Disadvantages Of Globalization

760 Words4 Pages
Yuming Hou
Juculine Savarimuthu Benefits of Globalization Outweigh the Drawbacks Benefits of Globalization outweigh the drawbacks
Globalization is simply the process by which people, economies, and governments around the world become increasingly interconnected through the incorporation of economies and societies (Steger, 2010). Examples of major players of the global world include international organizations such as the United Nations and the World Trade Organization (WTO) as well as nongovernmental organizations such as Greenpeace. The international organizations regulate trade between nations by drafting trade agreements and acting as negotiators. Globalization has both advantages and disadvantages. However, the benefits of globalization far outweigh its costs. For instance, Globalization promotes efficiency and productivity, Global institutions manage the settlement of government-to-government disputes and economic gains from globalization have increased access to health care as well as clean water.
Globalization promotes efficiency and productivity. This, in turn, leads to higher economic growth rate. A controlled and regulated economy does not encourage industries to become efficient and independent because the industries are protected from foreign restrictions (Steger, 2010). Governments using import restrictions to protect their companies from foreign competition. Globalization encourages liberalization, which improves the allocation and
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