Growth of industrialization at its extreme has created significant impacts on peoples’ lives in a positive manner as per the beliefs of most individuals. I agree with this notion and this essay will elaborate the facts that support my argument.
Global institutions have numerous impacts on developing countries that negatively impact their context. Firstly, multinational companies may exploit cheap labour in developing countries by offering low wages, poor working conditions, and limited rights. As an example, these can avoid people’s voices being heard, human right violations and inequality. Secondly, many multinational corporations contribute to environmental degradation such as pollution, deforestation and resource depletion by exploiting natural resources in countries with weaker regulations. Coca Cola company, for instance, has had the largest impact towards the drinking water sources in India. Not only that but also cultural erosion, economic disparity and loss of sovereignty can be resulted with this power domination.
On the other hand, these global enterprises bring capital investment and create job opportunities in local economies, which can stimulate economic growth, reduce unemployment, and increase standards of living in various regions. To illustrate, the better half of Sri Lanka’s workforce is working in international firms with better benefits and better quality of life. Globalization allows countries to access international markets, providing businesses with the ability to expand their reach, increase their profits, and offer diverse products and services to consumers. They introduce new technologies and innovative practices to local markets, promoting technological development and enhancing productivity in developing countries. For example, Uber has impacted with its latest operation in the lives of todays’ youth.
Additionally, there are many other advantages of these global businesses that get to the development of third-world countries like fostering cultural exchange by introducing diverse cultural elements, development of local infrastructure and spread of global standards and practices.
In conclusion, while multinational companies and globalization bring some negative results, there are many advantages to the countries. Nonetheless, economic benefits, cultural changes and technological progress can be felt by all universally.