. Strayer notes that globalization has not been able to mitigate some of the deep-seated challenges faced by modern economies. Instead, it has exacerbated the problems of poverty and unemployment especially in underdeveloped economies. It was publicized that globalization would bring about the free trade which will eliminate barriers such as tariffs, subsidies and value added tax. However, the situation is different since countries are facing much more barriers to trade. For instance, G20 countries have ratified over 1200 legislative measures since 1945 restricting imports and exports. The competition between nations has exaggerated consumer prices instead of driving commodity costs down. Companies are facing stiffer competition which has led to the fall of industry giants. The economic interconnection between nations has seen the worse financial depression spreading across the globe affecting nearly all nations. Furthermore, there has been an increase in the transmission of communicable diseases since 1945 due to constant traveling and tourism activities.