The Pros And Cons Of Globalization

1379 words - 6 pages

Nowadays people have become closer than before. Services and goods produced in a country will be available to sell in the other countries. We hear about globalisation in the news every day, read about it in the news papers and hear people talking about it. Globalisation is the interactively international and nearness of economies.
It is the process that has led to the diverse parts of the globe becoming much closer to each other (Slaughter and Swagel, 1997). Globalisation is the procedures by which the people around the world become connected to each other in all aspects of life, culturally, technically and politically, economically and environmentally.
Globalisation assists improving technology that benefits many people in throughout the world. By increased the spread of cultures, trade, information and creating options, Globalization can be highly beneficial to everyone by bestowing great fortunes on us. This essay will highlight the positive and negative effects of globalisation, but also discuss solutions and evaluate them.

Economists have used the term "globalization" since the 1980’s, although it was used in social sciences in the 1960’s. However, the principles and ideas of globalization have not spread to the twentieth century. Globalisation is a process spanning many centuries and are affected by population growth rates and the prosperity of civilization, which has increased dramatically over the past fifty years.

Globalisation began to spread towards the end of the sixteenth century in Portugal and Castile. Portugal attended exhibitions and imported goods in the coast of Africa, in South-East USA and in East and West Asia. There are photos of the first flights that started globalisation. Then, Portugal did many trips across the word, colonised many countries and disseminated cultures. Justin and Zachary (2008)

The Guinea Company which was established by Portugal in Guinea in the fifteenth century is the first businesses in the legal sense, which was founded by Europeans during the era of the exploration of countries and continents. The mission was to trade spices and stabilizes the prices of goods and commodities. In the seventeenth century, globalisation has become an entrepreneurial phenomenon.
The British East India Company established in 1600, was described as one of the first multinational companies. After that the Dutch East India Company was formed in 1602 and the Portuguese East India Company in 1628. Because of the financial investment needed for a high risk venture, the British East India Company became the first company in the world to share risk and allow the common possession of companies through the issuance of shares, which represented an important factor to encourage the spread of globalisation.

Globalisation has given us some great advantages throughout our lives. At the same time, globalisation has created some disadvantages. As a result of the increase and the speed of economic globalisation, it...

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