Globalization is a complicated term, often many people can’t address what it means. Globalization is a process of interconnectedness and interdependence.This process is seen as a must in many communities, however not all people support this process. In my opinion, it is essential for people to initiate this. In order to decide whether this is beneficial both its negative and positive aspects must be taken into account.
Firstly, it is clear that people will invest in such multinational companies since countries will specialize in laboring their own goods. Boosting and supporting local producers instead of mass producers, don’t just help individuals in rural areas but it also helps with economic growth. It also reduces the prices of goods, increased global competition and economies of scale, companies find lower cost ways to produce goods. This typically results in lower prices and a wider variety of products and services for consumers worldwide. As we look through history, it is important to mention technological improvements. Knowledge passes from person to person, this international collaboration will affect all countries in a good way. For instance the invention of the internet and fiber optics allow an accessible, cheap and fast internet across borders.
Secondly, this being said we should also consider that there will be financial inequality, while globalization may lift poverty nevertheless leading to an enormous gap between the rich and poor. Moreover, pursuit of lower prices may result in poor working conditions because of the ”race to the bottom”. Increased industrial activity and global pollution contribute to greater environmental issues. Powerful countries can choose less polluted places that need to be protected, leading to harm to those places and causing harm to our environment.
All in all it seems that; while globalization is a controversial and complex force, its continuation is crucial. Furthermore, the sudden innovations about technology accelerated by this process had long term effects all over the world. However in order to reach a successful and sustainable development, proponents must address their concerns mostly about inequality, job displacement, and cultural homogenization.