Explain the concept of globalization and its advantages and disadvantages for social, political and economic development.

Globalization is the process of achieving an international marketplace for goods and services. It is an attempt to minimize the effect of national boundaries as a deterrent for trading materials. It is characterized by loosening of legislation that hampers the export of goods. Companies can manufacture and sell goods in a variety of different countries. Large multinational corporations are the biggest players in globalization.

The advantages of globalization are generally felt in more developed countries....

Globalization is the process of achieving an international marketplace for goods and services. It is an attempt to minimize the effect of national boundaries as a deterrent for trading materials. It is characterized by loosening of legislation that hampers the export of goods. Companies can manufacture and sell goods in a variety of different countries. Large multinational corporations are the biggest players in globalization.

The advantages of globalization are generally felt in more developed countries. The consumer benefits the most in terms of prices and the variety of goods and materials available for purchase. Companies can generally achieve lower operating costs through globalization. This sometimes happens by exploiting labor from underdeveloped countries. An advantage for developing countries is the introduction of new technologies and business models that may help in their efforts at modernization.

Globalization also comes with a downside for both developed and undeveloped societies. For undeveloped countries, the exploitation of labor and resources by multinational corporations can be seen as a deterrent to economic progress. Countries may become overdependent on the goods and services of another country which can lead to international disputes and warfare. This has been a theme of the modern Middle East as the major supplier of petroleum. Another negative of globalization is that economic conditions like recession may impact other countries as all of the nations become interconnected. For developed countries, the loss of manufacturing jobs is a real issue as companies pursue labor sources that are cheaper.