Unemployment: Concern has been expressed by some that capital investment and jobs in advanced economies will drain away to developing countries as firms switch their production to countries with lower unit labour costs. This can lead to higher levels of structural unemployment. Standardisation: Some critics of globalisation point to a loss of economic and cultural diversity as giant firms and global multinational brands dominate domestic markets in many countries.
Dominant global brands — globalisation might stifle competition if global businesses with dominant brands and superior technologies take charge of key markets be it telecommunications, motor vehicles and so on. Company Reg no: VAT reg no Main menu. Subjects Shop Courses Live Jobs board. View shopping cart. View mytutor2u. However when the British left Sri Lanka, the economy was left vulnerable.
The local government was unable to stabilize the economy due to lack of expertise and knowledge to regulate economic policies. Then the closed economy principle which Sri Lanka followed since its independence changed in when the president J R Jayewardene liberalized the economy opening the doors to the outside world. Then, Sri Lanka was opened to globalization again. This attracted foreign investors to Sri Lanka. Many new industries such as tourism, textile, automobile and telecommunication were introduced to Sri Lanka in which the economy was mainly based on agriculture up to then.
However due to ethnic conflict which led to the 30 years of civil war made MNCs leave due to instability of the country. The resources and the opportunities the united and peaceful Sri Lanka created encouraged large foreign investments in the country.
The projects like Shangri-La contributed to the development of Sri Lanka by creating job opportunities and promoting tourism industry. Due to globalization Sri Lanka became popular as a tourist destination which contributed to develop the economy through tourism industry. Globalization made it possible for Sri Lanka to get loans to develop the shattered economy due to the civil war and for the overall development of the country.
IMF granted Sri Lanka with loans in many instances. The technological advancement had a large effect on Sri Lanka.
Communication tools such as internet, social media, computers and mobile phones became an essential part of the lives of the Sri Lankans connecting them with rest of the world. The Indian and American dramas and movies which were telecasted in local channels attracted the Sri Lankans and this effected in the downfall of local film industry.
For example the dressing patterns of the local were changed with the globalization. With liberalization of economy in Sri Lanka, Sri Lanka was open to foreign products. Sri Lankan markets became full with Indian and Chinese products for cheaper prices. This challenged the domestic producers of Sri Lanka. The popular brands such as Nike and Adidas which initially were targeted to the high class were available in local markets in affordable prices. The traditional costumes were abandoned and the westernized outfits and new trends of fashion were embraced by the Sri Lankans.
Further, a diverse range of food from other nations such as India, America and Europe were available for the Sri Lankans to try. Thus, changing the food patterns to fast food from the traditional rice and curry. For example many environmentalists show that the ongoing project of Port City in Colombo damages the environment by destroying the local coral reef and marine life as well as the livelihood of fishermen.
Sri Lanka also benefited by globalization in the health sector. The new medicine and medical procedures, advanced medical equipment and technology improved the health systems Sri Lanka.
Sri Lanka as a developing country faced the challenges globalization brought with it as well as benefitted from the globalization in many ways. Globalization as a process began centuries ago has surely increased and continues to increase until the world actually becomes a one community without any barriers.
Globalization has resulted in many benefits as well as detriments for developing countries. Developing countries are more likely to get greatly affected by globalization than the developed countries. Although globalization is a great opportunity for the developing countries to connect with developed countries, often developing countries are used by the developed countries for their advantage leaving the developing countries in the third world while the developed nations continue to get richer.
Sri Lanka, a developing country in South Asia also gained advantages as well as disadvantages from globalization. By using our site, you agree to our collection of information through the use of cookies. To learn more, view our Privacy Policy. To browse Academia.
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A short summary of this paper. Download Download PDF. Translate PDF. We are in a huge global economy where something that happens in one area can have knock on effects worldwide. This process is called globalisation. What is globalisation? Globalisation is the process by which the world is becoming increasingly interconnected as a result of massively increased trade and cultural exchange. When you look at the per capita consumption rates of energy globally, one American consumes as much energy as 31 people in India.
If you go to a developing nation, it takes Ethiopians to use the same amount of energy that a single U. Globalization would make it easier for people to cheat.
The statistics of consumption especially food show us already that those who are in power take the majority of resources away from the general population. Americans eat almost billion more calories per day as a nation than they require, which means 80 million people are hungry needlessly because of these consumption habits.
About , tons of edible food is disposed of daily in the United States. By the age of 75, the average person in the U.
Globalization would likely centralize distribution of necessary resources. With only a few controlling access to the many, the chance to negatively impact populations on a large scale become greater when borders are reduced. The future of employment involves programming, robotics, and artificial intelligence.
Workers who adapt to automation with their skillset are the most likely to find employment in the coming generations. Jobs which require repetitive functions will be the first to go away, which are the employment opportunities often found in the developing world.
With no meaningful skills to a globalized economy, there could be a higher unemployment rate if border restrictions reduce because only those in the developed world would be trained for the new economy.
Unless new vocational development opportunities implement with the globalization structures, the boundaries between the developed and developing world will likely continue to exist. Globalization changes how humans would identify themselves. Humans are global citizens in some ways already. We all share the same planet, after all, so we are united with that common ground. If we lose borders, however, we also lose a piece of our culture, ethnicity, or family heritage.
People identify themselves based on their history, so being Irish in a global world would have less impact than it does today. We already seen how this works when Texas came into the U. Some Texans label themselves as such first, but many see themselves as an American before being a Texan. Globalization would negatively impact the environment. Greenhouse gas emissions rose in despite efforts to curtail them.
Micro-plastics invaded our oceans, creating negative impacts on marine life. The waters of our planet are slowly acidifying, creating economic and health impacts every day. Over , Americans die each year because of pollution exposure. If caps are taken off of what is not permitted through globalization, then this issue will continue growing worse.
The advantages and disadvantages of globalization show us that a world free to move and communicate offers numerous opportunities to pursue.
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