Globalization is a term which refers to the modern phenomena in which the countries can come in contact so easily through the internet, trade and international policies. Globalization has blurred the boundaries between countries. People can easily know people beyond a boundary.
Globalization has influenced various areas of society including culture, politics and economy as well. The greatest contribution of globalization to the economy is the trading system. Trade allows countries to exchange goods and services in order to raise their national revenues. It is also a way through which countries can build good relations on international levels in order to create a peaceful global environment. Exchange of goods and services allow people to get exposed to different experiences other than the locally produced goods.
Everything has good and bad sides. Globalization benefits the economy of a country but there are disadvantages as well. Globalization can be bad for the economy in a way that it discourages the growth of local businesses. In developing countries, foreign investors exploit labour by giving low incomes to reduce their own cost which makes them filthy rich. Uneven development remains there.
Globalization will keep on expanding because countries recognize the importance of participating in international economic platforms through trade. Trade not only gives access to foreign goods but it also introduces new trends in the culture.