Q1.What are the merits and demerits of globalization?

Globalization:
Globalization is the process by which the economies of countries around
the world become increasingly integrated over time. This integration occurs
as technological advances expedite the trade of goods and services, the
flow of capital, and the migration of people across international borders.
The term has been used in this context since the 1980s, when computer
technology first began making it easier and faster to conduct business
internationally. Globalization can also refer to the efforts of businesses to
expand their operations to new countries and markets.
Merits of Globalization:
Imported goods are available.
The country can produce what it produces best and import the rest
There is a feeling of an international economy
Spreads jobs and employment to countries with high unemployment
due to lack of economic development. This helps poorer countries
develop economies they might not otherwise be able to develop.
It brings the cost of products down by bring the cost of labor down by
having people with lower income needs, hence lower salary needs
than people in more developed countries
The local industries work hard to compete with international firms
Raw material is available
The standard of life becomes better.
More jobs are created.
There is security from famine, disease, etc as international firms
intervene.
It brings more nations into the decision-making process on
international issues. This probably leads to better understanding of
philosophies by people of different cultures
Demerits of Globalization:
It puts people in developed countries out of work because they have
higher income; hence higher salary needs and cannot compete with
others in other countries. This creates higher unemployment that
government taxes might have to help out. This harms the economies
of more developed countries bringing down standards of living.
Local industries get dislodged.
In times of war, there is a problem
There is political interference and conflicts arise.
The balance of payments is badly affected.

 Under developed countries are exploited.

It could force nations to take actions that are not in their best
interests for the benefit of other nations, thereby depriving a
measure of sovereignty that individual countries expect.
Definite disadvantage of globalization in developing countries is that
a loss of cultural identity occurs, ancient traditions are often
forgotten, languages get mixed up, and certain social castes are
changed, much to the detriment of the people.