Question

What do you understand by globalization? Discuss its social consequences.

Hint:

Globalization has transformed societies but requires balanced policies to mitigate its negative impacts.

Answer 1

Globalization refers to the increasing interconnectedness of economies, societies, and cultures through trade, communication, and technology. Globalization has various social consequences, both positive and negative:
1. Positive Consequences:
Cultural Exchange: Exposure to diverse cultures leads to cultural enrichment and global awareness.
Economic Opportunities: Increased job opportunities and higher income levels due to foreign investment.
Technological Advancements: Rapid dissemination of new technologies improves living standards.
Improved Communication: The world has become a global village through the internet and digital media.
2. Negative Consequences:
Cultural Erosion: Indigenous traditions and customs may be overshadowed by Western influences.
Economic Disparities: Wealth distribution remains uneven, benefiting developed countries more.
Exploitation of Labor: Developing nations face challenges like low wages and poor working conditions.
Environmental Issues: Overexploitation of resources leads to environmental degradation.