There is no doubt that while effects of globalization can be experienced in a positive ways in some countries, some countries witness its negative features. This essay will highlight both benefits and drawback that have resulted from globalization.
To begin with negatives, a significant disadvantage of globalization is that it may cause an increase in consumerism. This is because people can purchase what they want easily because big companies bring their needs even if it is in the other side of the world, which usually leads to unstable inflation. For instance, in 2007, the inflation of Turkey was lower than today and people could buy exported products. However, the government could not control consumption and protect Turkey’s economy from its effects. To make matter worse, the inflation in Turkey started to increase after that year and it has not restarted to decrease yet.
However, globalization also presents some advantages, the most obvious of which is that countries may expand their prosperity by having an open economy plan. This happens because globalization may provide countries with a sustanaible economical improvement. Although it implies that consuming a lot may lead to a rise in the price, the increase in people’s purchasing power may compansate the issues caoused by inflation if the governments take actions to protect their citizens from consumerism. Furthermore, it also helps to keep the world in peace. The reason for that companies can construct factories in different regions. If a war brake out, they have to close their factories in those countries. This is why globalization discourage countries from those kind of bad actions.
In conclusion, although globalization have detrimental effects on economy in terms of increasing the inflation, it is important to consider that it also provide sustanaible economy plan to countries.