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"The Benefits Of Globalization Outweigh Its Cost." How Far Do You Agree With This Statement?

1478 words - 6 pages

The term "globalization" is defined as "growing economic interdependence of countries worldwide through increasing volume and variety of cross-border transactions in goods and services, free international capital flows, and more rapid and widespread diffusion of technology. All definitions appear to agree that globalization has economic, political, cultural, and technological aspects that may be closely intertwined" by the International Monetary Fund . "Benefits" is defined as "advantage or profit" and "cost" is defined as the "effort or loss necessary to achieve something" by the Oxford dictionary of Current English.We agree to a large extent to the statement, "The benefits of globalization outweigh its cost." Even though there are some disadvantages in the process of globalization, but the benefits that the world receive far outweighs the costs of it. We have to look at the bigger picture to see that globalization has accelerated the advancement of the world and brought us lots of advantages, and its role will continue to be important in the future evolution of the world. We will examine this in four aspects, economically, environmentally, socially and politically.Firstly, globalization has brought about great leap forward in the economy. The world becomes interconnected and a global market is opened, also spurring competition at the same time. This is a great opportunity for companies to expand and countries to develop their economy. Globalization also raises the productivity and living standards of people in countries and let countries have more business, for example, when a country hosts an overseas company, likely, the company will need to employ quite a number of locals as their worker or labors as it is much cheaper. Therefore the hosting countries can provide more jobs for its citizens. As most people got their own jobs, they have income every month; their living standard will be improved. Corporations also start to change their focus from the local market to the global market due to globalization. These companies extended their range in terms of markets and production facilities to have a national, multinational, international, or even global reach. These changes also led to increases in terms of power, profits, and productivity. Globalization can also help to reduce the costs of transportation and communication due to technological advances and as well as lowering the costs of data processing, information storage and retrieval.Unfortunately, this is only the brighter side of things. The economy that globalization is encouraging is capitalist economy, which encourages capitalism, and some countries do not like this idea. Also, while some countries may benefit from globalization, others might not benefit as much, like some of the poorer countries. Globalization may benefit our economy our economy by increasing productivity or enhance technological advances, but sometimes, there are things that are hidden beneath all the outward...

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