Adaptation to our ever-growing advancement, whether technological or in business is subject for debate. To follow a certain stance in regards to being modern, globalization comes hand in hand, wherein we could not deny that there is a positive output but also, we could not ignore the negative side.
There are factors that can contribute in its’ advantages and one of those is economic growth. Trading is one example. Importing and exporting goods is great way of boosting a country’s economic growth. Local products of a certain country or region could make its’ way to international territory, and the boost of sales could certainly account to one’s economic monetary market. Another example is spreading knowledge in regards to technological advancement, where developing country could learn for the first world places and could help in agricultural process like farming and fishing.
But any advancement has also had its’ downside. Because of growing businesses, rising competition from the market can be also accounted. Uprising business owners’ numbers are suddenly rising, moreover competition between them is crucial. To produce more income, they sometimes neglect the quality of the product thus producing low quality item at a cheaper price.
I do agree on the purpose of globalization. We could not deny that because of modernization our global economy, compared years ago, have drastically change. Even though it could be an asset, we should also take note the liabilities. Government and private sectors should also observe this side because if not, there will a fall in our stock market.
In conclusion, a balance should be dealt when it comes to globalization, if not complication might occur. It might do more harm than good to our economic growth.