Effects of Globalisation

• Globalisation has brought in new opportunities to developing countries. Greater access to developed country markets and technology transfer hold out promise improved productivity and higher living standard.
• globalisation has also thrown up new challenges like growing inequality across and within nations,
• volatility in financial market and environmental deteriorations. Another
• Globalisation has intensified interdependence and competition between economies in the world market. As a result domestic economic developments are not determined entirely by domestic policies and market conditions. Rather, they are influenced by both domestic and international policies and economic conditions.
• Freeing of imports closure or reduction of production in domestic firmsproducing those goods. This in turn results in unemploymentin domestic land.
• Widening of inequality among rich and poor.
• The small firms may find it difficult to compete against the much competent foreign firms and may be forced to undergo acquisition for survival thereby loing their identity.
• Traditional culture may get negatively influenced by the the foreign one.
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