Globalization has both advantages and disadvantages. Discuss both and give your opinion.
Globalization is the phenomenon by which factors of production and goods and services are being traded across the world, creating a global marketplace. There are both advantages and disadvantages of this trend, but I believe that it is mainly beneficial as it has made the access to opportunities more equal.
The main disadvantage of this trend is that many workers in developed countries have lost their jobs and people who have only entered the job market are finding it harder to get a job as they are competing with people from all across the world. This results in a higher unemployment rate, which has detrimental effects. People are now finding it harder to have a stable source of income, which lowers their living standards.
On the other hand, one of the many benefits of globalization is that it has improved equality of opportunity. For example, globalization is the reason why a student from an impoverished region of the world is able to access an educational website such as Khan Academy. This would allow the student, and many others like him/her, to improve their academic outcomes which has a positive impact on their future earnings and well-being. This is especially true of those who are living in developing countries.
In summary, the problem that arises as a result of globalization is that unemployment rates are increasing in developed countries because of higher foreign competition. However, this is compensated for by the improved equality of opportunity all across the world, especially in developing countries. Therefore, I believe that globalization has mainly had a positive impact on the world.