Disadvantages Of Globalization
Globalization is never accepted as unmixed blending. Critics have pessimistic views about its ill- consequences.
When a country is opened up and its market economy and financial sectors are well liberalized, its domestic economy may suffer owing to foreign economic invasion.
A developing economy hen lacks sufficient maturity; globalization may have adverse effect on its growth.
Globalization may kill domestic industries when they fail to improve and compete with foreign well-managed, well-established firms.
Globalization may result into economic imperialism.
Unguarded openness may become a playground for speculators. Currency speculation and speculators attacks, as happened in case of Indonesia, Malaysia, Philippines, Thailand, etc. recently, may lead to economic crisis. It may lead to unemployment, poverty and growing economic inequalities.
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