Globalization involves enhancing global connections and developing human life on a global scale, with countries becoming interdependent in politics, economy, and trade. It allows for the production of diverse goods in different regions and provides companies with competitive advantages by enabling the purchase of raw materials at lower costs.
Globalization in the usual sense refers to the continuous enhancement of global connections, the development of human life on a global scale, and the rise of global awareness. Countries are interdependent in politics, economy and trade.
Positive
Different products could be produced in different parts of the world
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automotive industry have used Globalization for a long time.
Benefits to Consumers
Have access to wider variety of goods
Companies can offer goods at low price to consumers
Allowing companies to purchase raw materials at low price, it provides companies with a competitive advantage.
Example
Wealth does not equal health
Global economic policies have long focused on increasing GDP and wealth, but the COVID-19 pandemic may be a turning point that will make people pay more attention to public health and personal health in the future.
Negative
globalization may lead to income disparity and inequality between members of society with higher and lower levels of education.
unskilled workers may be affected by falling wages, and wages are constantly under pressure from globalization.
In developed countries, workers must compete with low-cost markets for jobs
