Globalization has generated more problems than benefits for society Research Paper

Globalization has generated more problems than benefits for society - Research Paper ExampleHowever, in this process, the world is losing many of its cultures (Thirlwall & Penelope, pp. 320-322, 2008). Quite understandably, countries with greater economic power ar destroying and suppressing other cultures. Furthermore, with the development and progress, that globalisation has given to the world people are increasingly becoming ignorant of the social, moral, and ethical values, which erst were the important part of our lives. After this brief introduction, the rest of the paper will try to explore the side effects, disadvantages, or harms of globalization. Discussion Proponents of globalization believe that globalization has given great development and progress to the world including the improvement in the quality of the lives of people and their incomes. However, the truth is that much of this development has been irregular, biased, or skewed. There are still many parts in the wor ld, which are deprived of the basic needs and resources. More than 80 percent of the worlds resources rest with the 20 percent of people in the world. If globalization has done anything, that would be the unequal distribution of wealth and increasing the gap between rich and poor (Eriksen, pp. 27-28, 2007). Furthermore, similarly important here is to note the fact that the costs which the world has paid for this economic development are huge. More than 80 percent of the worlds forests are no longer there. We have lost billions of animals and plant species. The humans have destroyed the ozone, triggered global warming and all these continue. When we leave this planet for our children, it would be much worse than what we had received from our parents and globalization is to blame for this (Scholte, pp. 158-159, 2008). With globalization and increasing disparities of income, there are chances that these may lead to more and more military conflicts in the world. In fact, they have alre ady led the world into many wars. With the rise of eastern and Asian countries such as China, Japan, Malaysia, India and others, the west is feeling the heat for the arguing of the worlds resources. There are all the chances that this competition may lead to conflicts and tensions between countries (Steger, pp. 146, 2009). It is also important to note that globalization is quickly forcing us towards the end of individuality. With one global village and suppression of local cultures, we are moving towards the world where there would be only one color leftfield in the world. Standardization has become the order of the day. Despite the fact that globalization started with creativeness and innovation but it appears that now it leading us to stagnation of creativity and ideas (Thirlwall & Penelope, pp. 320-322, 2008). One of the biggest blows that the world received due to globalization was in the form of the recent financial crisis. This financial crisis started in the United States due to mishaps in the account practices of a few banks and financial institutions, bursting of the housing bubble, unrealistic credit policies, bankruptcy of Lehman Brothers, liquidity crisis and other reasons, but it affected almost every country in the world. This is because of the fact that with exports, imports, stock exchanges, foreign direct investments, bonds and