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The degree to which globalization has improved our quality of life depends on who “we” are. It also depends on what aspect of our quality of life we are looking at.
In terms of our material quality of life as consumers, globalization has clearly improved things considerably. Globalization truly has made things more easily available and at much lower prices. This is one reason why so many of us can have things like flat screen TVs and smart phones. It also allows us to have more clothes and shoes at a cheaper price.
However, globalization can reduce our quality of life if we are talking about our emotions and our psychology. This is particularly true if we work in the sorts of sectors of the economy that are vulnerable to job loss. Globalization means that many of our domestic industries face stiffer competition than ever before. The competition has led to many jobs, particularly in manufacturing, being lost either to overseas factories or to mechanization. If we have lost jobs in this way, or if we fear that our jobs could end up being lost in this way, it erodes our emotional quality of life.
As consumers, then, we have experienced an increase in the material quality of life that we enjoy. As workers, many of us have experienced a decrease in our feelings of security. This reduces our quality of life because it reduces the degree to which we feel happy and contented.
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