Globalization and its Discontents

By: EconomyWatch   Date: 14 October 2010

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Globalization and its discontents refer to certain drawbacks which Economic Globalization has.

The following general factors may be considered as drawbacks of Globalization:

  • There is significant increase in the flow of skilled and unskilled employment opportunities simultaneously from developed and developing countries across the world. This is due to the fact that the global companies are in search of cheap labors to extract maximum benefit at minimum expenses.

  • The popular reactions of Globalization may be violent in the sense that people are more interested in maintaining the traditions and customs associated with world culture. In such a situation the control of a handful of companies over the global media may restrict expression of culture.
  • A main drawback of Globalization is that it enhances possibilities of unintentional transportation of diseases between countries.
  • Globalization gives birth to money-oriented lifestyles and selfish attitudes, which consider consumption to be a mean to attain overall economic affluence.
  • Globalization increases the possibility of civil war between the developed nations and opens battle between the developing nations for getting hold of the available resources.
  • Globalization tends to reduce environmental honesty, because the corrupt companies make use of the weak authoritarian rules of the developing nations.
  • Escalation in the possibility of economic disturbances in one particular country, affects the economic balance of other nations as well.
  • The commercial power of nation-states increases far more than ordinary individuals and the civil society institutions.
  • With the rapid spread of Globalization, there are chances for international organizations like World Trade Organization (WTO) to violate both national and international sovereignty.
  • Globalization intensifies commercial competition among developed and developing nations in an attempt to improve their respective economic conditions.
  • The existing gap between the rich and poor nations is widened more, with the advent of Globalization.
  • Globalization has made the small commercial sectors to struggle hard for existence and establish their trades.
  • Globalization has increased exploitation of the working class or the labor class of the society.
  • The revenue generated in the host nations is hardly spend in that particular country for uplifting the economic conditions of its population; rather this revenue is spend in other countries across the globe. This weakens national unity and independence, permitting the developed countries to dispatch domestic jobs abroad, in search of cheap labor.



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