Even though globalization affects the world’s economies in a very positive way, its negative side should not be forgotten. Discuss
Globalization has no doubt made developing countries better and provided them access to cheap goods through import.
It has the potential to make this world a better place to live and curb poverty and unemployment by creating job opportunities. The fierce competition which arises among companies due to globalization brings down prices. It has also made people have access to products from different countries, their cultures mingle, even of countries which otherwise different from each other. Thanks to globalization, with the help of mass media, information can be exchanged at any corner of the world.
But as a coin has two sides, globalization also has its pros and cons. No doubt it affects the world’s economies in a positive way but its negative side can not be ignored.
Globalization has resulted in deindustrialization at a fast pace. MNCs exploit not only tax havens to avoid paying taxes but the labor is also exploited. Their living and working conditions are just horrible. Rich are getting richer and the poor are getting poorer. Did you know that 80% of our resources are consumed by 20% of the population? Globalization has resulted in the loss of small scale workers/businesses. Yes, it has resulted in the exchange of imported goods but has resulted in the loss of daily wages of middles class.
Before jumping to any conclusion, we have to consider both positive and negative points. Globalization can’t be stopped, but its pace can be slowed down.