Globalisation is the connectivity among people, organizations, companies and government worldwide. Globalisation came into exist due to the trade between the states. In earlier times, trade was between people in a particular area, then it expanded between the cities and then between the states. Since 1st century, Silk Road is the first remarkable route used for across the continents trade. From China to Europe trade was along this route. Muslim traders expanded their business across the world. British strengthened her rule due to her supremacy in naval sciences. Moreover, British colonial rule used ships and trains to increase her trade. In contemporary world, BRI and B3W are two largest infrastructure project in the world to increase trade across the globe.
Major factors:
- Science & Technology (especially Information Technology)
- Invention of Jet Engine
According to IMF (International Monetary Fund), there are four basic aspects of globalisation:
- Business
- Capital and investment movements
- Migration
- Learning
Globalization process affect and affected by
- Business and work organizations
- Economics
- Sociocultural
- Environment
History
- Silk road, maritime trade, smuggling, etc
- Since 18th century
- FTA (free trade agreement), EU (European Union), Capitalism and Communism
- World Bank and IMF is pressuring to introduce free market, privatization and de-regularization.
Advantages
- Increase in trade
- Availability of better commodities due to competition between the manufacturers
- Social progress
- Transfer of goods, services, data, information, technology, science and economic resources
- Regional integrity due to intergovernmental treaties
- International law
- International alliance for the peace, prosperity and development and against the terrorism, war and to counter increased earth temperature
- Greater support to human rights movements
- Promotes awareness
Disadvantages
- Unbalanced job opportunities
- Climate change due to industrialisation
- Increased capitalism - Concentration of resources in few hands
- Exploitation of the resources and labor of developing states
However, it is pertinent to mention here that advantage are far more than disadvantages. Moreover, it is a natural phenomenon, which could not be reversed. That's why, it is not better to discuss the disadvantages, but the affecters should learn to live with this phenomenon and make some changes in their lifestyle, social pattern and social institution.