Globalization creates more and more chances for countries or even the world, such as economies or connections between countries. However, there are still detrimental effects brought. In the essay, I will discuss both sides of views about the pros and cons of globalization to economies.
In terms of positive outcomes, globalization establishes various opportunities for countries. In some countries, there are countless resources that cannot be out to local residents, such as carbon and cereals, because possibly the citizens do not have the demands of those products. Globalization is a way for these businesses to cooperate with companies in different countries and export their products. For example, China preserves a remarkable carbon. Through the connection between countries, some developing countries, such as India and South Africa, not only acquire fossil fuels at a low price, but they also can produce energy for further development. Therefore, China receives the revenue from selling the extra resources, and other countries instead consistently expand the scale.
Turning to the downside, compared with international companies, such as Apple or Samsung, local businesses potentially lose the competition. Via the influence of globalization, no matter the internet or downtown, there are numerous advertisements occupied by the well-companies but nearly only a few local businesses. It is undoubtedly leading local businesses that have difficulty promoting their products or even intention to customers, instead they may be attracted by famous brands. For instance, nowadays, only less Hong Kong people support local fruits, but most customers tend to buy imported fruits made in Japan or Korea. This phenomenon of losing customers may be a crisis that local farmers are facing.
In conclusion, although globalization connects the bond between countries and creates different opportunities for companies, there are still negative effects on local businesses that cannibalize international markets.