Thanks to globalization, multinational companies now find it easy to set up operation around the world. However, I believe that multinational companies have lowered the quality of life in foreign countries in two areas.
Firstly, multinational companies often create products that dominate local markets at the expense of local businesses. While I concede that large global businesses often produce goods of a high quality, the problem is that large corporations operating in multiple markets can take advantage of economies of scale to produce these goods cheaply. As a result, many are able to price their products at a much lower level than smaller, individual companies, who often go out of business when trying to compete. A good illustration of this is Walmart, which squeezed the profit margins of small corner shops to such an extent that most have gone bankrupt. This had a negative effect on the local economy as most local businesses have disappeared as a result.
Another area which multinational companies have a negative effect on is culture. Although I acknowledge that they provide employment by building factories and creating new workplaces, the problem is that when multinational companies enter a foreign market, they tend to dilute local customs and traditions. As a result, most cultures have become more or less the same, eroding the cultural richness of the world. Take McDonalds for example. The fact that it operates in so many countries means that many people outside America are eating fast food at the expense of their own cuisine. This has led to disappearance of most national dishes, which are also considered an important part of cultural heritage.
In conclusion, not only do multinational companies cause local businesses to go bankrupt, but they also appear to cause foreign countries to lose their unique cultural heritage. Therefore, I disagree that they are improving our standard of living.