Question

The proponents of globalization identify some its economic advantages and critics identify some of its disadvantages. Indicate, and briefly describe, two of the advantages and two of the disadvantages identified.

Answer 1

Ans. Two advantages of Globalisation are :

1. It helps a developing country in becoming developed by increasing their exports. Globalisation also helps in increasing the GDP of developing countries.

2. Globalisation have helped in increasing FDI inflow in the countries thereby increasing the investment in the counter.

Two Disadvantages of Globalisation are :

1. Competition from Cheap imports - Several local firms shut down due to Increasing competition From Cheap Imports.

2. Loss of Jobs - Importing from other countries lead to loss of Jobs in the home country because goods are bought from outside rather than manufacturing in own country.

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