What are the merits of Globalization?

The merits of globalization are discussed below.

1. Rapid Economic Development:

Globalization will make all persons sincere and active in their work. Being part of the game of competition, they will try to produce more and sell more. The basic principle of globalization is that each one will try to prove that he is better than others.

As a result, economy will develop fast and the economic development of the country will be expedited.

2. More of Investment:

Free economy will attract more of investment. Rich and developed countries will invest their capital and establish industries in poor and backward countries.

3. More of Employment:

More of jobs will be created in developing countries. Individuals with skill and good education will be able to find employment in different industries and factories; some of them may open their own business.

4. Increase in the Efficiency of Domestic companies:

The domestic companies, as a result of competition with MNCs, will be able to increase their efficiency and successfully compete at the international level.

5. The Government becomes more efficient:

The bureaucracy is generally slow, cunning and corrupt. Red-tapism is the other name of bureaucracy because of these bad qualities. The decision-making is unduly delayed. But, due to liberalisation and globalization, the government is almost forced to change its style of work, and become more active and competitive.

6. New Inventions and Discoveries:

As a result of-globalization, there takes place marked change in the nature and character of man. He dreams and he tries to make it a reality. He thinks of new ideas and searches for new paths. All this helps him make new inventions and discoveries. In turn, this contributes to qualitative increase in his knowledge.

7. The Consumer Benefits:

Globalization weakens the monopoly business; as a result, the consumer has several choices in the market. The producers are required to produce better things to attract consumers.

8. Cultural linkage:

As globalization breaks national barriers, it becomes easier for the culture of one country to reach other countries. As a result of exchange of values and ideas among nations, a new culture is likely no grown. The cultural division among them has begun to weaken.

9. Strengthening of Democracy:

As a result of globalization, democracy will be strong and solid. Democracy mainly means political freedom, and political freedom has little meaning if there is no economic freedom. As globalization gives economic freedom to people, it helps them take active part in the democratic process.

10. One World:

Globalization is the right step towards the establishment of one world. It breaks national barriers and binds all nations by the bond of friendship, cooperation and integration. In course of time, it is hoped, there will be one people, one government, and one world. Globalization will help materialise the ideal- ‘the whole mankind is one.’