Disadvantages Of Globalization Essay

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Its gross premium income reached $6.7 trillion won ($5.9 billion) in 2016, a 57 percent increase compared to a year ago, making it the fastest-growing insurer in the South Korean market. The $229.7 billion won ($202.7 million) in net profit also made 2016 the best performing year in the company's history”(Zhang). Globalization helps business a lot. Also, not only normal business, luxury brands are also more and more popular among these years. Luxury brands like Chanel, Louis Vuitton and Dior have centuries old history. This also can help to spread the culture of fashion. Globalization has a big influence in our daily life.And also brainwash our parents. The biggest problem I want to talk is mobile phone.In the past ten years to the present,…show more content…
Disadvantages: 1.Loss of Culture:Conventionally, people of a particular country follow its culture and traditions from time immemorial. With large number of people moving into and out of a country, the culture takes a backseat. People may adapt to the culture of the resident country. They tend to follow the foreign culture more, forgetting their own roots. This can give rise to cultural conflicts. 2.Disparity:Though globalization has opened new avenues like wider markets and employment, there still exists a disparity in the development of the economies. Structural unemployment owes to the disparity created. Developed countries are moving their factories to foreign countries where labor is cheaply available. The host country generates less revenues, and a major share of the profits fall into the hands of the foreign company. They make humongous profits thereby creating a huge income gap between the developed and the developing
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