What are the advantages and disadvantages of globalization?
This is a great question that can be answered in many different ways. Let me list a few positives and then list a few negatives.
The positive aspects of globalization are as follows. First, with globalization, you are dealing with a global market. So, companies not only have a domestic market, but an international one. This can be a huge benefit in terms of sales and expansion. Another benefit of globalization is that you can draw the best in the world to your company. Hence, your talent pool is the world. With this you are also able to outsource to save more money.
The negative points of globalization is that you might hurt your own economy. For example, if you outsource all your jobs, your company might do well, but the local economy will not. Second, with a global economy, we tend to spend much more money on fuel, which can be hazardous to the environment.
The major advantage of globalization is that it helps cause overall economic growth around the world. Globalization brings new and better jobs to countries such as China and India that were once on the periphery of the world economy. As it creates new jobs in those countries, it brings goods and services to the developed world at lower prices.
The major disadvantage is that it harms specific economic sectors in various countries. Typically, low-skilled workers in rich countries suffer from foreign competition. So do inefficient farmers in developing countries. Even as globalization helps people on average, there are some who are hurt as they come to be outcompeted by foreigners.