Every country depends on another country for one purpose or other. No country is self-sufficient. How developed a country may be, it needs the help of some other country to fulfill its demands and requirements. One country depends on another for a number of purposes. Hence, the need of globalization comes into play. It was started around 1980s. It means the transfer of goods and services, human beings, technology, resources etc from one country to another to satisfy their demands. Through this process a number of countries, societies have benefitted. Through this process, the international barriers have reduced to a great extent and hence it has benefitted the whole society to a greater extent.
There are a number of advantages of globalizing the world economy. It has given a new face to the world trade. There has been a significant improvement in the economy of various countries. Goods and products produced in one country can be traded throughout the world without any barrier. The flow of capital has improved to a greater extent. The improvement in transport and communication has led to easy flow of goods, services and capital throughout the world. It has led to increased opportunities of investment for investors all over the world.
Apart from economic and technological development, it has also led to cultural development. It has led to the exchange of cultures and values from one country to another. It has led to cultural diversity. When different people of different cultures intermix, it results in exchange of their cultures, values, habits and hence leads to exposure to each others values. It has increased the business of tourism business. Immigration has increased to a greater extent. The improvement o economic condition has lead to decline in various social problems. The poverty and unemployment rate across the world has decreased to a greater extent. Life expectancy has increased significantly. The GDP and per capita incomes of many countries has increased to great extent. Global literacy rate has increased. The standards of living and quality of life of people have increased to a satisfactory level.
Apart from a number of benefits it has imparted, globalization has also created a number of problems for the world. The biggest threat to the world today because of this is terrorism. Recent terrorist attacks in various places across the world have panicked the whole society. Hence such problems need to be effectively dealt with for safe society.





