The original scenario of globalization is different. according to world economists,globalization is a part of capitalism. Globalization is the power of consumerism and aggression to the third world country. Underdeveloped and developing countries are suffering from fear of globalization. Some disadvantages are described below:
- Economic exploitation:
Under the globalization process, underdeveloped countries are exploited by developed countries. Developed countries can produce better goods by using modern technology. For this reason, underdeveloped countries can’t compete with developed countries. Besides, underdeveloped countries are becoming the market for developed countries. Moreover, The rich countries are operating exploitation and robbery for the name of globalization.
- Increasing wealth inequality:
There exist huge differences between underdeveloped and developed countries because of globalization. The advantages of globalization are using by developed countries. For that reason, the differences between underdeveloped and poverty-stricken countries are increasing gradually between rich and developed countries.
- Hindering the development of domestic industry:
Globalization is hindering the development of the domestic industry for underdeveloped and developing countries. Products that produce in developed countries can easily move to the market of underdeveloped countries. As a result, the domestic industries of underdeveloped countries are facing threats.
- Expansion of capitalism:
Through the process of globalization, developed capitalist countries are gradually pre-eminence on the third world countries. Worldly, globalization is the extended form of capitalism. Capitalism is increased its level of exploitation with the help of globalization.
- The priority of the multinational company:
With the advantage of globalization, multinational companies in the world especially in developed countries preeminence for investment in third world countries. As a result, the economical and political life is hampering.
- Adverse effects on trade balance :
The pre-caution of globalization is a trade opening. But the advantage of trade opening is taking by developed countries. The export of developing countries is increasing under the globalization process but in import trade, they can’t compete with the developed countries. Thus, trade deficits in developing countries are increasing.
- Trafficking in talent:
The opposite logic of globalization is trafficking in talent. The people of underdeveloped and developing countries are going abroad more than before because of globalization. The talented adult has settled abroad for better lifestyles. For this reason, developing countries are gradually losing talented people.
- Increased crime tendency:
Crime tendency is increased in various countries because of globalization. Today’s world is connected with expanded network systems.
- Natural disaster:
The natural disaster is another disadvantage of globalization. Imbalanced in the natural environment is increasing because of globalization. Besides, AIDS, Flu, Rape, Dengue fever, Zaundis various diseases are spreading worldwide.
- Cultural aggression:
Cultural aggressiveness is one of the major disadvantages of globalization. There is an adverse effect over the culture and values of under developing countries because of the free movement of information through globalization. The underdeveloped countries are losing their cultural and moral values due to foreign cultural aggression. It is another negative impact of globalization.
Finally, we can say that having so many disadvantages, it has so many advantages also. The negative effects of globalization on underdeveloped and developing countries are in an increasing manner. As a result, the movements against globalization in developing countries are increased.
