It has been said that the world is becoming a global village in which there are no boundaries to trade and communication.
Do the benefits of globalisation outweigh the drawbacks?
Positives (advantages or pros) of globalisation:
- Business is becoming increasingly international.
- A global economy means free trade between countries.
- This can strengthen political relationships.
- Globalisation can also create opportunities for employment.
- It encourages investment in less developed countries.
- It could reduce poverty in the developing world.
Negatives (disadvantages or cons) of globalisation:
- Globalisation can also lead to unemployment and exploitation.
- Companies move to countries where labour is cheap.
- This creates redundancies, or job losses.
- Some companies exploit their employees in developing countries.
- Salaries are low and working conditions are often poor.
- Global trade also creates excessive waste and pollution.