Universally, is globalization more of a boon than a bane?

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Globalization as the word implies simply refers to the worldwide, it is centered on the whole world thereby enabling free flow of goods and movement of people from one country to another.

Before venturing into the full context of the word “globalization” and it numerous pros and cons, it is important to take into consideration what the term globalization means.
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Globalization is a universal development towards economic, trade, financial and communication integration. It is an act or process of developing an increasingly integrated global economy through the advent of free trade, free flow of capital, goods, services and people across the world.

Back to the main topic to be discussed which is “Universally, is globalization more of a boon than a bane?”. Globalization is a complicated issue but it is of course more of a boon than a bane to the whole universe at large.
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I arrived at my conclusion after taking into consideration several advantages and merits it showered on the whole universe. There are countless merits that can be derived from the advent of globalization but will only take on three main points and they are as follows-:

Free trade-:
Globalization has made it possible to buy and sell, import and export goods and services across different countries. It has helped in reducing barriers and other differences in trading among different countries such as value added taxes(VAT), medium of exchange, tariffs, subsidies etc. and in which this have made trading among countries easier and convenient.

Improves communications-:
Globalization also assists people from different countries to communicate with one another freely and easily when borders are removed. It helps people to have a greater perspective of the outside world (other countries), it enables them to explore, gather more information and make appropriate decisions of their lives at the appropriate times.

Open markets creation-:
With the help of globalization, traders and business partners can be able to manage their inventories, supplies, deliveries and distribution operations efficiently and effectively. They can be able to communicate with their suppliers and customers freely without any hindrance whatsoever and domestic manufacturers can market their products in foreign markets without any difference in the convenience and the speed compared to that of their home.

The merits of globalization are numerous as I’ve mentioned above but will only focus on the three detailed points above.

As there exists the boons of globalization, there also exists its banes. The banes of globalization are as well numerous but will fish out only few and they includes-:

Job decrease in higher cost countries-:
Since reducing of poverty is also one of the function of globalization, jobs are being lost in higher cost countries (developed countries) and transferred to lower cost countries (underdeveloped countries) and in which this can constitute in reduction in the standard of living of the residents of the developed countries.

Exploitation of labor-:
Globalization also leads to the abuse of labor. Prisoners and child workers are used to work in merciless and coldhearted conditions, standards are being deviated from to produce cheap products and it is more or less like human trafficking.

All these banes are not significant and weighty enough in contrast with the boons of globalization. Therefore, globalization is more of a boon than a bane to the universe as a whole.

Thanks for reading(Gracias)