Globalisation : Pros and Cons

Even though globalisation affects the world’s economies in a positive way, its negative side should not be forgotten. Discuss.

The term "globalisation" refers to the unification of distinct political, economical and cultural trends all over the globe. Directly or indirectly, globalisation plays a very important role in our lives. But in the meantime it is a blessing or curse is a heated debate.

Globalisation has affected the world in several ways. Workers in developing countries now have more occupational choices than ever before and they are able to compete on the global job market for high paying jobs. The companies are becoming multi-national and doing offshore business all over the world, thereby making contribution to the local employment and growth. Asian countries like India and China are the best example of that, which has most offshore work in the world. Moreover, the people get to know each other, their culture through global communication (Internet chatting, cheap VOIP calls etc.).

Opposite to that, globalisation has increased the inequalities and environmental degradation. In search of cheap labour, companies are sending more business to offshore, leaving in-house vacancies open. In the current time United States is facing this problem. Also, the mind workers like engineers, scientists are able to compete successfully in world market and earn higher wages than the production and service workers. Which leads the problem of job inequality. It also adds the problem of Brain Drain as the talented minds are moving away from poor countries. According to research India is loosing around $10 billion per year due to brain drain. 

In summary, I would say that in spite of obvious problems with overly rapid development, globalisation is a very positive force that lifts countries out of poverty. It causes a virtual economic cycle associated with faster economic growth.