Advantages of Globalization: Resources of different countries are used for producing goods and services they are able to do most efficiently. Consumers to get much wider variety of products to choose from. Consumers get the product they want at more competitive prices. Companies are able to procure input goods and services required at most competitive prices. Companies get get access to much wider markets It promotes understanding and goodwill among different countries. Businesses and investors get much wider opportunities for investment. Adverse impact of fluctuations in agricultural productions in one area can be reduced by pooling of production of different areas. Disadvantages of Globalization: Developed countries can stifle development of undeveloped and under-developed countries. Economic depression in one country can trigger adverse reaction across the globe. It can increase spread of communicable diseases. Companies face much greater competition. This can put smaller companies, at a disadvantage as they do not have resources to compete at global scale. -
There are benefits and disadvantages to globalization. Firstly, globalization is good for certain countries more, such as those in the First World or Global North. Rich countries like the USA, UK, Germany etc. can sell more products and goods to new markets in the Global South or poorer countries. Think of McDonald's and Starbucks and other big American brands. We can find McDonald's everywhere (almost). Due to globalization, many local brands and businesses in poorer developing countries go bankrupt and can't survive the economic might of these rich countries. Local cultures and traditions change. People no longer wear national costumes because they all want to look like Hollywood stars and wear jeans, for example. People want to become "American" and consume everything American. Also because of globalization, more and more people are learning and speaking English to the detriment of local...
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