Identify and explain at least two of the benefits of globalization, based on your readings.
Globalization refers to the worldwide interactions between people, industries, companies, and nations. The process of globalization rapidly increased after the advancement in trade and transportation.
The two major benefits of globalization include the rapid spread of new technology and innovation and increased living standards across the world.
The rapid spread of technology and innovation: Due to globalization, many countries stay in contact with each other, so there is a natural exchange of technology and innovation between these nations, the rate at which innovation reaches from one country to another has increased manifold.
Better standard of living: Due to staying in constant touch with each other, the developing nations has benefitted a lot from the developed ones, the poverty level has decreased in developing nations, with the help from a developed nation, developing countries have been able to achieve many socio-economic goals, which increased their overall well-being.
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