Most people accept that we now live in a globalised world but not everyone agrees that this is beneficial. To what extend is globalisation a positive or negative development?

Today our world has become one big interconnected economy. While earlier, many countries existed as individual markets, now they all functions together as gears in a machine. The continuous flow of

people goods and services

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people, goods and services

across national frontiers has undeniably influenced all aspects of life. Whether or not the changes brought on by

this

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phenomenon are beneficial, is,

however

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, often debated.

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essay will discuss the positive and negative outcomes of

globalisation

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in detail. The most important advantage of

globalisation

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is the easy availability of a variety of products at increasingly affordable prices. International trade received immense impetus because countries reduced import tariffs and other restrictions as a part of

WTO agreements

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the WTO agreement

WTO agreement

.

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led to the emergence of multinationals who expanded their operations all

other

having come or been brought to a conclusion

over

globe. If today it is possible to purchase Apple iPhones (which have their motherboards manufactured in the USA and body fabricated in a factory in china) in India, it is only because of

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phenomenon.

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, smartphones would have still remained a distant dream, here and in other developing countries that are still incapable of producing

chipsets

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indegenously

in an indigenous manner

indigenously

. From branded clothes, exotic vegetables to the 50 varieties of detergent in supermarket aisles, so many of the products used by us are imported.

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, expansion in trade has

also

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led to substantial growth in scientific co-operation, tourism and

subsequently

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, better cross-cultural understanding and tolerance.

On the other hand

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,

globalisation

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is not entirely a blessing.

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multinational companies, which have the advantage of economies of scale, allow consumers to avail better rates, small local industries, unable to

complete

compete for something; engage in a contest; measure oneself against others

compete

with these prices, suffer losses and have to inadvertently shut shop. Jobs are lost and unemployment increases. Big companies that set up plants in poorer countries might create some employment opportunities, but they do so only to reap advantage of cheap labour,

thus

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widening the income disparity between rich and poor nations. In conclusion,

globalisation

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is overall a positive development

for

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of

trade and consumers worldwide, though it has certain unpleasant effects on local economies that need to be

adressed

(of mail) marked with a destination

addressed

.