Even though globalization affects the world’s economies in a very positive way, its negative side should not be forgotten. Discuss.

Globalization is such a commonly used term in the twentieth century. It simply means that the world has become integrated economically, socially, politically and culturally through the advances of technology, transportation and communication. It is undeniable that globalization has resulted in both positive and negative effects which must be addressed accordingly. To begin with, globalization has contributed to the world’s economies in many beneficial ways. The advances in science and technology have allowed businesses to easily cross over territorial boundary lines. Consequently, companies tend to become more productive and competitive thereby raising the quality of goods, services and the world’s living standard. As large corporations invest or take over many offshore businesses, a modern form of colonization will also evolve which may pose certain power pressure on the local governments of the less developed countries. Unemployment rates in the more developed regions such as Europe may also escalate as corporations choose to outsource to the cheaper work force from Asian countries. In conclusion. I like to reiterate that globalization is inevitable and we must urge individuals, companies and governments to use a more balanced approach by taking the appropriate steps to deal with matters relating to the financial or economical gains verses the social, political or ecological concerns of the world.