Discussion on the Advantages and Disadvantages of Economic...

Discussion on the advantages and disadvantages of economic globalization At present, economy globalization, which can be defined as the expanding world integration through trade, financial flow and knowledge, has significant effect on developed and developing countries. We are living in a world where people can communicate efficiently and enjoy the freedom of exchange of goods and capital. Due to the economic globalization, the material life today is more colorful than before. However, there are also some arguments about this issue. The advantages of it are pleasing while the disadvantage should not be ignored at the same time. In this essay, the both sides of economic globalization will be discussed. The positive effects of economic†¦show more content†¦The first drawback of economic globalization is the job loss in the developed countries. As the result of outsourcing, the production worker and service workers are forced to face the problem that they will lose their jobs, for they have no superiority in the competition with the workers in the third world countries. According to the Economic Policy Institute (2010), along with the growing trade deficit with China, the US had lost 2.4 million jobs between 2001 and 2008. Another example is thanks to the influx of Chinese goods, there were 300,000 textile workers in South Africa had lost their jobs (Asia Times. April 26, 2005). Meanwhile, the financial interdependency is also one of the disadvantages. If the economy of one area collapses, the negative effects will spread to and destroy the economy of other areas owing to the interconnectedness of the global market (Joseph, 2008). It is not exaggerative to say that the colla pse of subprime mortgage market in US caused the global financial crisis and recession. The third is that the environmental degradation caused by the expansion of economy (Paul, 2008). The lower pollution regulation can attract the cooperation to invest in the developing countries. Despite the high economic growth in China, the severe pollution is blamed for the deterioration of the environment. Recently, a court in Ecuador announced that the Chevron Crop has to pay a penalty of 95 billion in total. The toxic substance in the effluent causedShow MoreRelatedIr and Glocalization1154 Words   |  5 PagesIr and globalization CONENT: Introduction Body 1. What is Globalization and how it is related with the International Relations; 2. Advantages and Disadvantages of the Globalization; 3. Effectiveness of the Globalization Conclusion NTRODUCTION In my work I talk about the Globalization and its relation with the Globalization where I dwelled upon the Globalization. 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