Exploring the Dual Nature of Globalization: Positive Economic Impact and Overlooked Negatives

Updated: Sep 25

Even though globalization affects the world's economies in a very positive way, its negative side should not be forgotten. Discuss.

Globalization is such a commonly used term in the twentieth century. It simply means that the world has become integrated economically, socially, politically, and culturally through the advances of technology, transportation, and communication. It is undeniable that globalization has resulted in both positive and negative effects which must be addressed accordingly.

To begin with, globalization has contributed to the world's economies in many beneficial ways. The advances in science and technology have allowed businesses to easily cross over territorial boundary lines. Consequently, companies tend to become more productive and competitive, thereby raising the quality of goods, services, and the world's living standard. Secondly, several companies from the more developed countries have already ventured to establish foreign operations or branches to take advantage of the low cost of labor in the poorer countries. This kind of business activity will provide more influx of cash or investment funds into the less developed countries.

Nonetheless, one cannot deny the negative effects which have derived from globalization. One crucial social aspect is the risk and danger of epidemic diseases which can easily be spread as transportation becomes easier and faster in today's advanced society. This is evidenced in the recent Covid-19 pandemic which had spread globally over a short period of time. Not just this, as large corporations invest or take over many offshore businesses, a modern form of colonization will also evolve which may pose certain power pressure on the local governments of the less developed countries. Unemployment rates in the more developed regions may also escalate as corporations choose to outsource to the cheaper workforce from developing countries.

In conclusion, I would like to reiterate that globalization is inevitable and we must urge individuals, companies, and governments to use a more balanced approach by taking the appropriate steps to deal with matters relating to the financial or economic gains versus the social, political, or ecological concerns of the world.

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