Globalization is not a new concept and it has been prevalent for past many years but the nature and system of globalization has changed over the years. In the past it meant exchange of goods and service between countries without any barriers but in the present scenario apart from goods and services globalization means exchange of culture value, jobs, technical knowhow and so many other things. Globalization has become much broader concept now; let’s look at some of the important features of globalization –
- Globalization leads to more efficient use of world resources because every country has different set of natural and human resources which results in that country producing particular product at lowest possible price than any other country. If there was no globalization then these raw material and human resources would have been diverted to some other work which would have resulted in inefficiency and wastage of resources and hence globalization by opening up world markets forces the nation to produce those products which yields them maximum profits.
- Globalization leads to faster transfer of any invention or discovery made in one country from another, gone are the days where one country had to wait for many months to get better and new technological advancement from other countries nowadays countries get new technological advancement discovered in other country almost instantly which in turn leads to better efficiency.
- Another feature of globalization is that during times of natural calamity like floods, earthquakes, famines all other countries send immediate help to the country which is stuck by natural calamity and hence in a way it helps in reducing the deaths due to shortage of basic amenities and hence one can say that due to globalization the whole world has became a family where countries will always have differences just like family members have but in times of need all countries help each other just like family members do.
- Integration of financial markets is another important feature of globalization, due to globalization all financial markets of world are interconnected and hence one event leads to reaction in not only home market but it has implications over other global markets also. This connection is not limited to only stock market rather this integration covers commodity market, currency market and bond markets also.
- Due to globalization people are able to travel and explore other countries and experience and discover new culture, food, tradition and many other things, hence one can say that globalization in a way helps removing mental barrier because as people travel they tend to discover new facts about the other countries and remove many misconceptions they have about other countries. Few decades back if you have told people of developed countries to visit countries in Asia and African region they would have said no but nowadays people go happily to these countries for vacation as well as adventure. In short one can say that globalization has reduced the distance between nations and in the minds of people.
- Due to globalization the whole world is open for talented people to show their skills. Whether an individual is an actor or businessmen or a sportsmen or in any other field he or she can show his or her skills and make name and money all over the world which was not possible few decades back. Hence globalization in a way has given a platform for people irrespective of their age, religion, ethnicity, and background to make most of their talent.