What are the pros and cons of Globalization?
Globalization
- economic, social, and cultural phenomenon
- globalization is The growing interdependence of countries worldwide through the increasing volume and variety of cross-border transactions in goods services and of international capital flows, and through the more rapid and widespread diffusion of technology. (IB definition)
Pros
- Development in multinational corporation
- Enhancing information speed
- Consumer's utility
- establishment of global standard --> not only economic development but also political and social advancements (increases standard of living)
- e.g. international corporation on human rights awareness (environment, labour, feminism, human)
Cons
- income inequality: increase in gap between the rich and the poor, shown through Lorenz curve
- dominance of global trade by the rich, northern hemisphere countries
- lack of opportunities for the poor to be able to access markets (because of trade protectionism)
- exploitation of workers and growers
- unemployment of local people
- great dependence of one country on others
- extreme environment pollution
Emily, can you please change your formatting to English because right now its in Korea and I can't read it.
ReplyDeleteReferring to your list however, the points are quite strong but I am left wondering what examples you can provide for these points. Can you think of at least one example to support your thoughts here?