University Essay: Analyzing the Impact of Globalization on Economies

This essay explores the multifaceted impact of globalization on various aspects of society. It begins by defining globalization as the interconnectedness of countries in economic, cultural, and social spheres, facilitated by advancements in technology and communication. The essay then delves into the pros of globalization, highlighting its role in accelerating industrialization by providing business opportunities, access to markets, capital flow, and technological advancements, with evidence from developing countries like China and India. It also discusses the reduction in poverty, unemployment, and the promotion of economic growth through free trade and reduced tariffs. Conversely, the essay acknowledges the cons of globalization, such as its impact on the working class, cultural homogeneity, and the exploitation of cheap labor. The author cites arguments that globalization leads to a "race to the bottom" in terms of labor costs, environmental protection, and wage rates, as well as the loss of cultural identity. The essay concludes by emphasizing the need to understand the complex and often contradictory effects of globalization before drawing conclusions. The essay references several academic sources to support its arguments.

Running head: IMPACT OF GLOBALIZATION
IMPACT OF GLOBALIZATION
Name of the Student
Name of the University
Author Note

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Body:
Pros
The reason for supporting globalization is its role to accelerate industrialization. As an
explanation, it can be mentioned that, economically backward countries get ample of business
opportunities, exposure to huge and expandable markets, and access to greater capital flow,
inexpensive export and import services, and exposure to technical advancement in business,
skillful human resource due to globalization. The evidence that globalization has brought ample
of business opportunities, can, which were at their be found in the growth rates of developing
countries like-China, India, Ethiopia early stage of industrialization, prior to globalization
(Kaurin & Simic, 2017). As the interpretation of the evidence substantial decrease in the poverty
level can be mentioned. As the other interpretation of the evidence, employment generation
lowering the level of unemployment in the developing countries like-China, India, Ethiopia, can
be mentioned (Kaurin & Simic, 2017). Free trade, reduction in taxes, and abolition of tariffs,
quotas, promotion of economic growth supported by globalization can also be considered
another evidences of boosting industrialization. Such transition fostered by globalization
contributed substantially to make the world a better place (Michie, 2019).
The reason that globalization is considered as a boon to the world, is its substantial
contribution to turn the world into a better place to live. As the explanation, it can be stated that,
globalization turned the world into a better place to live by reducing poverty and unemployment
substantially, and fostering overall growth of world economy (Kaurin & Simic, 2017). Thus the
evidences for the overall growth of world economy can be found in the remarkable reduction in
taxes as well as tariffs, which freed international trade from all types of restriction. As the

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interpretation of the evidence 25% growth of international trade can be mentioned, strengthening
cross cultural understanding, acceleration of cross cultural communication can be mentioned. As
the second piece of evidence associated with free international trade, the availability of the cheap
good and services can be mentioned. Such transition fostered by globalization paved the way for
the access of business owners to the larger market (Yan, 2019).
Another reason behind calling ‘globalization’ a boon to the world economy, is that,
globalization allowed the business owners to get access to a larger market which expanded job
opportunities and made provision for local economic benefits. More specifically, it can be
explained that, an enhanced enabled the sale of goods and services at lower prices. This can also
be evidenced by the increase in the trade and job opportunities induced by globalization. As the
interpretation of the evidence, it can be stated that, globalization allowed free international trade
and in order to satisfy a huge base of customer, a vast employment opportunity is created along
with the chances for a higher standard of living. As the second evidence, it can be stated that, the
requirement for the manipulation of currencies are abolished due to globalization, which paved
the way for local economic benefits. In spite of all these benefits, critics like Amah, (2019),
consider that globalization has several negative impacts (Hirst & Thompson, 2019).
Cons
The reason that globalization is not consider beneficial is that, the working class as well
as the individual culture of each country are affected due to globalization. More specifically, it
can be stated that, globalization pave the way for developed countries to get access to cheap
labor from other countries which gave birth to human resource problem for the working class of

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the developing countries who migrated to developed countries. As the evidence of this many the
argument of Amah, (2019) can be represented who considered globalization as globalization is a
"race to the bottom", as the companies seeks those countries actively, that have the cheapest
labor, weakest protection of the environment and the least wage rate. There is another evidence
of the negative impact of globalization. As per the second evidence, ‘homogeneity in the culture’
is induced by globalization. Large economies from the developed countries started to absorb
labor from the under-developed one and immigrants start to follow the culture of the countries
they are migrated to. Thus the importance of the culture their home countries are lost (Tsanwani,
Mulaudzi & Raselekoane, 2017).

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References:
Amah, O. E. (2019). The New Face of Globalisation. In Globalisation and Leadership in Africa
(pp. 41-54). Palgrave Pivot, Cham.
Hirst, P., & Thompson, G. (2019). The future of globalisation. In The Handbook of
Globalisation, Third Edition. Edward Elgar Publishing.
Kaurin, B., & Simic, V. (2017). Globalisation and growth: empirical evidence from CEE
countries. Economic and Social Development: Book of Proceedings, 274-282.
Michie, J. (Ed.). (2019). The handbook of globalisation. Edward Elgar Publishing.
Tsanwani, A., Mulaudzi, T. P., & Raselekoane, N. R. (2017). Culture and globalisation: an
analysis of cultural globalisation in modern era. International Conference on Public
Administration and Development Alternatives (IPADA).
Yan, J. (2019). Globalisation Has Double Sides on Developing Countries: The Benefits and the
Harm. Development, 4(1), 11-14.