Globalization affects each and everyone in this world. Globalization relates to the growing of global economies through the spread of trade, foreign investments, and the advancements of technology. The two major players of globalization are international organizations and multinational corporations. International organization regulates trade between countries by enforcing rules and guidelines for negotiating and forming trade agreements. Multinational corporations are companies that have a central headquarter in one country and have many branches in other countries that move goods, capital, information, and employees across borders to do business. Globalization appears to be an ongoing cycle in which goods and services move around the world to promote economic growth and reduce poverty. However, others believe that the costs do not outweigh the benefits. As globalization continues to increase, the global environment continues to deteriorate at a rapid pace while the number of countries in poverty marginally decreases.
I think that the benefits of globalization do not outweigh the costs. Based upon my research, the benefits of globalization are not spread uniformly among the world, thus splitting the world into two categories, such as developed, developing, and least developed countries. Developed countries have a stable economy and regulation of laws which make them the world’s wealthiest nations with an advanced, industrial economy. The countries that are developing countries are in the process of creating a more modernized and industrialized economy through the help of advancement of technology and ideas from developed countries. The countries that are least developed countries are those that hardly have any products produced for trade and business due to the huge amount of poverty. Economists believe that globalization contributes to economic development by increasing trade and investment, thus improving people’s lives and standard of living. It is without a doubt that globalization has not put an end to global poverty yet. When some countries experiences a positive effect from globalization such as the increase of per capita income, caused a decline in several least developed countries. As a result, it is clear that globalization is hurting countries that cannot keep up with the demands while the countries that can keep up experiences economic boom.
