Globalization: Pros and Cons of a Unified World - Essay Sample

Introduction

Globalization has made the world a village habitat. Communication is easy and quick. Scholars continue to debate on the numerous benefits of globalization and the challenges posed. For the feasibility of globalization, resolving such concerns is necessary for enhancing the living standards of people. In essence, globalization has disadvantages that need to be identified and prevented. An analysis of the cons of globalization is examined in this paper.

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Discussion

Globalization encourages the affluent to increase the accumulation of wealth, while the poor remain mired in shortages since the wealthy enjoy biased access to anything they need. Barriers to free trade are still a phenomenon worldwide, which slows down economic growth (Liu, 2017). Sanctions and increased taxes limit trade and discourage foreign investors. Employment opportunities are affected by globalism. The job environment is altered through wage concessions and maltreatment of workers at the workplace. Globalization forces people to search for alternative jobs such as freelancing, self-employment, or acceptance of low payment.

Democracy is significantly undermined by a biased political system that favors the well-endowed and influential people in society. Large companies, wealthy people, and lobbyists mostly involved in politics to gain economic advantages undermine fair trade (Liu, 2017). Globalization encourages unethical methods of doing business that magnifies social inequalities across the globe. Economists argue that globalization creates jobs. However, such employment opportunities are only produced in regions with low labor costs.

Concentrating job creation in low-labor costs regions encourages investments in such areas resulting in imbalanced development across the globe (Martinez-Garcia, 2019). Nations that are developed undermines developing countries by consuming more resources with the pretext that they have a higher productivity rate than others. The spread of diseases is faster in the present world than years ago due to globalization. It is not easy to cater for all the poor people in need of social programs across the globe with limited resources.

A nation is likely to be disadvantaged in the provision of such programs to the poorest of the poor. Criminal activities such as drug trade, human trafficking, terrorism, and corruption have become a significant challenge for developing nations due to the lack of effective and efficient controls from international gangs. According to Figge, Oebels, & Offermans (2017), Environmental pollution has increased due to an increase in production across the globe.

Conclusion

Globalization is a good idea only if implemented without partiality, effectively, and efficiently with sound policies. As illustrated above, there are numerous concerns regarding globalization; such matters must be minimized or eradicated to ensure a productive, thriving, and beneficial economy as a result of globalization.

References

Figge, L., Oebels, K., & Offermans, A. (2017). The effects of globalization on Ecological Footprints: an empirical analysis. Environment, Development and Sustainability, 19(3), 863-876. Retrieved from https://library.sdsu.edu/bento.php

Liu, C. (2017). International Competitiveness and the Fourth Industrial Revolution. Entrepreneurial Business and Economics Review, 5(4), 111-133. Retrieved from https://library.sdsu.edu/bento.php

Martinez-Garcia, E. (2019). Good Policies or Good Luck? New Insights on Globalization and the International Monetary Policy Transmission Mechanism. Computational Economics, 54(1), 419-454. Retrieved from https://library.sdsu.edu/bento.php