Essay On Pros And Cons Of Globalization

What is Globalization?

Globalization at its core means the increasing global integration and interdependence of economies, societies and cultures through the innovations of technology, transport and communication. Globalization brings along with it both benefits and drawbacks to the overall economic picture.
With global integration, businesses have broken into new markets in most parts of the world that previously were thought to be unreachable. It has helped companies to leap across the territorial boundaries of countries. This brings out the best in companies and allows them to become more competitive and more productive and lead to an increase in their product value and raise standards of living.
With the opening up of the international market, more established firms operating in the developed areas of the world saw the opportunity of

This has contributed to an increase in pollution and global warming on an international scale. Large-scale firms often outsource its production activities to less developed areas where the working conditions and environmental standards are less strict than in those of developed countries. However, it is argued that globalization is not to blame instead it should have satisfactory environmental standards.

- Free Trade can stagnate Developing Countries/ Economies
Developing countries simply don’t have the standards required to compete with developed countries. Therefore, free trade is more beneficial to developed countries rather than the developing countries. Industries still in its earlier stages are called infant industries and need some time to develop and therefore need protection. However, in most cases it is the developed countries that make it difficult for these industries to emerge as developing countries are hit with tariffs protection from developed countries.

- Labor