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The foreign trade would also have not been possible without the technological and industrial developments. The various cultural barriers have also been lifted as a result of this globalization. All the developments that have happened around the world are mainly due to industrialization and globalization. But technological innovations have also helped the economic progress to a great extent. People, today, are more connected to technology than family. The increased amount of competition has also resulted in the loss of value of the humanity in the world. Many studies show that globalization can be both beneficial and harmful to the developing countries. Though globalization can help in the transformation of a developing country to a developed country, it can also prove to be disastrous in many other ways. Globalization has caused many environmental problems in the world like air pollution, global warming, and noise pollution.Reducing the price of the goods to compete with the international markets can impede the growth of the country’s economy.Though the globalization is all about bringing the countries together, the underdeveloped countries usually get suppressed and are not allowed to take part in the economic decisions.These foods can also deteriorate the health condition of the people. The increasing number of the fast food chains is actually a major threat to the agriculture sector.
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People in the developing countries tend to ignore their own culture and try to adopt the western cultures more.Over-dependence on the technology can weaken the human relationships.The under-privileged countries do not get the benefit of technology compared to the other countries.For instance, in countries where the environmental rules are not strict, the developed countries can sell goods to them which are actually not good for the environment. The developing countries are always taken advantage of by the developed countries.This results in the unemployment of the citizens of the developed countries. With the advent of globalization, a lot of jobs are being outsourced to the developing countries.Both the domestic and international markets compete with each other to manufacture the best quality products. Global competition has led to the production of improved quality of goods.The wealth produced using these resources are then, utilized for the economic growth of the developing nations.
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The natural resources and manpower from the developing nations are utilized by the developed nations.
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Various small-scale and large-scale businesses have flourished with the help of globalization.It creates awareness in people about the events happening in and around the world.With the increased number of jobs and high salaries, people can easily raise their standards of living.People have also gained opportunities to get trained and become skilled professionals. With the arrival of globalization, more job opportunities have been created.