List the advantages and disadvantages of globalization.

Advantages of Globalization:

• Resources of different countries are used for producing goods and services they are able to do most efficiently.
• Consumers to get much wider variety of products to choose from.
• Consumers get the product they want at more competitive prices.
• Companies are able to procure input goods and services required at most competitive prices.
• Companies get get access to much wider markets
• It promotes understanding and goodwill among different countries.
• Businesses and investors get much wider opportunities for investment.
• Adverse impact of fluctuations in agricultural productions in one area can be reduced by pooling of production of different areas.

Disadvantages of Globalization:

• Developed countries can stifle development of undeveloped and under-developed countries.
• Economic depression in one country can trigger adverse reaction across the globe.
• It can increase spread of communicable diseases.
• Companies face much greater competition. This can put smaller companies, at a disadvantage as they do not have resources to compete at global scale.