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Globalization: Balancing Its Pros and Cons for a Better
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Globalization, the interconnectivity of countries, has been a driving force of
the global economy since ancient times. With technological advancements and
societal evolution, international commerce has heightened, and currently, one
can order goods from abroad and receive them anywhere around the world. However,
globalization raises controversy, with some viewing it as a setback while others
praising it for reduced commodity prices. Nonetheless, globalization has both
benefits and downsides, with the advantages outweighing the disadvantages.
One of the advantages of globalization is that it allows goods and services to
be available to most people at low prices. Proponents of globalization support
it due to the affordability of commodities. Even people from impoverished
nations have a chance to buy items. Additionally, international trade creates
millions of jobs, which lift people out of poverty. Globalization allows
businesses to invest in capital-scarce nations, leading to the creation of
employment for locals. Typically, developing countries that are rich in labor
gain from the concept.
On the contrary, the freedom of conducting business across borders comes with
myriad setbacks. For instance, citizens of developed nations, such as America,
experience competition for jobs, especially in the manufacturing industries.
Citizens from developing countries offer cheap labor, and any business tends to
choose less expensive services to maximize profits. Similarly, developing
nations experience stiff competition from developed countries that produce more
affordable goods. Hence, most people tend to buy foreign items, leading to
losses for domestic producers.
Overall, the advantages of globalization outweigh the disadvantages. Even though
there is still significant economic disparity among countries, the concept has
enhanced the rapid development of impoverished nations by creating jobs and
making goods and services available at affordable prices. For the few setbacks,
it is upon individual countries to enact domestic policies shielding their
industries and workers from foreign competition.
In conclusion, globalization has been the driving force of the global economy
since ancient times. It has both benefits and downsides, with the advantages
outweighing the disadvantages. While there may be stiff competition among
nations, it is vital to note that globalization has led to the creation of
millions of jobs and has made goods and services available to most people at
affordable prices. Therefore, countries need to enact policies to ensure that
their industries and workers are shielded from foreign competition. With that
said, globalization is undoubtedly a net positive for the global economy. |
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