Impacts of Globalization
The following graph indicates the growth of global marketing from the late 90's to 2019. You can see how the numbers continue to rise after every year.
Global Market
The business industry has made a big impact on globalization. The amount of transactions made across the border have been increasing at a fast pace. Businesses are developing a wide selection of their footprint. Having this done, the market is continuing to grow at a big rate allowing economies to bring in more investors.
Positive Imapcts
Foreign Trade
Globalization has changed the way foreign trade is viewed upon all across the world. Items such as clothes, foods, technology and many more that were made in one country, can now be found in multiple countries. Individuals can now get anything they would like do to the foreign trade industry.
Subtopic
Subtopic
"Amazon" and "Ebay" are two great examples of foreign trade. These websites allow people to export and import things from any where around the world with just a few clicks of a button. If theres clothes or technology that you've been wanting for a while and cannot find, your best bet is to search it on these sites as you have the option to browse from many different countries.
Negative Impacts
Jobs Insecurity
Many people are losing their jobs in developed countries. These countries are experiencing lower costs of manufacturing goods and wages. Jobs like an accountant or programmer have lost their positions due to globalization taking advantage of labor. This is all happening because the developed countries are being outsourced by another.
You can see how stressed out and painful it is for an individual to lose their job. Without a job there is no income of money coming you way. This affects people in a very harsh manner as they wont have money to afford their natural needs.
Subtopic
Subtopic
Shift in Price
Globalization has led to a shift in price because of the increasing numbers of competition. Developed countries are forced to lower their prices on their products because of other countries already doing so. For example, China produces their goods at a low rate which is something that affects other countries as their goods are being produced at a higher rate. People want to buy goods for the lowest price they can get them for. This is what changes the developed countries shift of price to that they can be more balanced as the others.
Subtopic
This is a very big disadvantage as countries are having a difficult time to sustain their welfare.