What is the benefit of Globalization.

Globalization is a vast term. It means integrating one economy with world's economy.due to advancement in technology. It has displayed a drastic boom and reached every corner of the world. This term has brought many merits as well as demerits. I will elucidate my own views.

There are plethora of merits of this phenomenon. To begin with, globalization brings transnationalization. This term has overcome all the cultural and business obstacles. Globalization enables the national economies to exchange the goods and services. Consumer group receives more variety of products to cater their needs. The ultimate outcome of globalization is the establishment of multinational companies, which have brought many technological changes in the host country. As a result,the country heads towards advancement. Moreover,it has created immense job opportunities for the people. For example, working at business process outsourcing(BPO) have become very common for the people who are either unemployed or want to run their living expenses. It strongly believe that due to globalization,competition among firms have mashroomed. This results in selling the goods and services at low prices to the customers. On the top of it, we are witnessed that,people in developing countries are creating broad way of observing and they are gently accepting the culture and tradition of globalization that today people living in India,prefer to wear western clothes.

On the other hand,many people assert that globalization has brought many cons to their economy. To commence with,the domestic business is highly affected by it since the introduction of multinational companies (MNC's) have offered more variety to the consumer. Consequently this increases the poverty in the nation since local business is kicked out of the market. On the top of it,the main motive of multinational companies is making huge profits which they carry back to their own country. Moreover,environment is badly influenced by the emission of toxins from these companies. Such behavious transform the developing nation into a dumping arena.

To sum up, we cannot ignore the immense contribution of globalization towards the developing nations, but it can become more effective, if the perception of business convert into fair trade rather than cutthroat competition and making millions.