What is considered the major advantages and disadvantages of globalization?
Globalization is perhaps the most important feature of the world’s economy today. It is most definitely a two-edged sword. It is seen as something that can improve the overall economic situation of people and countries around the world. However, at the same time, it is seen as something that does great harm to individual people and individual industries in various countries.
The main benefit of globalization is that it increases the amount of goods and services that can be produced in the world and tends to lower their price. When more countries are able to participate in the global economy, those that can make products most cheaply tend to get to make those products. This means that more products can be made at lower prices. On the whole, more production means better lives for people on average.
The problem is that globalization hurts some individuals while helping others. We can see the hurt that globalization does here in the US. Globalization has hurt Americans who have little education and/or have been working in manufacturing. These people used to be able to get good jobs that paid well. Today, “their” jobs have been sent to other countries and they can only get lower-paying jobs here.
Thus, globalization is said to help people as a whole, but to hurt individual groups.