Local economies are getting affected by the globaliaztion, which is hurting the interest of local communities. This essay agrees with the statement because globalization is causing a high unemployment rate among people and increasing government debts in local economies.
High unemployment rates among youths are growing in local economies as globalization is shifting jobs to the poor economic areas. Fresh graduates, school-leavers and unemployed people are finding it very difficult to find jobs in local economies as a result. Unemployment is leading towards an increasing number of crimes and drugs abuse in communities, which is also destroying the fabric of the societies in local economies. Moreover, outsourcing of jobs of different sectors in poor economic areas is helped by the advancement of technologies, and business people are making more money as a result. Therefore, unemployment rates for adults are very high in local economies right now. England, for instance, has the highest unemployment rate among adults in 50 years according to the source of The Daily Mail. The above discussion and analysis do justify my claim of higher rate unemployment among adults in local economies, which is hurting communities.
In addition to high unemployment rates among adults, government debts from foreign countries are also growing due to unemployment benefits and retirement pensions. As governments have to finance handout money for unemployed adults and a pension fund for older people in the society when tax income is dropping for different states due to the outsourcing of jobs. So, local governments have left with really few options but to borrow. For example, the United States of America borrowings from China have exponentially swelled in the last 20 years according to the source of the Federal Reserve. Based on the above evidence and discussion, it can be justified why the local economies of many countries debt is growing.
To conclude, globalization is destroying the fabrics of local societies by increasing unemployment and government borrowings, which is not helping local economies in my view.
Local
economies
are getting
affected
by the
globaliaztion
, which is hurting the interest of
local
communities. This essay
agrees
with the statement
because
globalization is causing a high
unemployment
rate
among
people
and increasing
government
debts in
local
economies.
High
unemployment
rates
among youths are growing in
local
economies
as globalization is shifting
jobs
to the poor economic areas. Fresh graduates, school-leavers and unemployed
people
are finding it
very
difficult to find
jobs
in
local
economies
as a result
.
Unemployment
is leading towards an increasing number of crimes and drugs abuse in communities, which is
also
destroying the fabric of the societies in
local
economies
.
Moreover
, outsourcing of
jobs
of
different
sectors in poor economic areas is
helped
by the advancement of technologies, and business
people
are making more money
as a result
.
Therefore
,
unemployment
rates
for
adults
are
very
high in
local
economies
right
now
. England,
for instance
, has the highest
unemployment
rate
among
adults
in 50 years according to the source of The Daily Mail. The above discussion and analysis do justify my claim of higher
rate
unemployment
among
adults
in
local
economies
, which is hurting communities.
In addition
to high
unemployment
rates
among
adults
,
government
debts from foreign countries are
also
growing due to
unemployment
benefits and retirement pensions. As
governments
have to
finance handout money for unemployed
adults
and a pension fund for older
people
in the society when tax income is dropping for
different
states due to the outsourcing of
jobs
.
So
,
local
governments
have
left
with
really
few options
but
to borrow.
For example
, the United States of America borrowings from China have
exponentially
swelled in the last 20 years according to the source of the Federal Reserve. Based on the above evidence and discussion, it can
be justified
why the
local
economies
of
many
countries
debt is growing.
To conclude
, globalization is destroying the fabrics of
local
societies by increasing
unemployment
and
government
borrowings, which is not helping
local
economies
in my view.