Prompt: Even though globalization affects the world’s economies in a very positive way, its negative side should not be forgotten. Discuss.

Globalization is a process by which businesses or other organizations develop international influence. It opens a vast business opportunity beyond the boundaries of nations. This economic reform comes with both positives and negatives. I will discuss the opposite sides of the same coin in the following paragraphs. Ċ On the positive ,side globalization has revolutionized the business environment. There is no barrier such as distance and language for trade. Any company can invest or start a manufacturing unit in any part of the world. For instance, the entire world knows about Nestle because it has manufacturing units all over the world. Secondly, because of these economic ,changes more job opportunities were created. It impacts the overall increase in the earnings of the population and a boost in the economy is expected. The Indian economy surged after 1991 when they introduced the new foreign policy on investment. Ċ On the other hand, it comes with a lot of negatives. Local traders will be facing tough competition from the giant cooperates. For example, locally made cars need to compete with multi-national companies and their sophisticated cars. Additionally, the introduction of mixed cultured companies will have an adverse impact on traditional company culture. These cultural differences may cause distress to employees and affect the gross productivity of local factories. Ċ In conclusion, the benefits of globalization can never be ignored and it brings a competitive atmosphere, but the government should stay more conscious of its policy-making so that they can avail themselves of a plethora of its advantages.