Question

Answer the following question.
What are the disadvantages of globalization?

Answer 1

The disadvantages of globalization are as follows:

1. The benefit of globalization is for a few industrialists, the common man faces inflation.
2. Globalization, Liberalization, and Privatization may lead to unemployment.
3. The abolition of import tax has reduced national income.
4. Multinational companies are using natural resources of poor nations indiscriminately.
5. Due to uncontrolled competition, local small scale industries are suffering a loss.
6. Inequality, such as a rich nation and the poor nation is created in the world.
7. The degeneration of basic values is increasing.