Group 8 Members: Chin-yin Tsai, Shu-ching Chang, Jefrey Zakharia 6. What is Globalization and is it a Bad Thing for the Average Person? Group 8 Members: Chin-yin Tsai, Shu-ching Chang, Jefrey Zakharia

1. Definition In traditional world, the boundaries between nations are not easily crossed. Globalization has helped us to demolish those walls that separated us and fostered a presumed identity of ‘universal human’. The impact of Globalization is wide and deep, its impact is not limited to the economy of the countries only, it actually refers to every aspect of life, including cultural, social, psychological and of course, politics.

The Advantages of Globalization a better access to products from different countries. a steady cash flow into the developing countries, which significantly reduces the poverty and unemployment there. Globalization makes the economy of one country dependent on the economy of the other country. Any change in economy one country will affect the other. Thus, governments become more concerned about one another to curb the economical imbalance between them. The possibilities of war was thus considerably decreased. For example, the unwillingness of EU and US to deal with Russia in terms of recent Ukraine Crisis.

The Disadvantages of Globalization The IMF and other international institutions are believed to act against the interests of impoverished countries. There is also a threat of corporates ruling the world because there is a lot of power and money invested by them due to globalization. Globalization may lead to loss of cultural identity as Western ideas are always imposed upon the Eastern thoughts. Is Globalization equal to Americanization or Euro-centric identification?