Globalization is when countries all over the world connect. They connect their cultures, markets, and businesses making them interdependent. Some say that the connection is mainly economical. Globalization has greatly increased with the development of the internet and international travel. It has caused some countries to prosper and others to struggle.
Pros:
- It has increased opportunities for almost everyone.
- Economies have increased opportunities and competition.
- It makes people wealthier and allows more diverse lifestyles.
- For the rich, it has brought greater spending and rising living standards.
- It has increased international travel.
- Globalization helps information exchange between countries, helps us understand other cultures, and expanded the idea of democracies.
- Many countries change their government system due to globalization. When a country with an unsuccessful form of government learns about another country's successful form of government through globalization, they might chose to change.
- Certain groups of people who don't have the means to compete under the pressure of the globalized economy will be unsuccessful and fail.
- It is said that international markets could cause misery (in the form of poverty and unemployment).
- Critics say that while some countries gain money, other developing countries are suffering. (In the last decade, the income of the poorest people has dropped significantly)
- Companies move their production lines to low-wage countries and the people that were working for them lose their jobs.
- Some people are concerned that these large, trans-national companies are becoming more powerful the democratically-elected governments.
- Others are concerned that with all the craze for making money quickly, people are forgetting about the environment and harming it.
