Impact and Challenges of Globalization
• A better economy introduces rapid development of the capital market.
• Standard of living has increased.
• Globalization rapidly increase better trade so that more people are employed.
• Introduced new technologies and new scientific research patterns.
• Globalization increasing the GDP of a country.
• It helps to increase in free flow of goods and also to increase Foreign Direct Investment.
• Too much flow of capital amongst countries, introduces unfair and immoral distributors of Income.
• Another fear is losing national integrity. Because of too much exchange of trade, independent domestic policies are lost.
• Rapid growth of the economy has required a major infrastructure and resource extraction. This increases negative ecological and Social costs.
• Rapidly increases in exploitation of natural resources to earn foreign exchange.
• Environmental standards and regulations have been relaxed.
• The benefits of globalization extend to all countries that will not happen automatically.
• The fear that globalization leads to instability in the developing world.
• The industrial world that increased global competition will lead in race to the bottom in wages, labour right, and employment practice.
• It leads to global inbalance.
• Globalization has led to an increase in activities such as child labor and slavery.
• People started consuming more junk food. This caused, the degradation of health and spread of diseases.
• Globalization has led to environmental degradation.