Globalization has benefited most of the countries. However, everything has two sides, globalization may also have disadvantages. In this essay, I will discuss both the pros and cons of globalization in today's world.
First of all, globalization has greatly influenced the world's economy in many positive ways. Most of the businesses are becoming increasingly international. Globalization allows a free trade practice. With the unlimited export of goods, the market of a country will get larger. The unlimited import will also allow citizens to have access to imported products. Furthermore, with foreign investments in a country, a rise in employment will follow. No one can deny that the positive aspects of globalization will help the countries' economy to prosper. Moreover, if more people will be employed, this could result in a low poverty rate in the developing countries, like the Philippines.
On the other end of the spectrum, globalization may also harm business industry of other countries that cannot compete for as much versus the multinational companies. Thus, small business and medium scale establishments may have to close down. As a result, globalization can also lead to unemployment and exploitation. Followed by this, other companies may move to other countries where labour is cheap. Because of the globalization, the traditional way of life and simplicity are getting washed away and people in developing countries are mimicking the western cultures which might lead to a devastating situation on a countries heritage and tradition. The locally made products are being replaced by the international brands and that has a very negative and long-term effect on a countries business growth.
In conclusion, I believe that globalization as a concept has noble intentions and is beneficial to countries that have developed fully and are ready to compete in the world market. Nevertheless, governments and companies should use a fair approach by taking appropriate steps for the country to become ready and to engage in a free trade economy around the world.
Globalization has benefited most of the
countries
.
However
, everything has two sides, globalization may
also
have disadvantages. In this essay, I will discuss both the pros and cons of globalization in
today
's world.
First of all
, globalization has
greatly
influenced the world's economy in
many
positive
ways.
Most of the
businesses
are becoming
increasingly
international. Globalization
allows
a free trade practice. With the unlimited export of
goods
, the market of a
country
will
get
larger.
The unlimited import will
also
allow
citizens to have access to imported products.
Furthermore
, with foreign investments in a
country
, a rise in employment will follow.
No one can deny that the
positive
aspects of globalization will
help
the countries' economy to prosper.
Moreover
, if more
people
will
be employed
, this could result in a low poverty rate in the developing
countries
, like the Philippines.
On the
other
end
of the spectrum, globalization may
also
harm
business
industry of
other
countries
that cannot compete for as much versus the multinational
companies
.
Thus
,
small
business
and medium scale establishments may
have to
close down.
As a result
, globalization can
also
lead to unemployment and exploitation. Followed by this,
other
companies
may
move
to
other
countries
where
labour
is
cheap
.
Because
of the globalization, the traditional way of life and simplicity are getting washed away and
people
in developing
countries
are mimicking the western cultures which might lead to a devastating situation on a
countries
heritage and tradition. The
locally
made products are
being replaced
by the international brands and that has a
very
negative
and long-term effect on a
countries
business
growth.
In conclusion
, I believe that globalization as a concept has noble intentions and is beneficial to
countries
that have developed
fully
and are ready to compete in the world market.
Nevertheless
,
governments
and
companies
should
use
a
fair
approach by taking appropriate steps for the
country
to become ready and to engage in a free trade economy around the world.