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Essay Effects Of Globalization

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Globalization has causes many changes in many areas. It has also gave major influence in the economy area. Due to globalization, manufactures are able to export products from and to all around the world. It is not impossible for goods from Malaysia to be transported to the United States. People can buy and sell their goods or assets with just only a few clicks on the internet. This led to many advantages besides increasing and widening the economic growth. However, globalization can also led to economic crisis.
Another state economic crisis
This is what had happen to the world in 2008. It all began when the housing price plummeted in the United States. In addition to that, many Americans who had taken out loans in their homes cannot afford to repay those loans back. So, when they are unable to pay back the money that they had borrowed, the bank will not be able to reclaim the house even if they wanted to as they could not recover the money that they had loaned. The situation became worse when the bank had sold the loans to other businesses which are in other country as a measure of investment. This create problems not only for the banks and they who are not able …show more content…

It will prevent the advancement of global free trade. This is because due to the agreement, states will not be motivated to advance in a large agreement like the World Trade Organization (WTO). In addition to that, most economists believe that the ideal situation in the global economy is the elimination of trade barriers. Besides that, there are values of discriminatory in the Free Trade Agreements. This is because, according to the Free Trade Agreement, lower tariffs will only be given to those member within the agreement. And so, the member will only be interested to do business within the member of the agreement and to make it worse, the member may have the interest to increase the tariff to the non –

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