Essay-Positive and negative effects of Globalization SSC CGL Tier 3 I SSC CHSL Tier 2
Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Globalization in India began way back in the 1990s when we adopted the LPG (liberalization, privatization, and globalization) reforms, which saved our country from sovereign default and boosted our economy.
Globalization has both positive and negative effects. Positive effects include economic growth, modernization, greater choices of goods to consumers, increased international trade, technological advancement, job creation, improved health care, overall development of the country, increased cooperation between countries due to interdependence for goods and services, and also exposure to each other’s cultures.
But all is not rosy. If there are positive effects, then there are negative effects too. One big negative of globalization is the threat to the local market, which struggles to survive amid international competition. This creates job losses and unemployment. If the imports of a country…