Merits of Globalization Improves efficiency Globalization brings efficiency in production and increases efficiency of labourers. Free trade and opening up of economy is the main basis of globalization. This leads to specialization of production which is possible only due to increase of efficiency of technology labourers and management.
Secondly, it eliminates poverty: Globalization eliminates poverty through higher growth rate. It gives a boost to the stagnant economy and eliminates poverty. Globalization creates more employment opportunities which means less poverty.
Thirdly it promotes healthy competition: Globalization creates or promotes healthy competition among producers. Because it has given birth to world market and a producer has to produce qualitative products or goods for the global market.
Fourthly it creates global village:Globalization helps in the development of a global village. It increases interdependence among nation states by breaking up national boundaries.
- Globalization improves financial situation: Adequate finance is a precondition for development of a poor or developing country need more finances to establish industrial venture. Under globalization more financial help or assistance is available from different financial institutions like IMF, WorldBank, Insurance and multinational corporations.
- Globalization encourages migration: Globalization encourages cross border migration of workers which makeup the deficiency of workers in the developed countries.
Knowledge workers like IT and computer engineers have chance to move freely searching for good salary and better service conditions.Thus migration reduces pressure on land brought more foreign currencies to the country. At the same time it also solves the problem of unemployment. Thus globalization by encouraging migration creates many benefits. Globalization strengthens democracy:Globalization provides economic freedom to many. Because of better economic freedom more and more people actively participate in the Democratic process of the country.
Lastly it's most important factor is that it aims at the establishment of one world and one government.
How it influences the integration of our country:
Globalization is a composite process. Because a combination of a series of developments in the world led to its emergence. A single cause, factor or development is not responsible for globalization. Globalization is a historical process. Globalization is not a new concept rather very ancient in nature. Globalization is a process of increasing economic integration. In this process markets, finance and technology are well integrated.
Globalization is a multi-dimensional process because it has many faces. It can be understood from different angles. From economic angle it refers to the integration of national economy with the world economy. From political angle it refers to the emergence of a world state with the erosion of sovereignty of states. From cultural angle it refers to increased socio-cultural contacts among nations all over the world. From ideological angle it refers to the victory of liberalism and capitalism on socialism. Globalization is associated with new technology like computer, internet, electronic media, television and many others. Globalization is a self-contradictory process as it contains the existence of contradictory forces. After all Globalization is a dynamic process.