The economist and sociologists in the western world are showing their strong logic in favor of globalization. The advantages of globalization are described below:
- The free flow of product and service:
The major positive side of globalization is free to flow goods and services among various countries in the world. The produced products and services can easily move to one country to another country because of globalization. As a result, now many people can use their desirable goods at sitting their home country.
- The mobility of labor:
The mobility of labor in various countries is increased due to globalization. The labor of one country can freely move to another country’s labor market having the advantage of globalization. As a result, countries that have labor surplus and labor shortage can be benefited.
- The mobility of capital:
The mobility of capital is increased due to globalization. The free movement of capital is increased among various countries under the process of globalization. For this reason, the surplus amount of capital can be invested in underdeveloped countries. Worldly, direct foreign investment is increased in underdeveloped and developing countries under the process of globalization.
- Use of developing technology:
Another positive side of globalization is used for developed technology. Today, the developed countries are going far behind in the use of modern technology. The export of modern technology is now so easy for underdeveloped and developing countries under the process of globalization. As a result, the people of underdeveloped countries are enjoying more production capacity and better lifestyles.
- Expansion of the market:
Another positive logic of globalization is the expansion of the market. The produced product in one country can easily move to the market of another country under the globalization process. The market for products and services is expanding day by day. As a result, the producer and the consumer both parties are benefited.
- Increase in production:
The production of various countries is increased due to globalization. Under the globalization process, many countries are produced more products by using modern technology. Thus, the capacity of production is increased due to globalization.
- Reduction of product cost:
The product cost is reduced due to globalization. Because there is no restriction to move goods to one country to another country in the world. In fact, the transportation cost is also reduced due to a better communication process. As a result, consumers can get goods at a fair price.
- End of monopoly market:
The monopoly market is ended due to globalization. No one can wish to capture the whole market alone under the globalization process, everyone has the same rights to move in the market. Thus, no one can set high prices alone in the market under the globalization process.
- Development of culture:
Cultural development has been occurred in various countries due to globalization. Every country in the world has come closer to each other with the help of advantage technology. Besides, The exchange relationship among various countries is making the development of culture.
- International harmony:
The whole world has become a global village due to globalization. Every country is treated as a family member. As a result, one kind of international harmony and the close environment has been built in various countries.
For these reasons, the expansion of globalization is increasing gradually and it is a universal form.