Essay on Increasing Global Trade Products – Globalization Pros And Cons
As global trade increases between different countries, many daily necessities are produced in other countries. Such goods are usually transported a long distance. Do the benefits of this trend outweigh its drawbacks? Essay on Increasing Global Trade Products – Globalization Pros And Cons.
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Because of the global economy, many goods including what we use as daily basic produced by other countries have to be transported for a long distance. To what extent do the advantages outweigh the disadvantages?
Essay on Increasing Global Trade Products – Globalization Pros And Cons
The world has become a global village due to increase in global trade between different countries. Globalisation is primarily an economic process of integration which has social and cultural aspects too. We can import and export anything from any country easily now. Due to technological advances, it has become easier for people to travel, communicate and do business internationally. But there are many advantages and disadvantages to it. In my opinion, its advantages overshadow disadvantages.
We will discuss both advantages and disadvantages of globalisation. Globalisation represents free trade which promotes global economic growth, creates jobs, makes companies more competitive and lower prices for consumers. Globalisation is good for developing countries, they have no access to the markets of other countries. It has breach the opportunity gap between countries. Another benefit of globalisation is governments are joining together all over. European Union (EU) is a good example of it. EU is a political and economic union of 28 member countries which are primarily located in Europe. Its aim to ensure free movement of people, goods, services, and capital within the member countries.
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Another advantage of globalisation is, people around the globe are more connected to each other than ever before. Goods, services, information, money everything flows more quickly than ever. Each country is learning more about other cultures. It is good for multinational corporations, labour can move from country to country, also countries can hire labour at lower wages. So there are so many advantages of globalisation.
Globalisation impact local markets. Although it gives us the variety of products but it effects local market too. Developed countries outsource cheaper workforce from other countries, which creates problems for the local organisation. Many multinational companies are accused of unfair working conditions and lack of concern for the environment.
To conclude, no doubt globalisation has improved economic standards, provided jobs and increased trade but government and companies should focus on its disadvantages too. They should take appropriate action to deal with problems raised by it. Otherwise, globalisation is good for every country and organisations too.
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