Waking up to the alarm of our phone which gets manufactured in South Korea. Then comes the routine of using the healthcare products of Jordan. , we drink tea from Nepal and then start rush hour preparing lunch with Indian spices. From having products produced across the globe and living in a specific place apart from where our daily necessities are fulfilled, we have been in a state of globalization. To sum it all, this is globalization where we wear clothes in Thailand and live in Japan.
In simple terms, globalization is the phenomenon of business and organizations that creates an international influence and operates in various sectors or states. In an economic sense, globalization refers to the state of the open market with no interruptions for launching a product in the international market. There occurs elimination of capital control and various trade barriers. The term is not old but a new one that has evolved with the growth of international trade.
Talking about the impact of globalization, it has been imprinted among people and their families. It has linked their social, cultural as well as psychological state. The shifting of people from rural areas or villages to cities has been increasing and luxury has been a target more than satisfaction to humans. The impact has been a negative one when it comes to families and their initial state where attraction to unwanted needs or illicit activities has evolved. The behavior of spending has increased due to many rooms of expenditure or investment.
Relating globalization with the psychological health of people, it is even explained with the transformation seen in identity. The hybrid identity or a bicultural one can be noticed and creates confusion about one’s identity. This means the original cultural values, ethics, or people are being eliminated and fused with the one they adapt as they come in exposure to the modern world and facilities. The positive fact is that civilization has been self-realization but the attractive to negative aspects especially with teens has been growing.
The benefited sector has been the economy due to globalization as there is an increase in global output and the benefits are being exchanged between the states. The refined and higher standard goods are being prioritized that develop the feeling of competition and generate a lot of variations of better output. So, there has been exploitation of local products and one’s identical goods get a replicated form in the market with the credits stolen by someone else more than the pioneer.
The local identity is at a stake where marginalization has been significant with the concept of globalization. From influencing the income level of people to making an unhealthy competition among the people, globalization is likely to bring new dangers in the world. Growth of debt and global liquidity, geopolitical conflicts, and suppression of weak nations, technological fluctuations, and errors are some of the most likely events to happen which has to be pre-addressed to people and a positive aspect has to flourish worldwide.