Globalization is positive for economies but its negative sides should not
be ignored. To what extent do you agree or disagree?
The world is becoming globalized at an accelerating rate. While I accept
that some economic benefits could be brought by globalization, I completely agree
with the statement that its negatives ought not to be overlooked.
The availability of a wider range of products in the market would probably
be the most beneficial impact of high rates of globalization on one country’s
economy. The more intense gets the globalization, the stronger will become the
relationships between different countries, therefore, significantly increasing the
mutual turnover of goods. This, in turn, considerably diversifies local markets with
foreign goods. Additionally, globalization can provide the economies with valuable
foreign employees, after which the economic growth can be observed. The reason
for this is that the main indicator of the globalized world is free personnel
exchange between countries, when highly-qualified professionals of certain branch
of economy are sent to foreign countries to teach their colleagues abroad the
advancements they have achieved.
Notwithstanding, I share the view that detrimental effects that can be
caused by globalization should not be left without attention. In the first place,
cultural identity of a number of nations might be under the danger of extinction as
a result of global integration. As we all know, globalization strengthens the
interaction between completely different cultures, and when mixed up, they are at
threat of losing uniqueness that has been being formed over the course of centuries.
Moreover, a massive financial damage will probably be caused to local industries,
if multinational companies enter and occupy one country’s market, as a result of
globalization. Being unable to compete with the giants of international market,
local companies are threatened by bankruptcy.
In conclusion, although the diversity of products available as well as the
personnel exchange are considered as the merits of the globalized world, in my
view close attention should be paid to its side effects to secure cultures from loss
and local manufacturers from going bankrupt.