The upsides and downsides of globalization

by Vlad Cocostîrc

As Chomsky states it, globalization means international integration. Of course, this is the neutral approach on its definition. There is much debate on this topic, whether it is a good thing or a bad thing. In order to form an opinion, one must know the benefits and the losses that globalization offers.

Positive sides of globalization

–  Free trade
–  Cheap imports and global competition keep the prices stable, so inflation is less likely to affect economic growth
–  New innovative ideas come from abroad
–  Foreign employers offer higher wages
–  Nations and economies specialize on certain products, therefore they offer higher quality goods at better prices
–  High diversity of products
–  Free movement of labor
–  Fast information exchange
–  A better understanding of other cultures
–  Increasing tolerance among the people
–  Collective actions of countries against issues such as global warming and pollution and so on
–  Countries which have human rights issues are supported by developing countries
–  Undeveloped countries tend to adopt democratic and capitalistic philosophies
–  Tourism

Negative sides of globalization

–  Some employers pay low salaries given the fact that workers are available in abundance
–  The political and economic power is in the hand of developed countries
–  Large corporations often exploit tax havens in order to avoid paying taxes in the countries in which they generate profit
–  Less developed countries are sometimes manipulated by developed countries
–  The strong connection between countries increases the risk of economic crisis perpetuating from one country to other ones
–  The Paradox of Free Trade
–  Cultural uniqueness is lost
–  The media decides which information circulate regarding other countries and shapes the opinion of the people
–  Undeveloped countries adopt western ways, as they feel inferior regarding their culture
–  Contagious diseases are spread easier between countries
–  Interdependency of countries

 

Works cited

https://www.udemy.com/blog/pros-and-cons-of-globalization/
http://lifestyle.iloveindia.com/lounge/pros-and-cons-of-globalization-3507.html
https://www.boundless.com/business/international-business/globalization-in-business/benefits-of-globalization/

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s