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"Economic Globalization: Good or Bad?"
Economic Globalization: Good or Bad?
Amy Hetzel
Globalization is a highly charged issue. It is considered both good and bad, depending on the angle you are looking from.

Globalization enables the flow of international information that facilitates trade and investment. The rapid decrease in the cost of telecommunications and transportation made human interaction across countries extremely simple. The international flow of knowledge of management practices and methods of work organization is another benefit of globalization. A major advantage of globalization is that countries that have a deficiency in a specific resource or skill can make use of foreign skills and resources to satisfy their needs. Besides, efficiency will improve if production of certain goods is done by those who can do it better, hence achieving highest quality at a lower cost. Globalization diminished national borders –the fall of protection barriers has stimulated free movement of capital and enabled companies to set up several bases around the world.

However, on the other hand, globalization can cause destruction. The fall of borders results in the powerful dominating the weak. A globalized world is not a very democratic world since it belongs to the powerful dominant countries. They will impose their will on the rest. "In practice, the decision-making process at the WTO is used to advance the agendas of the majors, and particularly those of the USA and Western Europe." Globalization means interdependence, but unfortunately developing countries are forced to depend on developed countries and developed countries are using it as an opportunity to take advantage of developing countries.

Large corporations tend to produce their products at countries where labor is cheapest, health and safety standards are the weakest, and environmental laws are least restrictive in order to minimize costs and maximize profits. Developed countries are trying to unfairly misuse the natural resources of underdeveloped countries. This means that poor countries run...

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"Economic Globalization: Good or Bad?." Aug 16, 2018
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