Globalization has both advantage and disadvantages. Discuss both and give your opinion.

Globalization is a historical process, it is outcome of human innovation and technological advancement. It is also the movement of labor and technology throughout the globe and globalization has both benefits and drawbacks. Firstly, Globalization promotes free trading by reducing barriers such as tariffs, value added, taxes, etc. Free trades in turn boost economic growth creating more jobs which makes the market very competitive and expands consumers access to more goods and services often in lower prices. Secondly, cultural intermix and cultural awareness has grown thanks to globalization, a globalized society promotes understanding and sharing of various cultures which as a result can inspire artists, strengthen economical, political ties and prevent xenephobia. Numerous transnational companies can invest and establish new industries. However, globalization also results in an unbalanced economy. It is accused to have profited the rich and in many instances does not assist the poor. Although, globalization is expected to reduce barriers but on the contrary there are currently many barriers. For example, 161 countries have value added tax on imports. Not only that but, it is reported that due to demands for foreign workers, many labors face abuses and work in inhumane conditions and are not given their pay as per decided and globalisation has also led to human trafficking. Moreover, too much of industrialization has caused concerns for environment, mismanagement of natural resources and ecological damage. In my opinion, the advantages outweigh the disadvantages and to improve our lead in globalization the authorities must take action against exploitation of labors and the environment. We can also overcome the disadvantages of globalization through a balanced trade.