Positive and negative aspects of globalization on economies

Topics: Globalization, Economic geography, Economics Pages: 2 (487 words) Published: October 22, 2014
In twentieth century globalization was commonly used. The term globalization captures elements of a widespread perception that there is a broadening, deepening and speeding up of world-wide interconnectedness in all aspects of life, from the cultural to the criminal, the financial to the Globalization resulted in both positive and negative effects, which is to be addressed accordingly. To begin with, globalization has contributed to the world’s economies in many beneficial ways. The advances in science and technology have allowed businesses to easily cross the geographical borders. Due to that companies tend to become more productive and competitive thereby improving the quality of goods, services and the people living standard. Anytime that you have multiple producers competing for a hold of the economy, that’s a good sign for consumers, as the quality of goods and services often goes up as a result.When businesses started to venture across international borders, what they often did was introduce a new standard into the global marketplace. Consumers then had more options to choose from.With more competitors to fight over market share, each company has to constantly look to improve their goods or services or create more value for their customers.This means better products and sometimes lower prices, which is always a good thing for buyers. Secondly, several companies from the more developed countries have already collaborated to establish foreign operations to take advantage of the low cost of labor in the poorer countries. This kind of business activity will provide more investment funds into the less developed countries. However, one cannot deny the negative effects, which have derived from globalization. One concerning aspect is the risk and danger of epidemic diseases, which can easily be spread as the transportation becomes easier and faster in today’s world. This is seen in the recent birds flu disease, which has infected most Asian countries over a short...

References: Wallas, Graham. "Global Transformations." What Is Globalization? Hutchinson and University of California Press, 1980, 511 Pp. Polity Edition 1989., 03 Mar. 1999. Web. 22 Oct. 2014.
"Global Transformations." What Is Globalization? Ed. Annabelle Mooney. Taylor and
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Rao, Andy. "4 Positive Impacts of Globalization on World Economy." The Collegian. The Collegian, 07 May 2013. Web. 22 Oct. 2014.
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