Globalisation-Boom or bane???

Globalisation is a double-edged sword. In today's world, seldom can a country be shut off from the rest of the world and yet prosper. Those who do may find themselves isolated and ignored, like the communist countries such as North Korea. Even communist China and Russia have opened up in recent decades because they realize that they needed to be plugged into the world. The world has become smaller with the advancement of technology, communications and travel. This promotes more interactions, exchanges and trade across borders and among countries. Countries that promote a free economy and allow these exchanges to take place often reap the benefits of the globalised world. Trade expands, more foreign companies invest in the country and more jobs are created as a result. An example is my country, Singapore, which enjoys healthy growth and investments because the laws and tax incentives promote growth through investments by foreign firms and trade exchanges. We have a very small domestic market, so we have no choice but to expand this market on a worldwide basis. We encourage many foreign companies to set up their manufacturing base here and in the process grow our economy. Our local companies are also encouraged to think global and expand their reach into other countries and markets, so that they can become bigger players on the world stage. There are of course downsides to promoting globalisation. One is that the country may lose its talent pool. Already some countries are already experiencing this, including mine. For talented people, the world is their playing field. Now with travel made so easy, people go where the opportunities and money are. They may make a name for themselves overseas, but the country loses a precious resource. But on the other hand, talent from other countries can also be recruited to augment the limited local talent pool. The other downside is cultural in nature. Once a country opens itself up to the world, there will inevitably be a dilution of its culture, because there will be a tendency to import other cultures through all these exchanges. We import foreign movies, music, books, magazines, food, languages and many other things. If a country brings in many foreigners to its shores, after some time, there will be mixed cultures practised. Some foreigners may also end up marrying locals, and after some years, the racial composition will change. Having too many foreigners can also create social problems for the country. Some countries experience higher rates of crime because their immigration laws become more lax and allow the free flow of all kinds of people into their boundaries. The locals may detest the high presence of foreigners because they may feel threatened that their jobs and promotion prospects may diminish as a result. The way of life, mannerisms, etc. of foreigners may not go down well with locals. So is globalisation a boom or a bane? I would say it depends on specific countries and their situation. Globalisation is needed in today's world to survive and prosper, and it is up to the respective countries to take adequate measures to handle the side effects that come with it.