Question- Discuss the Positive and Negative effects of Globalization on Our Value System.

Answer -

With the roster of the mentioned disadvantages and advantages Globalization culminates also effective facts.

The following are considered the Effects of Globalization :
(1) enhancement in the information flow between geographically remote locations.
(2) the global common market has a freedom of exchange of goods and capital.
(3) there is a broad access to a range of goods for consumers and companies.
(4) worldwide production markets emerge.
(5) free circulation of people of different nations leads to social benefits.
(6) global environmental problems like cross-boundary pollution, over fishing on oceans, climate changes are solved by discussions.
(7) more transborder data flow using communication satellites, the Internet, wireless telephones, etc.
(8) international criminal courts and international justice movements are launched.
(9) the standards applied globally like patents, copyright laws and world trade agreements increase.
(10) corporate, national and sub-national borrowers have a better access to external finance.
(11) worldwide financial markets emerge.
(12) multiculturalism spreads as there is individual access to cultural diversity. This diversity decreases due to hybridization or assimilation.
(13) international travel and tourism increases.
(14) worldwide sporting events like the Olympic Games and the FIFA World Cup are held.
(15) enhancement in worldwide fads and pop culture.
(16) local consumer products are exported to other countries.
(17) immigration between countries increases.
(18) cross-cultural contacts grow and cultural diffusion takes place.
(19) there is an increase in the desire those foreign ideas and products, adopt new practices and technologies and be a part of world culture.
(20) free trade zones are formed having less or no tariffs.
(21) due to development of containerization for ocean shipping, the transportation costs are reduced.
(22) subsidies for local businesses decrease.
(23) capital controls reduce or vanquish.
(24) there is supranational recognition of intellectual property restrictions, i.e., patents authorized by one country are recognized in another.

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