The tremendous change brought by 21st century is globalisation, making the world a smaller place to live in. It increases the interdependency and connection that the world markets and economies have on each other. Day by day, the world is becoming a global village.
They are working together through trade, migration, investment and technology. The advancement in technology has now allowed the people to collaborate with each other.
The advancement in telecommunication, rise in internet and improvement in the transportation are the three main progressions of the modem world which has allowed and sped up globalisation.
All good things come with the price, so does globalisation. It has effects on environment, culture, economic development, prosperity and political conditions of the countries involved. It also has disasters effects on working class as it lowers the conditions as well as the daily wages. Globalisation reduces national borders around the world. This might result in bringing a new economic world order.
With all drawbacks and anxious predictions, globalisation does bring increased opportunities in all walks of life for everyone in the world. This results in increased competition, making production more efficient and effective, and opening new horizons of product line for the customer.
SAIMA TANVEER, SADAF SARDAR
Lahore
