In recent years, several sectors such as international economics, cultures, and environments are under influence of global connectedness in both positive and negative outcomes. While there has been considerable debate, many assume that the advantages of globalization have led to many benefits, then others are against it. In my point of view, I firmly believe that it has brought more beneficial impacts rather than the drawbacks. This essay will elaborate on both views meticulously before emphasizing my stance.
To begin with, many people contend that international interaction has produced several drawbacks in society. First, globalization allows business owners to compete independently in the market without obvious regulations which suffocates the local businesses. In the long term, this can lead to a monopoly system due to the dominance of giant businesses which significantly harms the market system. For example, China’s multinational companies (MNCs) have altered the fields of local entrepreneurs in developing countries which exacerbate their economic conditions and cause several environmental issues. This evidence shows that international trade as a product of globalization can cause detrimental effects to some regions.
Conversely, global interconnection has more benefits than its negative sides. There are a plethora of reasons why this is true. Initially, the vast majority are consumers which means free trade is of paramount importance to provide a wider variety of products in fulfilling the necessity of the global citizens. Secondly, they can get the most cost-effective options while selecting the items to purchase, which is helpful for savings. Additionally, world-wide connection helps them to keep in touch with others and can easily foster some traditional values they believe through the interaction. For instance, African people have suffered from hunger for the past few decades, but the existence of open trade leads them to perceive affordable foods with high quality. The system also assists them to stay in touch with their relatives who are staying abroad and maintaining good relations while fostering their cultural identity.
In conclusion, I am convinced that globalization has had more significant impacts to society, especially in enhancing the quality of life. Albeit the disavantages it has produced, it is well-known that the mechanism directly helps all the people around the world. Hopefully, the majority and the establishment recognized the importance of the global system to overcome the foreseen distortions that probably occur.