Effects Of Globalization Essay Example

Globalization in simple words is the interaction and integration between the people or organizations or companies and so on of various countries. It is the process driven by cross-border- trade, investment, and cultural exchange. Globalization has been practiced from very long time to have a positive effect such as for the welfare of the social race with respect to the environment, culture, knowledge and economic development. Following are some of the effects of the globalization.

Effect on Economy:

Globalization has affected the world economy in various ways and in overall it has brought financial betterment in the world economy. Globalization has facilitated worldwide market by making it common for the people of various nations of the world, and it has facilitated in exchange of goods at competitive and fair price. Apart from that, there is a reduction in transportation cost as there has been an evolution in the development of containerization in overseas ocean shipments. Similarly, Globalization has decreased monopoly control over capital market. It has also abetted in the development of free trade zones in order to carry out business at low tariffs or no tariffs at all. Besides, it has helped in spreading employment opportunity over the globe.

Effect on Education:

Globalization has helped in spreading out the education like hot butter over bread globally. Because of globalization, people of one country can move for best educational facilities of his/her choice any other country in the world and this again enhances the experience of the person which he/she may not have found in his/her home country. Because of this, people can even specialize in those subjects, which are not available in their countries, and later they can bring back the knowledge and wisdom they learned their home country.

Legal Effect:

Similarly, globalization has helped in reducing hindrance in the prosecution of criminals. Due to Globalization effect, there are now international courts of justice because of which criminals cannot use the foreign country as an asylum. There are also deals and contracts between security organizations of different countries to counter the terrorism.
Apart from these there are many other effects of Globalization like, exchange of culture where people can enjoy music, literature, art, cuisines and other cultural tastes of other countries; increase in technical benefits like, access to medical service across the border not available in one country, combine research in the field of science and access gadgets and equipments not available in one country and so on.
Hence, these are the various effect of Globalization, and this also proves that the practice of Globalization should be carried out and continued in other various aspects for the betterment of mankind.