Essay on Pros and Cons of Globalization

26 Mar

Essay on Pros and Cons of Globalization

Some twenty years ago, globalization was used as a strategy that increase all boats in rich and poor countries. Inexpensive items were purchased by consumers from Europe and U.S. that were manufactured by individuals who were living far away and whose wages were quite low.

As a consequence of this political cooperation was expanding, whereas economic gains and multinationals expansion were supported by barriers of time trade. There is no doubt that globalization has been in favor of various developing countries. It helped them in exporting cheap goods and acquire access to the markets. It has been in favor of Wall Street and Multi-national organizations. However on the other hand, it was not in favor for working people and resulted into continuous deindustrialization of the United States.

These facts reveal that globalization is a complicated problem. Thereby to drive accurate conclusions, it is mandatory that its cons and pros are evaluated. The globalization supporters argued that it has the capacity to resolve deep-seated issues such as poverty and employment and make this planet a genuine place to live in. One of the major pro was that free trade is represented by globalization that generates lower prices for consumers, makes organizations quite competitive and international economic growth is promoted.

Whereas one of the major con of it has made poor poorer and richer more rich. It is hell for nature and workers but wonderful for investors, owners, and managers. Another major con is that jobs are transferred and low to lower cost countries. In contrast to this, another major pro of globalization is that prices are driven down due to the competition amongst countries. However, it may not be working in certain countries because for acquiring a price advantage, their currency may also be manipulated by globalization.