What is globalization? Please list its advantages and disadvantages.
Answers
Answer:
Globalization, in an economic sense, is the existence of transnational corporations in which capitalism serves as a global connection for corporations to profit off resource extraction in one country, labor in another, and sales in others. Globalization results in even greater wealth disparities between the rich and the poor and between the global north and the global south. Globalization has resulted in trade pacts, such as the North American Free Trade Agreement, that have horribly negatively affected farmers and laborers in Mexico; subsidized corn from the United States flooded Mexico, and immensely low wage factories were set up along the border for the benefit of the wealthy.
Answer:
Increased free trade and communication between nations, along with increased access to technology, media, education, healthcare, consumer goods, and other resources are often considered advantages of globalization.
Some disadvantages of globalization includes:-
- Exploitation of developing countries
- Cultural homogenization
- Adverse effects on local economies and the environment
Globalization is a complex issue, and while some argue that it reduces global poverty, others argue that it actually increases wealth inequality worldwide.