Globalization would otherwise be referred to the processes that escalate the inter-changes of the world’s cultural and national resources. It leads to the upsurge of improved infrastructure in telecommunication and transportation. For the new global economy, the wonderful economic prosperity was one good side of globalization and also had its share of consequences that included economic slumps, imperialistic perspectives.
The claim by economists on the no restriction to trade as it tends to favor those with greater financial leverage or power at the expense of the disadvantaged individual. It argues that globalization promotes an agenda of increased profits while constricting the freedoms of the people as they claim increasing autonomy of companies and corporate entities increasingly tailors the policy of states.
The view that globalization is purely imperialistic in that it’s the sole reason that causes wars such as the cold war, Iraq war (2003) and eventually forced investments to flow into major developed states other than developing nations. The resulting effect that globalization causes when credit-based economics is imposed there is an eventual unsustainable growth experienced hence debt and debt crises rises.
Also, there is the displacement of nations in global politics only guided by governments and highly rated financial institutions that work for a specific few interest of corporates instead of the general population. Globalization acts adversely to one’s social well-being caused by the structural inequality underlined by processes such as cultural assimilation, cultural appropriation, and colonial imperialism.
The ultimate effect of globalization results in poorer countries suffer more as they lack adequate ability to participate in global economic practices, a shift to outsourcing, and the increase in exploitation of child labor to those countries with weak or ineffective laws for children protection.
References
Held, David. Globalization/anti-globalization: Beyond the great divide. Polity, 2007.
