Different people see the consequences of globalisation differently. Some of them find it beneficial for them, while others perceive globalisation as a threat to them. This essay will elaborate on both opinions, and I will present my opinion accordingly.
First of all, globalisation has resulted in easy access to anything one wants which is not available in an individual’s country. For example, Japan does not have enough natural resources such as iron and copper but has technical skills. They import metals from other countries and use them in their production and manufacturing activities. Thus, globalisation is helping such countries to survive and establish themselves as developed nations. The main disadvantage of this trend is that many workers in developed countries have lost their jobs and people who have only entered the job market find it harder to get a job as they compete with people from all across the world. This results in a higher unemployment rate, which has detrimental effects. People are now finding it harder to have a stable source of income, which lowers their living standards.
On the other hand, globalisation kills local businesses and job opportunities. Usually, products imported from other countries create competition in the local market. For example, India is saturated with many Chinese products at much lower prices than their Indian-made counterparts. Many local shops have been shut down due to a lack of demand for their products as they cannot offer products for cheap due to the higher cost of production.
In my opinion, globalisation is good for any economy and nation. However, it must be regulated by the government, and rules and regulations must be framed in such a way that promotes the interest of the domestic merchants, sellers, and manufacturers.