Globalization is a multifaceted phenomenon that brings both advantages and disadvantages. Economically, it opens up opportunities for poorer nations to develop by integrating into the global market, which can promote economic growth and create job opportunities.
PRO- Free Trade is able to reduce barries such as tarrifs, taxes, and subsidies. One of the examples would be NAFTA.
PRO- Gives countries to agree to free trade, For example The TPP.
PRO- Provides poor countries with the chance to develop economically.
Con- Loss of culture
As more people immigrate to other countries, the
diversity of the countries would change because many
people would adapt to the values and culture around them.
Con- Smaller countries suffer more.
Companies that are based in a less developed country
do not benefit as much as the other countries that are well
developed. For exapmle, Somalia is a country which is not as
developed. Recently, 5 million people did not have engouh to eat, which shows its poverty rate.
PRO- Globalization represents free trade which promotes global econmic growth. For example, it creates more job oppurtunities.
Free trade is an important part of globalization as
many countries are able to import and export goods or services. This allows the countries to be financially stable and causes economic growth for a country as more companies start exporting.
PROS- Different countries are able to learn about each other.
As many countries unite, they are able to learn and understand the cultural and values of another country.
This essentially helps influence other countries of specific needs and would help them when marketing a specific product because they would understand the consumers lifestyle.
Con- Companies seek personal gain.
Companies have the ability to trade with with countries that
they are not based in by having the ability to raise tax prices on exports.
Cons- Has a negitive impact on the enviroment.
As many companies export products, the production
also increases causing a negitive impact on the enviroment.
