News Letter Subscription
World Economy
US Economy
China Economy
Singapore Economy
Canada Economy
more...
Major Companies
ET 500 Companies
Forbes Companies
Fortune 500 Companies
Insurance Companies
S & P 500 Companies
more...
Indian Economy
Business & Economy
Textile Industry
VAT(Value Added Tax)
Poverty in India
FDI
more...
World Industry
Insurance
Finance
Steel Industry
Oil Industry
more...
Mortgage Industry
US Mortgage
UK Mortgage
China Mortgage
Canada Mortgage
US Economy
US Real Estate
US State Economies
US Banks
US Chambers of Commerce
more...
World Investment
Investment Strategy
Real Estate Investment
Property Investment
Online Investment
more...
Economic Relations
US China
Indo-US
Indo-Japan
more...
Stock Exchanges

Economic Indicators

Type of Economic System

World Country

Nobel Prize

World Organizations

Car Finance

Personal Finance

 
Home >> Economics Theory  >> Globalization  >> Globalization and its Discontents

Globalization and its Discontents


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.