The negative effects of globalisation:

(i) To critics, globalisation is another name for Americanization of the world. American companies, currency, TV channels and weapons have taken over the world. Many local companies are being shut down causing unemployment to millions even in the advanced countries.

(ii) Withdrawal of Governmental support through subsidies in fertilisers, electricity and other essential needs has added to the misery of rural and farming sections. The income gaps between the rich and the poor both among and within countries have sharply widened. Nearly one half of the world population (concentrated mostly in sub-Saharan Africa and south Asia) are in terrible poverty.

(iii) While official aid from the rich donor countries has not grown, the debt burden of the developing countries has increased to worrying levels. On the other hand, the assets of top 3 billionaires in the world are said to be greater than the combined national wealth of all the least developed countries put together.

(iv) Goods of the least developed countries are denied preferential access to markets in the advanced countries. Moreover,our life styles are undergoing a significant shift by embracing meaningless consumerism.

(v) Thanks to globalisation, nations live with the fear about the spread of the diseases like AIDS. The initiatives taken so far to address the above problems have proved insufficient. There is need to provide human face to make globalisation just and even handed in its effects. Otherwise the credibility of contemporary world order may come under question.