Question

Answer the following question in $40$ to $50$ words.
What are the disadvantages of 'Globalisation'?

Answer 1

The disadvantages of globalization are as follows:

1) The benefit of globalization is for few industrialists whereas common man faces inflation.

2) Globalization, Liberalization and Privatization may lead to unemployment.

3) 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 rich nation and a poor nation is created in the world.

7) Degeneration of basic values is increasing.