Eco. 362 —21/01/2022 (Online Discussion/Quiz 2—Pros and Cons of Globalization)

Name:Ajah Favour Chinyere
Reg no:2018/241836
Department:Economics
Course code:Eco 362
Course title: Development Economics 2
Email: favourajah91@gmail.com

Assignment:

Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.

As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.

In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

Answer

Globalization is an economic tsunami that is sweeping the planet. We can’t stop it but there are many things we can do to slow it down and make it more equitable.
What is missing?
*Leadership – We need politicians who are willing to confront the cheaters. One of our biggest problems is that 7 of our trading partners manipulate their currencies to gain unfair price advantage which increases their exports and decreases their imports. This is illegal under WTO rules so there is a sound legal basis to put some kind of tax on their exports until they quit cheating.
*Balanced Trade – Most of our trading partners can balance their trade budgets and even run a surplus. We have not made any effort to balance our trade budget and have run a deficit for more than 30 years resulting in an $11 trillion deficit. The trade deficit is the single biggest job killer in our economy, particularly manufacturing jobs. We need the government to develop a plan to begin to balance our trade deficit even though this is not a political priority in either party.
*Trade Agreements – Both the NAFTA and the South Korean Korus trade agreements might have been good for Wall Street and the multi-national corporations but they eliminated jobs in America and expanded our trade deficit. The upcoming Trans Pacific Trade Agreement will do the same thing and Congress should not fast track this bad agreement for a dozen reasons.
*Enforcing the rules – China ignores trade rules and WTO laws with reckless abandon. Besides currency manipulation they subsidize their state owned companies to target our markets, and provide funding to their state owned companies that dump their products in America. They also steal our technologies, sell counterfeit versions of our products, and impose tariffs and other barriers anytime they want – as we do nothing to stop them. China does not deserve to be on our most favored nation list and we need to tax their exports to us until they stop these illegal activities.

Advantages of globalization

1. Transfer of Technology:
Transfer of technology throughout the globe is good for us. Any country can borrow the technology through the agreement and can implement it in their country for their overall development. We can communicate each other easily from any part of the globe by using advance technology at minimal cost, time and efforts.

2. Better Services:
Globalization always provides us better services. Through the technological advancement our services like water supply, mobile networking, internet, electricity supply and any other services have been easier and better than before. By the way, easy access to the internet throughout the globe is also the result of the globalization.

3. Standardization of Living:
The integration of economies as the key process of globalization enables countries to fight against poverty and improve the standard of living of the people.

Many researchers have been stated that when a country open up their trade to the globe, their rate of economic growth is faster and living standards tend to increase.

4. Development of Infrastructure:
Due to the technological advancement and its transfer throughout the globe helps to improve country’s infrastructure. Countries are more enabling to deliver their services to the people. Development of infrastructure means overall development of respective countries. Here it is necessary to say that economic growth and development of infrastructure are compatible with each other.

5. Foreign Exchange Reserves:
Through globalization countries can build foreign exchange reserves owing to international financial flows.

6. Economic Growth:
Globalization entails to optimum utilization of resources wherein deficit resources are procured and surplus resources are exported to other countries. This ensure overall economic growth.

7. Affordable Products:
With the access to the latest technology, the countries can provide products to its countrymen at affordable prices. Globalization promotes competition in domestic economies and their endeavor to compete against competition, companies reduce product price or follow penetration pricing strategy.

8. Contribution to World GDP Growth Rate:
Globalization ensures contribution of every country to the world GDP growth.

9. Extensions of Market:
Above all, Globalization promotes extension of market. It provides an opportunity to the domestic companies in going global. For instance, domestically, companies can witness saturation in the demand for their products or services but through globalization the domestic companies can sustain and satisfy the growing demands of foreign customers.

Disadvantages of globalization

1. Growing Inequality:
Globalization can increase inequality throughout the world by increasing specialization and trade. Although specialization and trade boost the per-capita income it may cause relative poverty.

To illustrate this we will take an example. All dominated MNCs in the world are located in the United States. All these companies are buying cheaper labor from developing or underdeveloped countries for their product manufacturing or assembling. China, India and Africa are prime examples of this. It increases the employment of such countries but they are lagging behind relatively developed countries.

2. Increasing of the Unemployment rate:
Globalization can increase unemployment rate. Where people are getting jobs, how is it possible? Here is the explanation.

Globalization demands for higher-skilled work with cheaper price. But countries where Institutions are relatively weak are not capable of producing highly skilled workers. As a result, the unemployment rate is increasing in those countries.

3. Trade Imbalance:
The balance of trade refers to the balance of values between a country’s export and import’s goods and services. As the result of globalization, any country can trade to any part of the globe.

That is why, in some cases developing countries are so much dependent on the developed countries in terms of import goods but their export capabilities are lower than import. The trade imbalance has been occurring.

4. Environmental Loots:
The pace of industrialization is increasing as the result of globalization. Industrialization boosts the economic growth but it harms environment as well. Globalization loots from the nature and it harm us very badly.

Let’s try to understand with the example. Coca-Cola is the world’s leading soft drink company. This company consume huge amount of water for making soft drinks. In a state of northern India, Uttar Pradesh, a Coca-Cola bottle plant was closed by the government order because of too much usage of water claimed by local farmers.

In North India, the level of ground water is very low, but huge usage of this water for the interest of a MNC is very harmful to domestic farming.

Conclusion

From the above discussion on the Advantages and Disadvantages of Globalization, it can be said that the list of benefits of globalization can be easily lengthened. However, there are some disadvantages. According to critics, the process did not benefit the poor. The impact of globalization on environmental protection is not too great and Did not stabilize the global economy.

The policies formulated by the IMF, the World Bank, and the World Trade Organization only serve the interests of the developed world. Especially the internal interests of those countries. Developing countries have no place in it. The ideas of all these countries regarding globalization revolve around a particular economic and social scenario.

Name: Ezeozue Chinedum Success Lotachukwu

Reg No: 2018/246452

Email: chineduezeozue@gmail.com

PROS OF GLOBALIZATION:

1. Economic Growth
It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:

Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.
2. Increased Global Cooperation
For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.

“Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world’s nations will fall back into the catastrophe of war.”

3. Increased Cross-Border Investment
According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.

The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.

DISADVANTAGES OF GLOBALIZATION:

1. Increased Competition
When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.

With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.

“Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”

2. Disproportionate Growth
Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.

Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.

“Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”

3. Environmental Concerns
Increased globalization has been linked to various environmental challenges, many of which are serious, including:

Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
The introduction of potentially invasive species into new environments
While such issues are governed by existing or proposed laws and regulations, businesses have made environmental concerns and sustainability a priority by, for example, embracing the tenets of the triple bottom line and the idea of corporate social responsibility.

Name: Eze Chibuike Benjamin
Reg no: 2018/244287
Dept: Education/Economics
Course(code): Development Economics (Eco 362)

Discuss the Pros and Cons of Globalization.

Globalization is one of the most frequently used words in discussions of
development, trade, and international political economy.1 As the form of the
word implies, globalization is a process by which the economies of the world
become more integrated, leading to a global economy and, increasingly, global
economic policymaking, for example, through international agencies such as
the World Trade Organization (WTO). Globalization also refers to an emerging
“global culture,” in which people consume similar goods and services across
countries and use a common language of business, English; these changes facil￾itate economic integration and are in turn further promoted by it. But in its core
economic meaning, globalization refers to the increased openness of economies
to international trade, financial flows, and direct foreign investment, topics of
this and the following two chapters. The growing interconnection of all kinds
across national governments and firms and directly between peoples is a process
that affects everyone in the world, one that so far still seems more visible in the
developed countries. But globalization can in many ways have a greater
impact in developing countries.

1. International Recruiting

It’s not surprising that 30% of U.S. and UK tech leaders cited international recruiting as their most common challenge. Recruiting across borders creates unknowns for HR teams. First, companies create a plan for how they will interview and thoroughly vet candidates to make sure they are qualified when thousands of miles separate them from headquarters. Next, companies need to know the market’s demands for salaries and benefits to make competitive offers. To ensure successful hires, HR teams must factor in challenges like time zones, cultural differences, and language barriers to find a good fit for the company.

2. Managing Employee Immigration

Immigration challenges cause a lot of headaches internally, which is why 28% of U.S. and UK tech leaders agreed it was one of their top challenges. Immigration laws change often, and in some countries, it is extremely difficult to secure visas for employees that are foreign nationals. The U.S., for example, is getting stricter with granting H-1B visas, and Brexit makes the future of immigration to the UK uncertain.

 3. Incurring Tariffs and Export Fees

Another challenge both U.S and UK tech leaders said they face in the report is incurring tariffs and export fees—29% agreed this is a challenge for their global businesses. For companies looking to sell products abroad, getting those items overseas can be expensive, depending on the market.

4. Payroll and Compliance Challenges

Another common global expansion obstacle is managing overseas payroll and maintaining compliance with changing employment and tax laws. This management task gets even more difficult if you’re trying to manage operations in multiple markets.

5. Loss of Cultural Identity

While globalization has made foreign countries easier to access, it has also begun to meld unique societies together. The success of certain cultures throughout the world caused other countries to emulate them. But when cultures begin to lose their distinctive features, we lose our global diversity.

6. Foreign Worker Exploitation

Lower costs do benefit many consumers, but it also creates tough competition that leads some companies to search for cheap labor sources. Some western companies ship their production overseas to countries like China and Malaysia, where lax regulations make it easier to exploit workers.

7. Global Expansion Difficulties

For businesses that want to go global and discover the benefits of globalization, setting up a compliant overseas presence is difficult. If companies take the traditional route of setting up an entity, they need substantial upfront capital, sometimes up to $20,000, and costs of $200,000 annually to maintain the business. Additionally, global businesses must keep up with different and ever-changing labor laws in new countries. When expanding into new countries, companies must be aware of how to navigate new legal systems. Otherwise, missteps lead to impediments and severe financial and legal consequences.

8. Immigration Challenges and Local Job Loss

The political climates in the United States and Europe show that there are different viewpoints on the results of globalization. Many countries around the globe are tightening their immigration rules, and it is harder for immigrants to find jobs in new countries. This rise in nationalism is mainly due to anger from the perception that foreigners fill domestic jobs or at companies moving their operations abroad to save money on labor costs.

For example, the Economic Policy Institute reports that the U.S. trade deficit with China (or the amount by which our imports exceed our exports) cost Americans 3.4 million jobs since 2001

What Are the Disadvantages of Globalization?

While it can benefit nations, there are also several negative effects of globalization. Cons of globalization include:

Unequal economic growth. While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.

Lack of local businesses. The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.

Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.

Exploits cheaper labor markets. Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.

Causes job displacement. Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.

NAME: MBA COLLINS CHIDUMEBI
REG NO.: 2018/242336
DEPARTMENT: ECONOMICS
COURSE: ECO 362 DEVELOPMENT ECONOMICS II
Discussion Quiz 2: Pros and Cons of Globalization
Globalization refers to the process of the intensification of economic, political, social and cultural relations across international boundaries (Akindele, 1990). Simply put, it describes the changes of societies and the world economy that result from dramatically increased international trade.
MERITS OF GLOBALIZATION
Labour Mobility: Globalization has facilitated the movement of labour across international borders. Worker can now easily move across countries to take different jobs.
It Enhances Market Expansion and Job Creation: Globalization has improved market expansion and created jobs. For instance, because of globalization, multinational corporations (MNCs) are able to open branches in different countries and as a result, the economy of the host country will be boosted, also these corporations tend to hire most of their workers from the host country, thereby creating job opportunities.
Specialization: Globalization has also led to increased specialization. This is because it has made many countries to specialize in the production of a commodity in which they have comparative advantage and exporting these commodities in order to earn valuable foreign exchange.
Globalization has facilitated external trade & commerce and foreign direct investment inflow, while calling for greater transparency, accountability, and responsiveness of leaders to the people.
Increased Interaction among Nations: Information and communication technology (an offshoot of globalization), has aided the interaction of various peoples within different nations of the world.
Information Availability: Globalization has also led to the availability of information on how the governments of other countries govern the affairs of their nations as well as, the rights and privileges enjoyed by their citizens.
DEMERITS OF GLOBALIZATION
Dumping: Globalization has encouraged some countries to produce and export sub standard goods and in extreme cases expired goods to other nations especially LDCs.
Erosion of Cultural Values: Globalization has led to the relegation or rejection of acceptable social norms and values in favour of duplicating the culture, behaviour and lifestyle of the people of other nations, e.g., mode of dressing etc.
Loss of Self Sufficiency: As a result of globalization, some nations, since they can import most of their consumer goods, may decide to stop production of goods that they normally produce. This can make them lose their self sufficiency and become dependent on other countries for their consumer goods and can plunge them into huge debt and in extreme cases, they may have to sell of their assets to clear their debts.
Exploitation of LDCs: Globalization has also led to the exploitation of developing nations. Some developed countries under the guise of aiding the economic transformation of LDCs, seize the opportunity to steal the resources of these countries.
Erosion of Political Sovereignty: As a result of globalization, the political sovereignty of most LDCs has been eroded by the policies and programs of some international institutions like the IMF, WTO and World Bank, especially on economic and financial matters; brought about by the imposition of policies and models of development on these countries.
Increased Crime Rate: Globalization has encouraged an alarming increase in inter-border crimes, drug trafficking, human trafficking, cyber crimes etc.

Name: Kalu Melody Chinaza
Department: Economics
Registration number:2018/245127
An assignment on Eco 362

The pros and cons of globalization as it affects our local economy and the global economy at large.

PROS:
1. Economic Growth
It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:

Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this, this work can significantly contribute to the local economy.
Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.

2. Increased Cross-Border Investment
According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.
The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.
3. Globalization Increases Cultural Awareness:
Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

CONS:

1. Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.
2. Increased Competition
When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.

With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.
3. Environmental Concerns
Increased globalization has been linked to various environmental challenges, many of which are serious, including:

a) Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
b) Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
c) The introduction of potentially invasive species into new environments.

Name: Eze Ngozi Josephine
Reg No: 2018/241825
Email: josephinengozi2030@gmail.com
Dept: Economics
Course: Eco 362

Globalization is defined as the increase in flow of goods and services, capital, people and ideas across international boundaries.

ADVANTAGES OF GLOBALIZATION
1. Economic Growth.

It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:
* Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
* Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
* Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
* The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.
2. Increased Global Cooperation.

For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.
“Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world’s nations will fall back into the catastrophe of war.”
3. Increased Cross-Border Investment.

According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.
The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.

DISADVANTAGES OF GLOBALIZATION
1. Increased Competition.

When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.
With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.
“Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”
2. Disproportionate Growth.

Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.
Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.
Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.
“Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”
3. Environmental Concerns.

Increased globalization has been linked to various environmental challenges, many of which are serious, including:
* Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
* Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
* The introduction of potentially invasive species into new environments
While such issues are governed by existing or proposed laws and regulations, businesses have made environmental concerns and sustainability a priority by, for example, embracing the tenets of the triple bottom line and the idea of corporate social responsibility.

Name: obeta magret uzochukwu
Reg:2018/243669
Dept: social science education (economics education)

Globalization has led to increases in standards of living around the world, but not all of its effects are positive for everyone.
Put simply, globalization is the connection of different parts of the world. In economics, globalization can be defined as the process in which businesses, organizations, and countries begin operating on an international scale. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture. In general, globalization has been shown to increase the standard of living in developing countries, but some analysts warn that globalization can have a negative effect on local or emerging economies and individual workers.
A Historical View
Globalization is not new. Since the start of civilization, people have traded goods with their neighbors. As cultures advanced, they were able to travel farther afield to trade their own goods for desirable products found elsewhere. The Silk Road, an ancient network of trade routes used between Europe, North Africa, East Africa, Central Asia, South Asia, and the Far East, is an example of early globalization. For more than 1,500 years, Europeans traded glass and manufactured goods for Chinese silk and spices, contributing to a global economy in which both Europe and Asia became accustomed to goods from far away.
Following the E uropean exploration of the New World, globalization occurred on a grand scale; the widespread transfer of plants, animals, foods, cultures and ideas became known as the Columbian Exchange. The Triangular Trade network in which ships carried manufactured goods from Europe to Africa, enslaved Africans to the Americas, and sent raw materials back to Europe is another example of globalization. The resulting spread of slavery demonstrates that globalization can hurt people just as easily as it can connect people.

The rate of globalization has increased in recent years, a result of rapid advancements in communication and transportation. Advances in communication enable businesses to identify opportunities for investment. At the same time, innovations in information technology enable immediate communication and the rapid transfer of financial assets across national borders. Improved fiscal policies within countries and international trade agreements between them also facilitate globalization. Political and economic stability facilitate globalization as well. The relative instability of many African nations is cited by experts as one of the reasons why Africa has not benefited from globalization as much as countries in Asia and Latin America.

Benefits of Globalization

1:Globalization provides businesses with a competitive advantage by allowing them to source raw materials where they are inexpensive.
2:Globalization also gives organizations the opportunity to take advantage of lower labor costs in developing countries, while leveraging the technical expertise and experience of more developed economies.
3:With globalization, different parts of a product may be made in different regions of the world. Globalization has long been used by the automotive industry, for instance, where different parts of a car may be manufactured in different countries. Businesses in several different countries may be involved in producing even seemingly simple products such as cotton T-shirts.
Effect of globalization
Globalization affects services too. Many businesses located in the United States have outsourced their call centers or information technology services to companies in India. As part of the North American Free Trade Agreement (NAFTA), U.S. automobile companies relocated their operations to Mexico, where labor costs are lower. The result is more jobs in countries where jobs are needed, which can have a positive effect on the national economy and result in a higher standard of living. China is a prime example of a country that has benefited immensely from globalization. Another example is Vietnam, where globalization has contributed to an increase in the prices for rice, lifting many poor rice farmers out of poverty. As the standard of living increased, more children of poor families left work and attended school.
Consumers benefit too. In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods. In some cases, this may contribute to improved health by enabling a more varied and healthier diet; in others, it is blamed for increases in unhealthy food consumption and diabetes.

Gwom Paul Jacob
2018/243820
ASSIGNMENT ON ECO 362
QUESTION: Pros and Cons of Globalization

What Is Globalization?
Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures. Supporters say that this is making countries more interdependent on free trade. But critics maintain that it is also concentrating wealth in the corporate elite, disrupting industries and making local economies more vulnerable.

This process has roots in ancient civilizations that traded for valuable commodities that were unavailable in their homelands. But today, you can also see how large corporations similarly thrive as multinational businesses with offices and supply chains stretching around the globe.

In the recent economy, trade agreements have become the cornerstones of globalization, creating and expanding networks for trade and infrastructure.

Advantages of Globalization
The Pros and Cons of Globalization
1. Globalization Broadens Access to Goods and Services
It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

2. Globalization Can Lift People Out of Poverty
The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

3. Globalization Increases Cultural Awareness
Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

4. Information and Technology Spread More Easily With Globalization
Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

Disadvantages of Globalization
The Pros and Cons of Globalization
1. Workers Can Lose Jobs to Countries With Low-Cost Labor
This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.

Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.

Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.

3. Globalization Can Contribute to Cultural Homogeneity
Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

4. Globalization Empowers Multinational Corporations
Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements (this was an argument invoked against the TPP).

Name : Obodoagu Somtochukwu Lilian
Reg.No:2018/242452
Department: Economics
Course:Eco 362
Assignment
The pros and cons of globalization, how it have affects our local economy and global economy at large.
What Is Globalization?
Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures. Supporters say that this is making countries more interdependent on free trade.
The positive affect of globalization
1. Globalization Broadens Access to Goods and Services
It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.
2. Globalization Can Lift People Out of Poverty
The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.
3. Globalization Increases Cultural Awareness
Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.
4. Information and Technology Spread More Easily With Globalization
Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.
How Globalization affect an economy negatively.
1. Workers Can Lose Jobs to Countries With Low-Cost Labor
This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.
2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.
3. Globalization Can Contribute to Cultural Homogeneity
Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.
4. Globalization Empowers Multinational Corporations
Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements (this was an argument invoked against the TPP).

ADVANTAGES OF GLOBALIZATION
1. Economic Growth
It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:

Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.
2. Increased Global Cooperation
For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.

“Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world’s nations will fall back into the catastrophe of war.”

3. Increased Cross-Border Investment
According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.

The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.
DISADVANTAGES OF GLOBALIZATION
1. Increased Competition
When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.

With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.

“Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”

2. Disproportionate Growth
Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.

Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.

“Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”

3. Environmental Concerns
Increased globalization has been linked to various environmental challenges, many of which are serious, including:

Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
The introduction of potentially invasive species into new environments

Name: obodoike Faith Oluchi
Reg no:2018/245387
Department: Education Economics
Email address: oluchifaith093@gmail.com
Course code: Eco 362
Course tittle: Economics Development
Assignment
Clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

Answer

Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures.
The Pros and Cons of Globalization

Advantages of globalization
1. Globalization Broadens Access to Goods and Services
It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

2. Globalization Increases Cultural Awareness:
A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries.

3. Globalization Can Lift People Out of Poverty
The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity and quality of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

4. Information and Technology Spread More Easily With Globalization
Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.
5. Globalization enhances employment opportunities for people:it makes employment opportunities easily accessible to people who are seeking for job or employment
6. Globalization enhances or encourage specialisation.

Disadvantages of globalization
1. Workers Can Lose Jobs to Countries With Low-Cost Labor
globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.

3. Globalization Can Contribute to Cultural Homogeneity
Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.
4. Globalization Empowers Multinational Corporations
Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries.
5. Globalization leads to too much dependent,it makes underdeveloped countries to depend on developed countries for most of their needs.

According to Wikipedia, Globalization is the process of interaction and integration among people, companies, and governments worldwide. Globalization has accelerated since the 18th century due to advances in transportation and communication technology. This increase in global interactions has caused a growth in international trade and the exchange of ideas, beliefs, and culture. Globalization is primarily an economic process of interaction and integration that is associated with social and cultural aspects.
Economically, globalization involves goods, services, data, technology, and the economic resources of capital. The expansion of global markets liberalizes the economic activities of the exchange of goods and funds. Removal of cross-border trade barriers has made the formation of global markets more feasible. Advances in transportation, like the steam locomotive, steamship, jet engine, and container ships, and developments in telecommunication infrastructure, like the telegraph, Internet, and mobile phones, have been major factors in globalization and have generated further interdependence of economic and cultural activities around the globe.
Proponents of economic growth, expansion and development, in general, view globalizing processes as desirable or necessary to the well-being of human society.

However, some people view globalization as detrimental to social well-being on a global or local scale; this includes those who focus on social or natural sustainability of long-term and continuous economic expansion, the social structural inequality caused by these processes, and the colonial, imperialistic, or hegemonic ethnocentrism, cultural assimilation and cultural appropriation that underlie such processes.

Globalization tends to bring people into contact with foreign people and cultures. Xenophobia is the fear of that which is perceived to be foreign or strange. Xenophobia can manifest itself in many ways involving the relations and perceptions of an ingroup towards an outgroup, including a fear of losing identity, suspicion of its activities, aggression, and desire to eliminate its presence to secure a presumed purity.

Critiques of globalization generally stem from discussions surrounding the impact of such processes on the planet as well as the human costs. They challenge directly traditional metrics, such as GDP, and look to other measures, such as the Gini coefficient or the Happy Planet Index, and point to a “multitude of interconnected fatal consequences–social disintegration, a breakdown of democracy, more rapid and extensive deterioration of the environment, the spread of new diseases, increasing poverty and alienation” which they claim are the unintended consequences of globalization. Others point out that, while the forces of globalization have led to the spread of western-style democracy, this has been accompanied by an increase in inter-ethnic tension and violence as free market economic policies combine with democratic processes of universal suffrage as well as an escalation in militarization to impose democratic principles and as a means to conflict resolution.

NAME : ONYEZOR JESSICA NGOZICHUKWU
REG NO: 2018/249716
DEPARTMENT: ECONOMICS

The pros of globalization are;
1. INCREASES ECONOMIC GROWTH
By increasing the international exchange of goods, technological advances, and information, globalization increases economic development for any country participating in the global economy. An increase in economic growth means better living standards, higher incomes, more wealth in a country, and, often, less poverty—in short, the overall well-being of a country.
2. MAKES PRODUCTION MORE AFFORDABLE. A global market allows businesses wider access to production opportunities and consumers, meaning that there are more goods available at a wider range of price points.
3. PROMOTES WORKING TOGETHER.
When different countries come together to engage in trade and investments in a global financial market, they become interdependent and often come to rely on one another for certain goods and services.
4. BRINGS OPPORTUNITIES TO POORER COUNTRIES.
Globalization allows companies to move their production from high-cost locations to lower-cost locations abroad—this means bringing jobs, information technology, and other economic opportunities to countries with fewer resources.

The cons of globalization are;
1. UNEQUAL ECONOMIC GROWTH.
While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.
2. LACK OF LOCAL BUSINESSES.
The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local Enugu shoe-making company may struggle to compete with the prices of a multinational shoe-making corporation.
3. INCREASES POTENTIAL GLOBAL RECESSIONS.
When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
4. EXPLOITS CHEAPER LABOR MARKETS.
Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.

NAME: Ugwu Chidiebere Loveth
REG NO: 2018/242902
DEPARTMENT: Education and Economics

What Is Globalization?
Globalization the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. This guide uses the term more narrowly to refer to international trade and some of the investment flows among advanced economies, mostly focusing on the United States.
In international economics, globalization is the web of relationships between economies worldwide by way of international trade and investments. While the history of globalization dates back to ancient times, the modern era of globalization began in earnest in the early nineteenth century. Starting with the Industrial Revolution, advancements in transportation (like railroads and steamships) and communications  (like the telegraph) allowed increased economic interaction and cooperation across country borders. 

A. What Are the pros of Globalization?
Globalization can benefit a country’s economy in many ways:
Increases economic growth. By increasing the international exchange of goods, technological advances, and information, globalization increases economic development for any country participating in the global economy. An increase in economic growth means better living standards, higher incomes, more wealth in a country, and, often, less poverty—in short, the overall well-being of a country. 
Makes production more affordable. A global market allows businesses wider access to production opportunities and consumers, meaning that there are more goods available at a wider range of price points. 
Promotes working together. When different countries come together to engage in trade and investments in a global financial market, they become interdependent and often come to rely on one another for certain goods and services. 
Brings opportunities to poorer countries. Globalization allows companies to move their production from high-cost locations to lower-cost locations abroad—this means bringing jobs, information technology, and other economic opportunities to countries with fewer resources. 

B. What Are the cons of Globalization?
While it can benefit nations, there are also several negative effects of globalization. Cons of globalization include:
Unequal economic growth. While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries. 
Lack of local businesses. The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation. 
Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis. 
Exploits cheaper labor markets. Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant. 
Causes job displacement. Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.

NAME: Ezechukwu Rita Chioma
REG NO: 2018/250327
DEPARTMENT: Economics

ECO 362 ( DEVELOPMENT ECONOMICS 2) SECOND ASSIGNMENT; PRONS AND CONS OF GLOBALIZATION.

ANSWER
✓ARGUMENTS IN FAVOUR OF GLOBALIZATION INCLUDES BUT NOT LIMITED TO THE FOLLOWING;
* Arguments on how it affects the local economy positively;
1) GLOBALIZATION LEADS TO ECONOMIC GROWTH:
One of the argument in support of globalization is that it ( globalization) leads to economic growth. Globalization breaks borders between countries lead to free or little restrictions on the transfer of goods and services ( labour). Hence, globalization gives developing countries access to quality labour from developed countries, jobs outsourced by wealthier and resources. This leads to increased economic activities that brings about growth in Gross Domestic Product (GDP).
2) GLOBALIZATION MAKES AVAILABLE TO CUSTOMERS, WIDE RANGE OF GOODS AND SERVICES AT CHEAPER RATE:
Due to globalization, customers are provided with varieties of products. This prevent local producers from exerting monopoly on their produced good by offering higher prices for their products. Customer has wide range of products to choose from are being offered cheaper prices for the products due to increased competition.
3) FREE TRADE: Free trade allows for countries to trade between themselves with little or no restrictions like tariffs, taxes and so on. This helps to reduce cost of importation, which offers customers or consumers of the imported products better prices for the product. With barriers on trade, importation becomes costly and this prevents or reduces access to varieties of products and services.
4) ACCESS TO IMPROVED TECHNOLOGY: Globalization offers the developing countries access to improved technology from developed countries, which helps the local economy to grow better and faster.
5) INCREASED ECONOMIC OF SCALE DUE TO SPECIALIZATION: Globalization allows for countries to trade between themselves based on to the theory of economic of scale. When two countries are trading together (say country “A” and “B”), country A is left to produce that good which it has higher economic of scale in, than country B, same also goes for country B that is left to be producing that product it has higher economics of scale in than country A. At the end, they exchange theses products between themselves. This allows each country to develop specialization in that product they are producing, which leads to increased profit or gain for the two country engaging in the trade.
6) INCREASED COMPETITION: Globalization allows the local industries/companies to compete with the global economy which stimulate them to step up and improve in their activities inorder to meet up with their competitors.
*Argument on how globalization affects the global economy positively;
7) GLOBALIZATION LEADS TO INCREASED GLOBAL COOPERATION: Countries tends to put aside their differences while engaging in trade because of what they stand to loose if they don’t cooperate. This leads to reduced conflict between countries, and this helps to avert war that might sprout out if countries are to disagree with each other. In summary, Globalization helps to build relationship between countries.

✓ARGUMENTS AGAINST GLOBALIZATION
* Arguments against Globalization on how it affects the local economy;
1) NO TRICKLE DOWN EFFECT:
Globalization was meant to help the local economy grow due to access to improved technology, capital and so on. However, the reverse has been the case as Globalization only helped to focus more wealth in rich nations/developed countries. Developed countries access the developing countries raw materials cheaply and offered to them in return costly manufactured goods. This led to increased disparity in growth between developing countries and developed countries.
2) BRAIN DRAIN: Globalization allows for free movement of labour and goods. Local economies of developing countries suffers a lot as their skilled labours are found to be migrating to developed countries where they believe better opportunities awaits them. This brings about lack of skilled labourers in the local industries which in turn reduces productivity.
3) OVERDEPENDENCE ON IMPORTATION/ DEATH OF LOCAL INDUSTRIES: Globalization leads to overdependence on importation, and subsequently death of local industries. Imported are sometimes more cheaper than locally produced goods and more preferred by people in the country. This leads to low sales for local industries, which makes them to run out of business.
4)ERODE OF CULTURAL VALUES AND NORMS: Globalization allows people from different countries to interact and socialize. Many people tend to abandon what they use to know for what they think is better for them. Cultural values and norms are lost when this happens.
* Arguments on how Globalization affects the global economy negatively;
5) EASY SPREAD OF DISEASES;
Due to Globalization, many deadly diseases can be easily spread to different countries. Just like in the case of COVID-19, COVID-19 does not move, but the carriers are found to be moving from one country to another, spreading the disease. Many countries spent fortune in fighting this diseases and ended up in great recession. Without Globalization, there will be no ease of movement of people, and such deadly diseases like COVID-19 can easily be contained.

Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.

Conversely, globalization can create new opportunities, new ideas, and open new markets that an entrepreneur may have not had in their home country. As a result, there are a number of positives associated with globalization:

THE PROS AND CONS OF GLOBALIZATION

PROS

1. Free trade is supposed to reduce barriers such as tariffs, value added taxes, subsidies, and other barriers between nations. This is not true. There are still many barriers to free trade. The Washington Post story says “the problem is that the big G20 countries added more than 1,200 restrictive export and import measures since 2008.
2. The proponents say globalization represents free trade which promotes global economic growth; creates jobs, makes companies more competitive, and lowers prices for consumers.

3. Competition between countries is supposed to drive prices down. In many cases this is not working because countries manipulate their currency to get a price advantage.

4. It also provides poor countries, through infusions of foreign capital and technology, with the chance to develop economically and by spreading prosperity, creates the conditions in which democracy and respect for human rights may flourish. This is an ethereal goal which hasn’t been achieved in most countries
5. Socially we have become more open and tolerant towards each other and people who live in the other part of the world are not considered aliens.

6. Most people see speedy travel, mass communications and quick dissemination of information through the Internet as benefits of globalization.

7. Labor can move from country to country to market their skills. True, but this can cause problems with the existing labor and downward pressure on wages.

8. Sharing technology with developing nations will help them progress. True for small countries but stealing our technologies and IP have become a big problem with our larger competitors like China.

9. Transnational companies investing in installing plants in other countries provide employment for the people in those countries often getting them out of poverty.

10. Globalization has given countries the ability to agree to free trade agreements like NAFTA, South Korea Korus, and The TPP. True but these agreements have cost the U.S. many jobs and always increase our trade deficit

CONS

1• The general complaint about globalization is that it has made the rich richer while making the non-rich poorer. “It is wonderful for managers, owners and investors, but hell on workers and nature.”

2• Globalization is supposed to be about free trade where all barriers are eliminated but there are still many barriers. For instance161 countries have value added taxes (VATs) on imports which are as high as 21.6% in Europe. The U.S. does not have VAT.

3• The biggest problem for developed countries is that jobs are lost and transferred to lower cost countries.” According to conservative estimates by Robert Scott of the Economic Policy Institute, granting China most favored nation status drained away 3.2 million jobs, including 2.4 million manufacturing jobs. He pegs the net losses due to our trade deficit with Japan ($78.3 billion in 2013) at 896,000 jobs, as well as an additional 682,900 jobs from the Mexico –U.S. trade-deficit run-up from 1994 through 2010.”

4• Workers in developed countries like the US face pay-cut demands from employers who threaten to export jobs. This has created a culture of fear for many middle class workers who have little leverage in this global game

5• Large multi-national corporations have the ability to exploit tax havens in other countries to avoid paying taxes.

6• Multinational corporations are accused of social injustice, unfair working conditions (including slave labor wages, living and working conditions), as well as lack of concern for environment, mismanagement of natural resources, and ecological damage.

7 • Multinational corporations, which were previously restricted to commercial activities, are increasingly influencing political decisions. Many think there is a threat of corporations ruling the world because they are gaining power, due to globalization.

8• Building products overseas in countries like China puts our technologies at risk of being copied or stolen, which is in fact happening rapidly

9• The anti-globalists also claim that globalization is not working for the majority of the world. “During the most recent period of rapid growth in global trade and investment, 1960 to 1998, inequality worsened both internationally and within countries. The UN Development Program reports that the richest 20 percent of the world’s population consume 86 percent of the world’s resources while the poorest 80 percent consume just 14 percent. “

10• Some experts think that globalization is also leading to the incursion of communicable diseases. Deadly diseases like HIV/AIDS are being spread by travelers to the remotest corners of the globe.

Name: Ajuluchukwu Joy Ifeoma
Reg No: 2018/241840
Department: Economics

As already Knowm Globalization has created tremendous opportunities for developing countries and equally tremendous dangers. I will discuss the pros and cons as it relates to Nigeria and Africa in general.

While globalization may mean different things to different people, the positives and disadvantages of globalization that influence individuals, corporations, and governments are all the same. Globalization’s benefits and drawbacks are severe, and it can lead to a country’s growth or backwardness.

Prons of Globalization

Increased access to labor – One of the surprisingly preferred blessings of globalization is elevated get entry to labor. These days, groups aren’t constrained to obtaining labor from one targeted city. Globalization has expanded the regions from where firms can search and acquire talent. As a result, Unemployment declines.
Makes production more affordable – A global market provides countries with greater access to manufacturing opportunities and consumers, resulting in more goods being accessible at a wider range of prices.
Increased technological advancement and innovation – Firms are learning and adopting inventive methods of doing things as they collaborate and enter new markets. This has contributed to a rise in cross-border innovation. Individuals are also learning how to operate a variety of technical instruments, which they will eventually adopt in their own countries. As a result, both invention and technology have been transmitted more quickly.
it widens markets – Globalization has helped countries to get admission to broader markets. The entry to these markets has helped corporations to no longer handiest growth their sales however also to boom their opportunities for specialization. As a result, this has promoted growth and the creation of new jobs has been boosted.

Promotes working together – When different countries come together to engage in trade and investments in a global financial market, they become interdependent and often come to rely on one another for certain goods and services.

Cons of Globalization

Causes job displacement – Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.
Social injustice – Most multinational organizations have been blamed for social injustice. They have been blamed for their disregard of the environment due to pollution cases, their poor working environments, misuse of natural resources, and the slave labor rates.
Immigration Challenges – Immigrants and refugees are becoming more common, creating new challenges to developed countries. Even if governments want to help, an influx of this magnitude imposes a strain on resources and social structures. Countries are limited in the amount of aid they can provide without harming their own citizens.
Economic growth is unequal – While globalization tends to boost economic growth in many countries, the benefits aren’t distributed evenly: richer countries benefit more than poorer countries.
Confusing Local Systems – Multinational corporations also face the challenge of contending with different laws in different countries. Sometimes they must contend with different types of legal and banking systems entirely. Difficulty navigating these systems may lead to impediments in expanding to new countries and severe repercussions for missteps made.
Increases the likelihood of worldwide recessions-  When the economies of numerous countries become intertwined, the risk of a global recession rises dramatically because if one country’s economy begins to falter, it might set off a chain reaction that affects many other countries at the same time, resulting in a global financial crisis.

NAME: ASOGWA OBIORA
REG NUMBER: 2018/242288
DEPARTMENT: ECONOMICS
COURSE TITLE: DEVELOPMENT ECONOMICS ll
COURSE CODE: ECO 362

Online discussion quiz ll
The pros and cons of Globalization.

A story in the Washington Post said “20 years ago globalization was pitched as a strategy that would raise all boats in poor and rich countries alike. In the U.S. and Europe consumers would have their pick of inexpensive items made by people thousands of miles away whose pay was much lower than theirs. And in time trade barriers would drop to support even more multinationals expansion and economic gains while geo political cooperation would flourish.”

There is no question that globalization has been a good thing for many developing countries who now have access to our markets and can export cheap goods. Globalization has also been good for Multi-national corporations and Wall Street. But globalization has not been good for working people (blue or white collar) and has led to the continuing deindustrialization of country like America.

Globalization is a complicated issue. It is necessary to evaluate the pros and cons before drawing any conclusions.

Pros

Supporters of globalization argue that it has the potential to make this world a better place to live in and solve some of the deep-seated problems like unemployment and poverty.

1. Free trade is supposed to reduce barriers such as tariffs, value added taxes, subsidies, and other barriers between nations. This is not true. There are still many barriers to free trade. The Washington Post story says “the problem is that the big G20 countries added more than 1,200 restrictive export and import measures since 2008

2. The proponents say globalization represents free trade which promotes global economic growth; creates jobs, makes companies more competitive, and lowers prices for consumers.

3. Competition between countries is supposed to drive prices down. In many cases this is not working because countries manipulate their currency to get a price advantage.

4. It also provides poor countries, through infusions of foreign capital and technology, with the chance to develop economically and by spreading prosperity, creates the conditions in which democracy and respect for human rights may flourish. This is an ethereal goal which hasn’t been achieved in most countries

5. According to supporters globalization and democracy should go hand in hand. It should be pure business with no colonialist designs.

6. There is now a worldwide market for companies and consumers who have access to products of different countries. True

7. Gradually there is a world power that is being created instead of compartmentalized power sectors. Politics is merging and decisions that are being taken are actually beneficial for people all over the world. This is simply a romanticized view of what is actually happening. True

8. There is more influx of information between two countries, which do not have anything in common between them. True

9. There is cultural intermingling and each country is learning more about other cultures. True

10. Since we share financial interests, corporations and governments are trying to sort out ecological problems for each other. – True, they are talking more than trying.

11. Socially we have become more open and tolerant towards each other and people who live in the other part of the world are not considered aliens. True in many cases.

12. Most people see speedy travel, mass communications and quick dissemination of information through the Internet as benefits of globalization. True

13. Labor can move from country to country to market their skills. True, but this can cause problems with the existing labor and downward pressure on wages.

14. Sharing technology with developing nations will help them progress. True for small countries but stealing of technologies and IP have become a big problem with larger competitors like China.

15. Transnational companies investing in installing plants in other countries provide employment for the people in those countries often getting them out of poverty. True

16. Globalization has given countries the ability to agree to free trade agreements like NAFTA, South Korea Korus, and The TPP. True but these agreements have cost countries like U.S. many jobs and always increase their trade deficit.

Cons

• The general complaint about globalization is that it has made the rich richer while making the non-rich poorer. “It is wonderful for managers, owners and investors, but hell on workers and nature.”

• Globalization is supposed to be about free trade where all barriers are eliminated but there are still many barriers. For instance161 countries have value added taxes (VATs) on imports which are as high as 21.6% in Europe. The U.S. does not have VAT.

• The biggest problem for developed countries is that jobs are lost and transferred to lower cost countries.” According to conservative estimates by Robert Scott of the Economic Policy Institute, granting China most favored nation status drained away 3.2 million jobs, including 2.4 million manufacturing jobs. He pegs the net losses due to America’s trade deficit with Japan ($78.3 billion in 2013) at 896,000 jobs, as well as an additional 682,900 jobs from the Mexico –U.S. trade-deficit run-up from 1994 through 2010.”

• Workers in developed countries like the US face pay-cut demands from employers who threaten to export jobs. This has created a culture of fear for many middle class workers who have little leverage in this global game

• Large multi-national corporations have the ability to exploit tax havens in other countries to avoid paying taxes.

• Multinational corporations are accused of social injustice, unfair working conditions (including slave labor wages, living and working conditions), as well as lack of concern for environment, mismanagement of natural resources, and ecological damage.

• Multinational corporations, which were previously restricted to commercial activities, are increasingly influencing political decisions. Many think there is a threat of corporations ruling the world because they are gaining power, due to globalization.

• Building products overseas in countries like China puts technologies of country like America at risk of being copied or stolen, which is in fact happening rapidly

• The anti-globalists also claim that globalization is not working for the majority of the world. “During the most recent period of rapid growth in global trade and investment, 1960 to 1998, inequality worsened both internationally and within countries. The UN Development Program reports that the richest 20 percent of the world’s population consume 86 percent of the world’s resources while the poorest 80 percent consume just 14 percent. “

• Some experts think that globalization is also leading to the incursion of communicable diseases. Deadly diseases like HIV/AIDS are being spread by travelers to the remotest corners of the globe.

• Globalization has led to exploitation of labor. Prisoners and child workers are used to work in inhumane conditions. Safety standards are ignored to produce cheap goods. There is also an increase in human trafficking.

• Social welfare schemes or “safety nets” are under great pressure in developed countries because of deficits, job losses, and other economic ramifications of globalization.

Globalization is an economic tsunami that is sweeping the planet. We can’t stop it but there are many things we can do to slow it down and make it more equitable.

NAME: KALU EZINNE OBIWE
REG NO: 2018/247194
COURSE CODE: ECO 362
COURSE TITLE: ECONOMICS DEVELOPMENT 2
DEPARTMENT: EDUCATION ECONOMICS
EMAIL: kaluezinne007@gmail.com
Assignment
Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question. As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
Globalization has led to increases in standards of living around the world, but not all of its effects are positive for everyone. Globalization, or globalisation, is the process of interaction and integration among people, companies, and governments worldwide. Globalization has accelerated since the 18th century due to advances in transportation and communication technology. In economics, globalization can be defined as the process in which businesses, organizations, and countries begin operating on an international scale. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture. In general, globalization has been shown to increase the standard of living in developing countries, but some analysts warn that globalization can have a negative effect on local or emerging economies and individual workers. Globalization is not new. Since the start of civilization, people have traded goods with their neighbors. As cultures advanced, they were able to travel farther afield to trade their own goods for desirable products found elsewhere. Following the European exploration of the New World, globalization occurred on a grand scale; the widespread transfer of plants, animals, foods, cultures and ideas became known as the Columbian Exchange.
The rate of globalization has increased in recent years, a result of rapid advancements in communication and transportation. Advances in communication enable businesses to identify opportunities for investment. At the same time, innovations in information technology enable immediate communication and the rapid transfer of financial assets across national borders. Improved fiscal policies within countries and international trade agreements between them also facilitate globalization. Political and economic stability facilitate globalization as well. The relative instability of many African nations is cited by experts as one of the reasons why Africa has not benefited from globalization as much as countries in Asia and Latin America.
This process has roots in ancient civilizations that traded for valuable commodities that were unavailable in their homelands. But today, you can also see how large corporations similarly thrive as multinational businesses with offices and supply chains stretching around the globe.
The pros and cons of globalization and how it affect our local economy and the global economy at large
Globalization helps in opening borders and connecting cultures and politics. Globalization can also be blamed for disrupting local economies and eliminating jobs. The fact is that globalization has been around since ancient times, and it is fully integrated into different aspects of modern life. As a consumer, your clothing, foods and electronic gadgets are often produced by multinational companies located around the world. And as an investor, a financial advisor could help you diversify your portfolio with emerging market funds and other foreign investments.
Advantages of globalization
1. Globalization helps in creating job opportunities
The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.
2. Globalization Broadens Access to Goods and Services
Globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.
3. Globalization Increases Cultural Awareness
A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.
4. With the help of globalization Information and Technology can be Spread faster
Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.
Disadvantages of globalization
1. Workers Can Lose Jobs to Countries With Low-Cost Labor
This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor. Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.
2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected. Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.
3. Globalization Can Contribute to Cultural Homogeneity
Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.
4. Globalization Empowers Multinational Corporations
Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements (this was an argument invoked against the TPP).

Name: Oguegbu Chiamaka Maureen
Reg no: 2018/242309
Economics major

What Is Globalization?

Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures. Supporters say that this is making countries more interdependent on free trade. But critics maintain that it is also concentrating wealth in the corporate elite, disrupting industries and making local economies more vulnerable.

This process has roots in ancient civilizations that traded for valuable commodities that were unavailable in their homelands. But today, you can also see how large corporations similarly thrive as multinational businesses with offices and supply chains stretching around the globe.

In the recent economy, trade agreements have become the cornerstones of globalization, creating and expanding networks for trade and infrastructure. This is the case with NAFTA, which was renegotiated by the Trump administration in 2020 as the United States-Mexico-Canada Agreement (USMCA). Initially, NAFTA incentivized U.S. businesses to relocate partially to take advantage of low-cost labor in Mexico. However, the USMCA has added protections for U.S. workers against this type of competition.

Globalization has also come under scrutiny with President Joe Biden’s recent $2.3 trillion infrastructure and jobs plan. Many large multinational companies like Amazon were singled out by Biden for taking advantage of tax loopholes to avoid paying federal income taxes. The President said that he would raise corporate taxes and eliminate these loopholes and foreign tax credits to fund his plan.

While governments focus on removing national barriers to promote global trade, they are also working on protecting local economies that could easily get disrupted. Let’s break down the advantages and disadvantages of globalization.

Advantages of Globalization

The Pros and Cons of Globalization

1. Globalization Broadens Access to Goods and Services

It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

2. Globalization Can Lift People Out of Poverty

The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

3. Globalization Increases Cultural Awareness

Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

4. Information and Technology Spread More Easily With Globalization

Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

Disadvantages of Globalization

The Pros and Cons of Globalization

1. Workers Can Lose Jobs to Countries With Low-Cost Labor

This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.

Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

2. Globalization Hasn’t Protected Labor, Environmental or Human Rights

In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.

Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.

3. Globalization Can Contribute to Cultural Homogeneity

Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

4. Globalization Empowers Multinational Corporations

Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements (this was an argument invoked against the TPP).

Bottom Line

Supporters and opponents of globalization generally agree that the phenomenon has created winners and losers. Supporters argue that the benefits outweigh the drawbacks, while critics want to either improve the conditions of global trade or, in some cases, roll back globalization.

Name: Chris-Nwaije Ihuoma Nancy
Reg no: 2018/241847
300 level, Economics Department

Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures. Supporters say that this is making countries more interdependent on free trade. But critics maintain that it is also concentrating wealth in the corporate elite, disrupting industries and making local economies more vulnerable.

Pros and cons of Globalization

Pros
1.Globalization opens borders and connects cultures through removal of movement restrictions. Most countries are either visa free or visa on arrival for most other countries for a period of time.
2. Globalization enhances access to global goods and services through the presence of multinationals who come with enhanced technology, goods and services from nations and replicates them in other nations
3. Globalization increases standard of living through transfer of better goods and services
4. Globalization reduces cost of production and subsequently retail price of such goods and services due to removal of trade restrictions
5. Globalization aids faster transfer of technology
6. Globalization creates jobs. E.g the presence of multinational corporations that hire domestic/resident workers

Cons:
1.Globalization has the tendency to eliminate jobs especially for countries with higher cost of labour (high wage rates)
2. Globalization has led to brain drain especially in less developed countries due to ease of movement and job recruitment by the developed world.
3. Globalization has led to exploitation of the poorer countries by the rich countries with the rich countries buying raw materials from the developing countries at a cheap rate and selling finished products at a higher price.
4. Globalization encourages tax avoidance by multinational corporations who relocate their head quarters to tax free havens whilst maintaining operations in another location in order to remit part of their income there in order to avoid heavy taxes.
5. Globalization has taken employment away from regions with high cost of labour to areas with low cost of labour thereby increasing unemployment.
6. Globalization has led to increase in intellectual theft. Due to ease of knowledge transfer and technical know how, it is now easier for intellectual property to be stolen.

NAME : Uzor Ngozi Nnenna
REG. NO.: 2018/251387
DEPARTMENT: Economics

ASSIGNMENT
clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

ANSWER
What Is Globalization?
Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures.
ADVANTAGES OF GLOBALIZATION
The Pros and Cons of Globalization
1. Globalization Broadens Access to Goods and Services:
It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices.
2. Globalization Can Lift People Out of Poverty:
The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization.
3. Globalization Increases Cultural Awareness:
Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries.
4. Information and Technology Spread More Easily With Globalization:
Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology.

Disadvantages of Globalization
1. Workers Can Lose Jobs to Countries With Low-Cost Labor:
This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.
2. Globalization Hasn’t Protected Labor, Environmental or Human Rights:
In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect.
3. Globalization Can Contribute to Cultural Homogeneity:
Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones.
4. Globalization Empowers Multinational Corporations:
Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries.

Onyewuchi Gift Chinweotito
2018/249784

Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. The wide-ranging effects of globalization are complex and politically charged. As with major technological advances, globalization benefits society as a whole, while harming certain groups. Understanding the relative costs and benefits can pave the way for alleviating problems while sustaining the wider payoffs. Globalization is a system of interaction between countries throughout the world aimed at developing the global economy. Globalization refers to the worldwide interconnectedness of economies and societies. Advances in communication, transportation, and infrastructure enable technological, economic, political, and cultural exchanges, resulting in globalization. Since the 1980s, when computer technology initially made it easier and faster to do international business, the phrase has been used in this meaning. The key aspects of this integration are international trade and cross-border investment flows. As a result, globalization is an amalgamation of interaction and integration among distinct groups of people, organizations, and governments from other countries.

THE PROS AND CONS OF GLOBALIZATION:
The pros n cons also seen as the merits and demerits of the above include:
Advantages of Globalization

1. Globalization brings the world’s advanced economies closer:

Globalization allows the world’s most powerful economies and governments to collaborate to achieve great things. This process frequently strives to make the world a better place, whether we are creating space stations that circle our globe, sending missions to the moon, or inventing affordable solutions to combat famine. The cost of these vast initiatives is frequently too high for a single country to bear alone. Humanity can use its diversity to solve any challenge if it works together in a cooperative spirit.

2. It helps to keep the world’s politics in check:

Even if populism and elitism are on the rise around the world in 2021, globalization processes still foster more cooperation than isolation. When economies are isolated from one another, they do not grow as efficiently as when they collaborate. That is to say, there will always be some amount of import-export opportunities since there is no other way to sustain the standard of living.

3. People gain increased power as a result of globalization:

Governments strove to centralize power into a small group of individuals or a single individual before we had tools like the Internet to enable access to e-commerce platforms because it was the best method to bargain on a nation-to-nation basis. That worked perfectly if there were structures in place to safeguard the broader public, but it also harmed many groups, particularly those of Jewish ancestry. There is less of a need to solidify dominating powers if we move toward a larger attitude of cooperation and open communication. We may employ checks and balances systems to ensure that power remains in the hands of the people, reducing the problems that arise when one person has absolute control.
4. Globalization opens up more opportunities for free trade:

When we concentrate on the national borders that exist in our world, we limit unrestricted access to goods and services. Even when they exist between allies, duties, and tariffs limit the number of import opportunities available. Even if the high fees are solely applied to luxury goods, it encourages buyers to evade the rules that prevent them from getting what they want at a reasonable price. Currently, there are more than 1,500 different trade barriers in existence that have an impact on global trade. Globalization helps us to focus our energies on what we require rather than enforcing standards that we have devised for ourselves.

5. Currency manipulation is less of an issue as a result of globalization:

One of the objectives for the Eurozone’s creation was to limit the power of currency manipulation in the import-export market to assist the European Union’s progress and build a cooperative market. Rather than fighting for the lowest pricing, and sometimes even depreciating the economy to achieve a better contract, working together produces mutually beneficial results because all governments may benefit from economies of scale.

6. Globalization facilitates the spread of information and technology:

In a worldwide society, art and culture aren’t the only things that spread more easily, Information and technology are in the same boat. Consider the emergence of mobile banking in Kenya or the practice of microlending as examples. Civil society organizations can draw inspiration from other countries, and successful ideas can spread more quickly.

Demerits of Globalization

1. Globalization Has the Potential to Promote Cultural Homogeneity:

As people’s preferences converge and products can’t compete with cheaper multinational ones, globalization may lead to increasing cultural homogeneity. Near future, we may lose valuable cultural customs. Some critics of globalization believe due to this goods are becoming homogeneous and people will use the same kind of things from cars to food habits. Homogenization is something that is imposed on people by market forces and it treats people as a product. Due to this, the global tendency could not eliminate cultural diversity, and thus, it creates a popular monoculture.

2. Multinational Corporations Gain Power as a Result of Globalization:

Globalization has also been criticized for empowering transnational businesses at the expense of governments and populations. This erodes state sovereignty and people’s ability to hold their leaders accountable for the state of their countries. Multinational firms may also use trade agreements to press for advantageous clauses.
3. Unbalanced Development:

Globalization can result in unequal growth across and within countries. Economically and morally, these consequences must be properly managed. Globalization frequently has the consequence of boosting immigration within countries. In terms of macroeconomics, immigration boosts gross domestic product (GDP), which can be beneficial to the recipient country. However, if immigrants’ income is lower than the average income of people already in the country, immigration may cut GDP per capita in the near term. Furthermore, immigration, like competition, can benefit the country as a whole while imposing costs on people who may want their government to limit immigration to shield them from those costs.

4. Globalization has failed to protect workers, the environment, or human rights:

Globalization has the potential to spread principles and practices like environmentalism and labor rights all over the world. In practice, though, the expansion has been slow and uneven. Instead of exporting labor regulations that a firm may be required to follow in the United States, it may choose to follow weaker standards in another country where labor is not protected. Some say that globalization has resulted in a “race to the bottom,” in which businesses actively seek out countries with the weakest labor and environmental safeguards, as well as the lowest pay. While globalization has enhanced the flow of products, services, and capital, there are still many tax havens, implying that governments are not capturing and redistributing much of the wealth gained by globalization.

5. Low-cost labor marketplaces are exploited:

Globalization enables firms to expand employment and economic prospects in underdeveloped countries, where labor costs are frequently lower. However, these countries’ total economic growth may be modest or stagnant.

6. Cause of employment loss:

Globalization creates more employment, but it redistributes them by shifting production from high-cost countries to low-cost countries. When a result of globalization, high-cost countries often lose jobs as production moves outside.

7. Concerns about the environment:

Globalization has been related to several environmental issues, many of which are serious, such as:

Economic specialization and infrastructure development have resulted in deforestation and ecological loss.
Higher movement of commodities results in increased greenhouse gas emissions and other forms of pollution.
Invasion of new environments by potentially invasive species
While existing or prospective rules and regulations manage such issues, businesses have prioritized environmental concerns and sustainability.

NAME OF STUDENT: Ezeugwu Sandra Adanna
REG NO: 2018/245872
DEPARTMENT: Economics/Education
COURSE CODE: Eco 362
YEAR: Jenuary 2022
300level
LECTURER: Tony Orji

WRITTEN ON GLOBALIZATION, THE PROS AND CONS OF GLOBALIZATION AS IT AFFECTS OUR LOCAL ECONOMY AND THE GLOBAL ECONOMY AT LARGE

DEFINITION OF GLOBALIZATION IN A SIMPLE TERM
Globalization means the speedup of movements and exchanges (of human beings, goods, and services, capital, technologies or cultural practices) all over the planet. One of the effects of globalization is that it promotes and increases interactions between different regions and populations around the globe.
Globalization, or globalisation (Commonwealth English; see spelling differences), is the process of interaction and integration among people, companies, and governments worldwide. Globalization has accelerated since the 18th century due to advances in transportation and communication technology. This increase in global interactions has caused a growth in international trade and the exchange of ideas, beliefs, and culture. Globalization is primarily an economic process of interaction and integration that is associated with social and cultural aspects. However, disputes and diplomacy are also large parts of the history of globalization, and of modern globalization.
HISTORY OF GLOBALIZATION
Although many people consider globalization a twentieth century phenomenon, the process has been happening for millennia. Examples include the following:

The Roman Empire. Going back to 600 B.C., the Roman Empire spread its economic and governing systems through significant portions of the ancient world for centuries.
Silk Road trade. These trade routes, which date from 130 B.C. to 1453 A.D., represented another wave of globalization. They brought merchants, goods and travelers from China through Central Asia and the Middle East to Europe.
Pre-World War I. European countries made significant investments overseas in the decades before World War I. The period from 1870 to 1914 is called the golden age of globalization.

According to Ben Lutkevich, Technical Writer: Globalization is the process by which ideas, knowledge, information, goods and services spread around the world. In business, the term is used in an economic context to describe integrated economies marked by free trade, the free flow of capital among countries and easy access to foreign resources, including labor markets, to maximize returns and benefit for the common good.
Globalization, or globalisation as it is known in some parts of the world, is driven by the convergence of cultural and economic systems. This convergence promotes — and in some cases necessitates — increased interaction, integration and interdependence among nations. The more countries and regions of the world become intertwined politically, culturally and economically, the more globalized the world becomes.
Some Definitions of Globalization
(1) Official Definition of Globalization by the World Health Organization (WHO)
According to WHO, globalization can be defined as ” the increased interconnectedness and interdependence of peoples and countries. It is generally understood to include two inter-related elements: the opening of international borders to increasingly fast flows of goods, services, finance, people and ideas; and the changes in institutions and policies at national and international levels that facilitate or promote such flows.”

(2) Definition of Globalization in the Economy
According to the Committee for Development Policy (a subsidiary body of the United Nations), from an economic point of view, globalization can be defined as:
“(…) the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, the flow of international capital and the wide and rapid spread of technologies. It reflects the continuing expansion and mutual integration of market frontiers (…) and the rapid growing significance of information in all types of productive activities and marketization are the two major driving forces for economic globalization.”

Related: Planet VS Economy: How Coronavirus Is Unraveling A Dysfunctional System
(3) Definition of Globalization in Geography
In geography, globalization is defined as the set of processes (economic, social, cultural, technological, institutional) that contribute to the relationship between societies and individuals around the world. It is a progressive process by which exchanges and flows between different parts of the world are intensified.
How do globalization work?
In a globalized economy, countries specialize in the products and services they have a competitive advantage in. This generally means what they can produce and provide most efficiently, with the least amount of resources, at a lower cost than competing nations. If all countries are specializing in what they do best, production should be more efficient worldwide, prices should be lower, economic growth widespread and all countries should benefit — in theory.
Policies that promote free trade, open borders and international cooperation all drive economic globalization. They enable businesses to access lower priced raw materials and parts, take advantage of lower cost labor markets and access larger and growing markets around the world in which to sell their goods and services.
Money, products, materials, information and people flow more swiftly across national boundaries today than ever. Advances in technology have enabled and accelerated this flow and the resulting international interactions and dependencies. These technological advances have been especially pronounced in transportation and telecommunications.

Among the recent technological changes that have played a role in globalization are the following:

Internet and internet communication. The internet has increased the sharing and flow of information and knowledge, access to ideas and exchange of culture among people of different countries. It has contributed to closing the digital divide between more and less advanced countries.

Communication technology. The introduction of 4G and 5G technologies has dramatically increased the speed and responsiveness of mobile and wireless networks.

list of benefits of 5G network technologyIncreased speed and bandwidth are among the benefits of 5G technology.
IoT and AI. These technologies are enabling the tracking of assets in transit and as they move across borders, making cross-border product management more efficient.

Blockchain. This technology is enabling the development of decentralized databases and storage that support the tracking of materials in the supply chain. Blockchain facilitates the secure access to data required in industries such as healthcare and banking. For example, blockchain provides a transparent ledger that centrally records and vets transactions in a way that prevents corruption and breaches.

list of 10 benefits of blockchain technology10 benefits of blockchain technology
Transportation. Advances in air and fast rail technology have facilitated the movement of people and products. And changes in shipping logistics technology moves raw materials, parts and finished products around the globe more efficiently.

Manufacturing. Advances such as automation and 3D printing have reduced geographic constraints in the manufacturing industry. 3D printing enables digital designs to be sent anywhere and physically printed, making distributed, smaller-scale production near the point of consumption easier. Automation speeds up processes and supply chains, giving workforces more flexibility and improving output.
What is the G20?
The G20, or Group of Twenty, is an international forum that aims to foster international cooperation by addressing global economic issues, such as financial stability and climate change. The G20 is made up of 19 countries and the European Union, including most of the world’s largest economies.

The nations involved account for 60% of the planet’s population, 75% of global trade and 80% of world GDP. It was founded in 1999, following the 1997 financial crisis, and has met every year since then.

Since 2008, the G20 has held an annual summit that brings together heads of state to discuss important economic issues. The G20’s president is selected annually on a rotating basis, and that person’s home country hosts the summit.

In 2019, the summit was held in Osaka, Japan, and it addressed issues such as women’s empowerment, climate change and artificial intelligence. The 2020 summit was to be in Riyadh, Saudi Arabia, but was held virtually because of the pandemic. Three of the main themes addressed were empowering people, especially women and youth; safeguarding the planet; and long-term strategies to share the benefits of innovation and technological advancement. The 2021 summit will be held in Rome, Italy, and will focus on recovery from the pandemic and climate change.

The members of G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, Japan, India, Indonesia, Italy, Mexico, Russia, South Africa, Saudi Arabia, South Korea, Turkey, the United Kingdom, the United States and the European Union. Spain is a permanent guest of the organization.
There are three types of globalization.
They include the following:
1. Economic.
2. Political.
3. Cultural.

1. Economic globalization. Here, the focus is on the integration of international financial markets and the coordination of financial exchange. Free trade agreements, such the North American Free Trade Agreement and the Trans-Pacific Partnership are examples of economic globalization. Multinational corporations, which operate in two or more countries, play a large role in economic globalization.
2. Political globalization. This type covers the national policies that bring countries together politically, economically and culturally. Organizations such as NATO and the UN are part of the political globalization effort.
3. Cultural globalization. This aspect of globalization focuses in a large part on the technological and societal factors that are causing cultures to converge. These include increased ease of communication, the pervasiveness of social media and access to faster and better transportation.
These three types influence one another. For example, liberalized national trade policies drive economic globalization. Political policies also affect cultural globalization, enabling people to communicate and move around the globe more freely. Economic globalization also affects cultural globalization through the import of goods and services that expose people to other cultures.

Effects of globalization
The effects of globalization can be felt locally and globally, touching the lives of individuals as well as the broader society in the following ways:
1. Effect of globalization on Individuals: Here, a variety of international influences affect ordinary people. Globalization affects their access to goods, the prices they pay and their ability to travel to or even move to other countries.
2. Effect of globalization on Communities: This level encompasses the impact of globalization on local or regional organizations, businesses and economies. It affects who lives in communities, where they work, who they work for, their ability to move out of their community and into one in another country, among other things. Globalization also changes the way local cultures develop within communities.
3. Effect of globalization on Institutions: Multinational corporations, national governments and other organizations such as colleges and universities are all affected by their country’s approach to and acceptance of globalization. Globalization affects the ability of companies to grow and expand, a university’s ability to diversify and grow its student body and a government’s ability to pursue specific economic policies.
While the effects of globalization can be observed, analyzing the net impact is more complex. Proponents often see specific results as positive and critics of globalization view the same results as negative. A relationship that benefits one entity may damage another, and whether globalization benefits the world at large remains a point of contention.

Comparison of internationalization and localization product strategiesInternationalization and localization are both product strategies used in globalizing industries.
Examples of globalization:
Multinational corporations are a tangible example of globalization. Some examples include the following:
McDonald’s had 39,198 fast-food restaurants in 119 countries and territories, according to its Securities and Exchange Commission filing at the end of 2020. It employed more than 2.2 million people at that time, the filing said.
Ford Motor Company reported in 2021 that it works with about 1,200 tier 1 suppliers around the globe.

Pros and cons simply mean the good points and bad points of a situation.Pro means “for” or in support of and “con” means anything against or the opposite. Originally Answered: What do pros and cons stand for? ‘Pros’ just implies Good things and ‘CONS’ implies Bad things about anything. Here we talk about the advantages of globalization and the disadvantages of globalization.
Advantages of globalization
The Pros of Globalization
1. Globalization Broadens Access to Goods and Services
It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

2. Globalization Can Lift People Out of Poverty
The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

3. Globalization Increases Cultural Awareness
Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

4. Information and Technology Spread More Easily With Globalization
Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

Disadvantages of globalization
The cons of globalization
1. Workers Can Lose Jobs to Countries With Low-Cost Labor
This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.

Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.

Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.

3. Globalization Can Contribute to Cultural Homogeneity
Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

4. Globalization Empowers Multinational Corporations
Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements (this was an argument invoked against the

OKOYE CHIDIMMA FAVOUR
chidimmafs700@gmail.com
ECONOMICS EDUCATION
ECO 362

ASSIGNMENT:

In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

DISCUSSION:

Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life.

The wide-ranging effects of globalization are complex and politically charged. As with major technological advances, globalization benefits society as a whole, while harming certain groups. Understanding the relative costs and benefits can pave the way for alleviating problems while sustaining the wider payoffs.
Globalisation is the process of interaction and integration among people, companies, and governments worldwide. Globalization has accelerated since the 18th century due to advances in transportation and communication technology.
Globalization is about the interconnectedness of people and businesses across the world that eventually leads to global cultural, political and economic integration. It is the ability to move and communicate easily with others all over the world in order to conduct business internationally.

It’s Pros:

Increases economic growth:
By increasing the international exchange of goods, technological advances, and information, globalization increases economic development for any country participating in the global economy. An increase in economic growth means better living standards, higher incomes, more wealth in a country, and, often, less poverty—in short, the overall well-being of a country.
Makes production more affordable:
A global market allows businesses wider access to production opportunities and consumers, meaning that there are more goods available at a wider range of price points.
Promotes working together:
When different countries come together to engage in trade and investments in a global financial market, they become interdependent and often come to rely on one another for certain goods and services.
Brings opportunities to poorer countries. Globalization allows companies to move their production from high-cost locations to lower-cost locations abroad—this means bringing jobs, information technology, and other economic opportunities to countries with fewer resources.
Globalization has enabled the expansion of large corporations into countries that might have previously been off their radar. These big companies are able to provide their products at a fraction of the cost meaning that to compete with them, small businesses are forced to lower their prices or face extinction.
In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of good.

It’s Cons:
Cons of globalization include:

Unequal economic growth:
While globalization tends to increase economic growth for many countries, the growth isn’t equal richer countries often benefit more than developing countries.
Lack of local businesses: The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.
Increases potential global recessions:
When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
Exploits cheaper labor markets:
Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.
Causes job displacement. Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.

In conclusion, the developing countries face special risks that globalization and the market reforms that reflect and reinforce their integration into the global economy, will exacerbate inequality, at least in the short run, and raise the political costs of inequality and the social tensions associated with it.

Name: onyilo Joseph Dominic
Reg no: 2018/250101
Department: edu/econs
Globalization is the connection of different parts of the world. In economics, globalization can be defined as the process in which businesses, organizations, and countries begin operating on an international scale. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture. In general, globalization has been shown to increase the standard of living in developing countries, but some analysts warn that globalization can have a negative effect on local or emerging economies and individual workers.

A Historical View

Globalization is not new. Since the start of civilization, people have traded goods with their neighbors. As cultures advanced, they were able to travel farther afield to trade their own goods for desirable products found elsewhere. The Silk Road, an ancient network of trade routes used between Europe, North Africa, East Africa, Central Asia, South Asia, and the Far East, is an example of early globalization. For more than 1,500 years, Europeans traded glass and manufactured goods for Chinese silk and spices, contributing to a global economy in which both Europe and Asia became accustomed to goods from far away. Following the European exploration of the New World, globalization occurred on a grand scale; the widespread transfer of plants, animals, foods, cultures and ideas became known as the Columbian Exchange. The Triangular Trade network in which ships carried manufactured goods from Europe to Africa, enslaved Africans to the Americas, and sent raw materials back to Europe is another example of globalization. The resulting spread of slavery demonstrates that globalization can hurt people just as easily as it can connect people.

The rate of globalization has increased in recent years, a result of rapid advancements in communication and transportation. Advances in communication enable businesses to identify opportunities for investment. At the same time, innovations in information technology enable immediate communication and the rapid transfer of financial assets across national borders. Improved fiscal policies within countries and international trade agreements between them also facilitate globalization. Political and economic stability facilitate globalization as well. The relative instability of many African nations is cited by experts as one of the reasons why Africa has not benefited from globalization as much as countries in Asia and Latin America.

*positive effect of Globalization on developing economy and the global economy at large.

Globalization provides businesses with a competitive advantage by allowing them to source raw materials where they are inexpensive. Globalization also gives organizations the opportunity to take advantage of lower labor costs in developing countries, while leveraging the technical expertise and experience of more developed economies.

With globalization, different parts of a product may be made in different regions of the world. Globalization has long been used by the automotive industry, for instance, where different parts of a car may be manufactured in different countries. Businesses in several different countries may be involved in producing even seemingly simple products such as cotton T-shirts.

Globalization affects services too. Many businesses located in the United States have outsourced their call centers or information technology services to companies in India. As part of the North American Free Trade Agreement (NAFTA), U.S. automobile companies relocated their operations to Mexico, where labor costs are lower. The result is more jobs in countries where jobs are needed, which can have a positive effect on the national economy and result in a higher standard of living. China is a prime example of a country that has benefited immensely from globalization. Another example is Vietnam, where globalization has contributed to an increase in the prices for rice, lifting many poor rice farmers out of poverty. As the standard of living increased, more children of poor families left work and attended school.

Consumers benefit too. In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods. In some cases, this may contribute to improved health by enabling a more varied and healthier diet; in others, it is blamed for increases in unhealthy food consumption Globalization is a process through which businesses or other organizations create influence, or develop operations around the world.
Globalization is a combination of gross domestic product (GDP), industrialization, and the Human Development Index (HDI).
Developed nations benefit under globalization as businesses compete worldwide, and from the ensuing reorganization in production, international trade, and the integration of financial markets.
Negative effect of globalization
Some economists argue globalization helps promote economic growth and increased trading between nations; yet, other experts, as well as the general public, generally see the negatives of globalization as outweighing the benefits.
Critics say globalization is detrimental for less wealthy nations, for small companies that can’t compete with the bigger firms, and for consumers who face higher production costs and the

Not everything about globalization is beneficial. Any change has winners and losers, and the people living in communities that had been dependent on jobs outsourced elsewhere often suffer. Effectively, this means that workers in the developed world must compete with lower-cost markets for jobs; unions and workers may be unable to defend against the threat of corporations that offer the alternative between lower pay or losing jobs to a supplier in a less-expensive labor market.

The situation is more complex in the developing world, where economies are undergoing rapid change. Indeed, the working conditions of people at some points in the supply chain are deplorable. The garment industry in Bangladesh, for instance, employs an estimated four million people, but the average worker earns less in a month than a U.S. worker earns in a day. In 2013, a textile factory building collapsed, killing more than 1,100 workers. Critics also suggest that employment opportunities for children in poor countries may increase the negative impacts of child labor and lure children of poor families away from school. In general, critics blame the pressures of globalization for encouraging an environment that exploits workers in countries that do not offer sufficient protections.

Studies also suggest that globalization may contribute to income disparity and inequality between the more-educated and less-educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization.

Into the Future

Regardless of the downsides, globalization is here to stay. The result is a smaller, more connected world. Socially, globalization has facilitated the exchange of ideas and cultures, contributing to a world view in which people are more open and tolerant of one another.

Name: onyilo Joseph Dominic
Reg no: 2018/250101
Department: edu/econs
Globalization is the connection of different parts of the world. In economics, globalization can be defined as the process in which businesses, organizations, and countries begin operating on an international scale. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture. In general, globalization has been shown to increase the standard of living in developing countries, but some analysts warn that globalization can have a negative effect on local or emerging economies and individual workers.

A Historical View

Globalization is not new. Since the start of civilization, people have traded goods with their neighbors. As cultures advanced, they were able to travel farther afield to trade their own goods for desirable products found elsewhere. The Silk Road, an ancient network of trade routes used between Europe, North Africa, East Africa, Central Asia, South Asia, and the Far East, is an example of early globalization. For more than 1,500 years, Europeans traded glass and manufactured goods for Chinese silk and spices, contributing to a global economy in which both Europe and Asia became accustomed to goods from far away. Following the European exploration of the New World, globalization occurred on a grand scale; the widespread transfer of plants, animals, foods, cultures and ideas became known as the Columbian Exchange. The Triangular Trade network in which ships carried manufactured goods from Europe to Africa, enslaved Africans to the Americas, and sent raw materials back to Europe is another example of globalization. The resulting spread of slavery demonstrates that globalization can hurt people just as easily as it can connect people.

The rate of globalization has increased in recent years, a result of rapid advancements in communication and transportation. Advances in communication enable businesses to identify opportunities for investment. At the same time, innovations in information technology enable immediate communication and the rapid transfer of financial assets across national borders. Improved fiscal policies within countries and international trade agreements between them also facilitate globalization. Political and economic stability facilitate globalization as well. The relative instability of many African nations is cited by experts as one of the reasons why Africa has not benefited from globalization as much as countries in Asia and Latin America.

*positive effect of Globalization on developing economy and the global economy at large.

Globalization provides businesses with a competitive advantage by allowing them to source raw materials where they are inexpensive. Globalization also gives organizations the opportunity to take advantage of lower labor costs in developing countries, while leveraging the technical expertise and experience of more developed economies.

With globalization, different parts of a product may be made in different regions of the world. Globalization has long been used by the automotive industry, for instance, where different parts of a car may be manufactured in different countries. Businesses in several different countries may be involved in producing even seemingly simple products such as cotton T-shirts.

Globalization affects services too. Many businesses located in the United States have outsourced their call centers or information technology services to companies in India. As part of the North American Free Trade Agreement (NAFTA), U.S. automobile companies relocated their operations to Mexico, where labor costs are lower. The result is more jobs in countries where jobs are needed, which can have a positive effect on the national economy and result in a higher standard of living. China is a prime example of a country that has benefited immensely from globalization. Another example is Vietnam, where globalization has contributed to an increase in the prices for rice, lifting many poor rice farmers out of poverty. As the standard of living increased, more children of poor families left work and attended school.

Consumers benefit too. In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods. In some cases, this may contribute to improved health by enabling a more varied and healthier diet; in others, it is blamed for increases in unhealthy food consumption Globalization is a process through which businesses or other organizations create influence, or develop operations around the world.
Globalization is a combination of gross domestic product (GDP), industrialization, and the Human Development Index (HDI).
Developed nations benefit under globalization as businesses compete worldwide, and from the ensuing reorganization in production, international trade, and the integration of financial markets.
Negative effect of globalization
Some economists argue globalization helps promote economic growth and increased trading between nations; yet, other experts, as well as the general public, generally see the negatives of globalization as outweighing the benefits.
Critics say globalization is detrimental for less wealthy nations, for small companies that can’t compete with the bigger firms, and for consumers who face higher production costs and the

Not everything about globalization is beneficial. Any change has winners and losers, and the people living in communities that had been dependent on jobs outsourced elsewhere often suffer. Effectively, this means that workers in the developed world must compete with lower-cost markets for jobs; unions and workers may be unable to defend against the threat of corporations that offer the alternative between lower pay or losing jobs to a supplier in a less-expensive labor market.

The situation is more complex in the developing world, where economies are undergoing rapid change. Indeed, the working conditions of people at some points in the supply chain are deplorable. The garment industry in Bangladesh, for instance, employs an estimated four million people, but the average worker earns less in a month than a U.S. worker earns in a day. In 2013, a textile factory building collapsed, killing more than 1,100 workers. Critics also suggest that employment opportunities for children in poor countries may increase the negative impacts of child labor and lure children of poor families away from school. In general, critics blame the pressures of globalization for encouraging an environment that exploits workers in countries that do not offer sufficient protections.

Studies also suggest that globalization may contribute to income disparity and inequality between the more-educated and less-educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization.

Into the Future

Regardless of the downsides, globalization is here to stay. The result is a smaller, more connected world. Socially, globalization has facilitated the exchange of ideas and cultures, contributing to a world view in which people are more open and tolerant of one another.

Name: Uwa Chioma Maryjane
Reg no: 2018/ 241876
Department: Economics
Course code: Eco 362
Course Title: Development Economics II
Assignment
What are the pros and cons of Globalization?
Globalization is the process by which businesses or other organizations develop international influence or start operating on an international scale. More simply, globalization refers to an open flow of information, technology, and goods among countries and consumers. This openness occurs through various relationships, from business, geopolitics, and technology to travel, culture, and media.
Pros of Globalization
1. Access to New Cultures
Globalization makes it easier than ever to access foreign cultures, including food, movies, music, and art.
2. Lower Costs for Products
Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.
3. Access to New Talent
In addition to new markets, globalization allows companies to find new, specialized talent that is not available in their current market. For example, globalization allows companies to explore tech talent in booming markets such as Berlin or Stockholm, rather than Silicon Valley.
4. The Spread of Technology and Innovation
Many countries around the world remain constantly connected, so the knowledge and technological advances travel quickly. Because knowledge also transfers so fast, this means that scientific advances made in Asia can be at work in the United States in a matter of days.
Cons of Globalization
1. Loss of Cultural Identity
While globalization has made foreign countries easier to access, it has also begun to meld unique societies together. The success of certain cultures throughout the world caused other countries to emulate them. But when cultures begin to lose their distinctive features, we lose our global diversity.
2. Foreign Worker Exploitation
Lower costs do benefit many consumers, but it also creates tough competition that leads some companies to search for cheap labor sources. Some western companies ship their production overseas to countries like China and Malaysia, where lax regulations make it easier to exploit workers.
3. Immigration Challenges and Local Job Loss
The political climates in the United States and Europe show that there are different viewpoints on the results of globalization. Many countries around the globe are tightening their immigration rules, and it is harder for immigrants to find jobs in new countries. This rise in nationalism is mainly due to anger from the perception that foreigners fill domestic jobs or at companies moving their operations abroad to save money on labor costs.
4. Global Expansion Difficulties
For businesses that want to go global and discover the benefits of globalization, setting up a compliant overseas presence is difficult.

Name:Okafor Ifunanya Chioma
Reg.No:2018/241851
Department:Economics

In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
Globalization can benefit a country’s economy in many ways:
1.Increases economic growth. By increasing the international exchange of goods, technological
advances, and information, globalization increases economic development for any country participating in the global economy.Globalization increases the interaction among countries in which transfer of information and technology takes place.And an increase in information and technology leads to increase in economic growth which will improve the standard of living and the overall well-being of the country.
2.Makes production more affordable. A global market allows businesses wider access to production opportunities and consumers, meaning that there are more goods available at a wider range of price points. Due to Globalization international trade occurs, making the availability of different goods and services out in the market
3.Promotes working together. When different countries come together to engage in trade and investments in a global financial market, they become interdependent and often come to rely on one another for certain goods and services.
4.Brings opportunities to poorer countries. Globalization allows companies to move their production from high-cost locations to lower-cost locations abroad—this means bringing jobs, information technology, and other economic opportunities to countries with fewer resources.

Cons of globalization include:
1.Unequal economic growth. While globalization tends to increase economic growth for many countries, the growth is not equal—richer countries often benefit more than developing countries.
2.Lack of local businesses:This is brought about when local companies struggle to compete with the multinational company in the country as globalization opens a country’s economy.
3.Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
4.Exploits cheaper labor markets. Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.
5.Causes job displacement. Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.Another way to put this is called brain drain. A shift of labour from the developing countries to the developed countries. People migrating to other developed countries with high income to work.
6.It leads to great inequalities between the rich and the poor.

Globalization is defined as the increase in the flow of goods, services, capital, people, and ideas across international boundaries, according to the online course Global Business, taught by Harvard Business School Professor Forest Reinhardt.“We live in an age of globalization,” Reinhardt says in Global Business. “That is, national economies are ever more tightly connected with one another than ever before.”
Global Business: Thrive in today’s interconnected, global economy. Learn More.
ADVANTAGES OF GLOBALIZATION
1. Economic Growth
It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:
Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
2. Increased Global Cooperation
For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.“Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world’s nations will fall back into the catastrophe of war.”

3. Increased Cross-Border Investment
According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.
The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.

DISADVANTAGES OF GLOBALIZATION
1. Increased Competition
When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.
With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.
“Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”

2. Disproportionate Growth
Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.
“Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”

3. Environmental Concerns
Increased globalization has been linked to various environmental challenges, many of which are serious, including:

Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
The introduction of potentially invasive species into new environments
While such issues are governed by existing or proposed laws and regulations, businesses have made environmental concerns and sustainability a priority by, for example, embracing the tenets of the triple bottom line and the idea of corporate social responsibility.

Here are four ways that globalization has had a positive impact on the world economy:
1. More efficient markets
Efficient markets should be what every economy strives for. Essentially, the sign of an efficient market is where there is an equilibrium between what buyers are willing to pay for a good or service and what sellers are willing to sell for a good or service.
If you can improve the way you produce a good or service by doing things such as outsourcing certain processes or buying from an overseas supplier that offers discounts, you can then afford to lower your selling price which results in increased demand and affordability.
Even if businesses don’t lower prices, they can make additional profits and then reallocate that excess profit into doing things like increasing wages, taking on more investments or even creating more expansion projects.

2. Increased competition
Anytime that you have multiple producers competing for a hold of the economy, that’s a good sign for consumers, as the quality of goods and services often goes up as a result.
When businesses started to venture across international borders, what they often did was introduce a new standard into the global marketplace. Consumers then had more options to choose from.
With more competitors to fight over market share, each company has to constantly look to improve their goods or services or create more value for their customers.This means better products and sometimes lower prices, which is always a good thing for buyers.

3. Stabilized security
When your economy depends largely on another country’s economy, it is hard to imagine either one of the countries attacking the other. In a weird sort of way, globalization helped heighten world security.Although this may seem kind of twisted since there is so much violence that still goes on in the world, the fact remains that globalization has halted many conflicts that could have turned ugly if their country’s financial health didn’t depend on the other.

4. More wealth equality throughout the world
Although many Americans contend that their standard of living has gone down because of globalization, the flip side to this is that hundreds of thousands of people around the world now have jobs, have started their own businesses and can provide comfort for their families.Living in the U.S., we take things like clean water, shelter and plentiful food for granted. Our standard of living is so high compared to many nations that when we can no longer buy frivolous luxuries, we claim that we are poor.

Name: Eze Ugochukwu Ethel
Reg.no: 2018/245419
Dept: Social Science Education( Economics Education)
In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

globalization refers to an open flow of information, technology, and goods among countries and consumers. This openness occurs through various relationships, from business, geopolitics, and technology to travel, culture, and media. Companies that don’t embrace globalization risk losing a competitive advantage, which allows other businesses to take over new opportunities in the global marketplace.
PROS OF GLOBALIZATION AS IT AFFECT LOCAL AND GLOBAL ECONOMY
1. Access to New Cultures
Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art. This free flow of people, goods, art, and information is the reason you can have Thai food delivered to your apartment as you listen to your favorite UK-based artist or stream a Bollywood movie.
2. The Spread of Technology and Innovation
Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly. Because knowledge also transfers so fast, this means that scientific advances made in Asia can be at work in the United States in a matter of days.
3. Lower Costs for Products
Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.
4. Higher Standards of Living Across the Globe
Developing nations experience an improved standard of living—thanks to globalization. According to the World Bank, extreme poverty decreased by 35% since 1990. Further, the target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule, in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.
5. Access to New Markets
Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas. International Professional Employer Organizations (PEOs) make it easier than ever to employ workers in other countries quickly and compliantly. This means that, for many companies, there is no longer the need to establish a foreign entity to expand overseas.
6. Access to New Talent
In addition to new markets, globalization allows companies to find new, specialized talent that is not available in their current market. For example, globalization gives companies the opportunity to explore tech talent in booming markets such as Berlin or Stockholm, rather than Silicon Valley. Again, International PEO allows companies to compliantly employ workers overseas, without having to establish a legal entity, making global hiring easier than ever.

THE CONS OF GLOBALIZATION AS IT AFFECT LOCAL AND GLOBAL ECONOMY
Some of the hurdles companies face when going global include:
1. International Recruiting
It’s not surprising that 30% of U.S. and UK tech leaders cited international recruiting as their most common challenge. Recruiting across borders creates unknowns for HR teams. First, companies create a plan for how they will interview and thoroughly vet candidates to make sure they are qualified when thousands of miles separate them from headquarters. Next, companies need to know the market’s demands for salaries and benefits to make competitive offers. To ensure successful hires, HR teams must factor in challenges like time zones, cultural differences, and language barriers to find a good fit for the company.
2. Disproportionate Growth
Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia. “Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”

3. Incurring Tariffs and Export Fees
Another challenge both U.S and UK tech leaders said they face in the report is incurring tariffs and export fees—29% agreed this is a challenge for their global businesses. For companies looking to sell products abroad, getting those items overseas can be expensive, depending on the market.
4. Payroll and Compliance Challenges
Another common global expansion obstacle is managing overseas payroll and maintaining compliance with changing employment and tax laws. This management task gets even more difficult if you’re trying to manage operations in multiple markets.
5. Loss of Cultural Identity
While globalization has made foreign countries easier to access, it has also begun to meld unique societies together. The success of certain cultures throughout the world caused other countries to emulate them. But when cultures begin to lose their distinctive features, we lose our global diversity.
6. Foreign Worker Exploitation
Lower costs do benefit many consumers, but it also creates tough competition that leads some companies to search for cheap labor sources. Some western companies ship their production overseas to countries like China and Malaysia, where lax regulations make it easier to exploit workers.

Name: Obi Chiedozie Joseph
Department: Economics
Reg number: 2018/241868

ADVANTAGES OF GLOBALIZATION
Generally speaking, the introduction of globalization has benefitted developed countries way better and far more than developing countries. The developed countries are presented with a free source of tapping raw materials while exploiting the owners of these raw materials.
Also, they have been giving the opportunity to gain profit or money for their goods or services they do not need, thus turning the markets of developing countries to dumping ground for their excess goods.
Other advantages of globalization includes:
1. Access to New Cultures.
2. The Spread of Technology and Innovation.
3. Lower Costs for Products.
4. Higher Standards of Living Across the Globe.
5. Access to New Markets.
6. Access to New Talent.
7. International Recruiting.
8. Managing Employee Immigration

DISADVANTAGES OF GLOBALIZATION
As it is widely known that for every good side of a phenomenon, there is an equally bad or not so good possible occurring phenomenon that would happen for a good happening. While globalization helps to bring nations of the world together under a common market structures, other things will be suffered in order to make it happens. Hence, the few negative sides of globalization includes:
Unequal economic growth. …
Lack of local businesses. …
Increases potential global recessions. …
Exploits cheaper labor markets. …
Causes job displacement.
Downplays the industrialization of developing countries
Different going market wage rates
Collapses financial and monetary systems
Instability.

Michael-Atu Ifunanya
2018/243767
Economics Education
Some praise globalization for opening borders and connecting cultures and politics. Others blame it for disrupting local economies and eliminating jobs. The fact is that globalization has been around since ancient times, and it is fully integrated into different aspects of modern life. As a consumer, your clothing, foods and electronic gadgets are often produced by multinational companies located around the world. And as an investor, a financial advisor could help you diversify your portfolio with emerging market funds and other foreign investments. Let’s take a look at some of the advantages and disadvantages of globalization.
What Is Globalization?
Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures. Supporters say that this is making countries more interdependent on free trade. But critics maintain that it is also concentrating wealth in the corporate elite, disrupting industries and making local economies more vulnerable.

Pros of globalization as it affects our local economy and the global economy at large. 1.Globalization Broadens Access to Goods and Services
It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.
2. Globalization Can Lift People Out of Poverty
The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.
3. Globalization Increases Cultural Awareness
Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.
4. Information and Technology Spread More Easily With Globalization
Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

Cons of Globalization as it affects our local economy and the global economy at large.
1. Workers Can Lose Jobs to Countries With Low-Cost Labor
This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.
Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.
2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.
Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.
3. Globalization Can Contribute to Cultural Homogeneity
Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.
4. Globalization Empowers Multinational Corporations
Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements (this was an argument invoked against the TPP).
Bottom Line
Supporters and opponents of globalization generally agree that the phenomenon has created winners and losers. Supporters argue that the benefits outweigh the drawbacks, while critics want to either improve the conditions of global trade or, in some cases, roll back globalization.

NAME: IFIEGBU ONONUJU JULIE.
REG NO: 2017/245848.(Deferred Student).
UNIT: ECONOMIC EDUCATION.
EMAIL: juliexfib@gmail.com

QUESTION

In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

ANSWER.

GLOBALIZATION.
Globalization is one of the most frequently used words in discussions of Development , trade, and international political economy. As the form of the word implies, globalization is a process by which the economies of the world become more integrated, leading to a global economy and, increasingly, global economic policymaking, for example, through international agencies such as the World Trade Organization.

Globalization also refers to an emerging “global culture,” in which people consumes similar goods and services across countries and use a common language of business English; these changes facilitate economic integration and are in turn further promoted by it. But in its core economic meaning, globalization refers to the increased openness of economies to international trade, financial flows, and direct foreign investment chapters. The growing interconnection of all kind the growing interconnection of all kinds across national governments and firms and directly between peoples is a process that affects everyone in the world, one that so far still seems more visible in the developed countries. But globalization can in many ways have a greater impact in developing countries.For some people, the term globalization suggests exciting business opportunities, efficiency gains from trade, more rapid growth of knowledge and innovation, and the transfer of such knowledge to developing countries facilitating faster growth or the prospect of a world too interdependent to engage in war. In part, globalization may well turn out to be all of these things. For other people, however, globalization raises troubling concerns: that inequalities may be accentuated both across and within countries, that environmental degradation may be accelerated, that the international dominance of the richest countries may be expanded and locked in, and that some peoples and regions may be left further behind. Nobel laureate Muhammad Yunus captured some of these sentiments when he wrote in 2008, “Global trade is
like a hundred lane highway crisscrossing the world. If it is a free-for-all highway, with no stop lights, speed limits, size restrictions, or even lane markers; its surface will be taken over by the giant trucks from the world’s most powerful economies. “Appropriate policies and agreements are needed to forestall such potential problems. Thus globalization carries benefits and opportunities as well as costs and risks. This is true for all peoples in all countries but especially for poor families in low -income countries, for whom the stakes are much higher. The potential upside is perhaps also greatest for developing countries; globalization
does present new possibilities for broad-based economic development. By providing many types of interactions with people in other countries, globalization can potentially benefit poor countries directly and indirectly through cultural, social, scientific, and technological exchanges, as well as through conventional trade and finance. A faster diffusion of productive ideas, such as a shorter time between innovation and adoption of new technologies around the world, might help developing countries catch up more quickly. In short, globalization makes it possible, at least in principle, for the less developed countries to more effectively absorb the knowledge that is one of the foundations of the wealth of developed countries. In addition, as Adam Smith wrote in 1776, “the division of labor is limited by the extent of the market.” The larger the market that can be sold to, the greater the gains from trade and the division of labor. Moreover, the greater is the incentive for innovation, because the potential return is much larger. The potential downside of globalization is also greater for poorer countries, if they become locked into a pattern of dependence, if dualism within developing countries sharpens, or if some of the poor are entirely bypassed by globalization. Critics have raised the legitimate worry that many people living in poverty could find it all the harder to break out of poverty traps without concerted public action—for example if human capital falls below the minimum needed to engage the global economy. The share of international investment received by the poorest countries has been on a long-term trend of falling countries more so. All countries may experience certain threats to their cultural identities, but developing countries the most. Certainly, some very important developing countries, accounting for a large fraction of world population, notably China and India, have recently been using globalization as an opportunity to accelerate their rate of catch-up by growing faster than the developed world, thereby reducing some international inequalities. But by other measures, inequality may be accentuated both across and within countries. The two-decade decline in Africa and the extreme disparities that opened up between coastal and inland China are important cases in point. Widespread and understandable concerns about globalization are based on the fact that previous great waves of globalization, associated with the colonial period, were extraordinarily uneven in their impact. The worst affected areas, such as Africa, are still reeling. The argument that there will be widespread general benefits from at least some form of globalization today must rest on what is different about this current wave.

PROS AND CONS OF GLOBALIZATION THAT AFFECTS THE GLOBAL ECONOMY AT LARGE.
1..Globalization Broadens Access to Goods and Services :
It’s hard to argue with the point that Globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

2. Globalization Can Lift People Out of Poverty:
The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital scarce, labor-rich countries, i.e. developing countries.

3. Globalization Increases Cultural Awareness
Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

4. Information and Technology Spread More Easily With Globalization:
Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

DISADVANTAGES OF GLOBALIZATION
1. Workers Can Lose Jobs to Countries With Low-Cost Labor:
This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.

Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

2.Globalization Hasn’t Protected Labor, Environmental or Human Rights:
In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.

Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.

3. Globalization can Contribute to Cultural Homogeneity:
Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

4.Globalization Empowers Multinational Corporations:
Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements (this was an argument invoked against the TPP).

Name: Ugwu Emmanuel chibuike
Reg NO 2019/248403
Department: edu/econs
Globalization is the connection of different parts of the world. In economics, globalization can be defined as the process in which businesses, organizations, and countries begin operating on an international scale. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture. In general, globalization has been shown to increase the standard of living in developing countries, but some analysts warn that globalization can have a negative effect on local or emerging economies and individual workers.

A Historical View

Globalization is not new. Since the start of civilization, people have traded goods with their neighbors. As cultures advanced, they were able to travel farther afield to trade their own goods for desirable products found elsewhere. The Silk Road, an ancient network of trade routes used between Europe, North Africa, East Africa, Central Asia, South Asia, and the Far East, is an example of early globalization. For more than 1,500 years, Europeans traded glass and manufactured goods for Chinese silk and spices, contributing to a global economy in which both Europe and Asia became accustomed to goods from far away. Following the European exploration of the New World, globalization occurred on a grand scale; the widespread transfer of plants, animals, foods, cultures and ideas became known as the Columbian Exchange. The Triangular Trade network in which ships carried manufactured goods from Europe to Africa, enslaved Africans to the Americas, and sent raw materials back to Europe is another example of globalization. The resulting spread of slavery demonstrates that globalization can hurt people just as easily as it can connect people.

The rate of globalization has increased in recent years, a result of rapid advancements in communication and transportation. Advances in communication enable businesses to identify opportunities for investment. At the same time, innovations in information technology enable immediate communication and the rapid transfer of financial assets across national borders. Improved fiscal policies within countries and international trade agreements between them also facilitate globalization. Political and economic stability facilitate globalization as well. The relative instability of many African nations is cited by experts as one of the reasons why Africa has not benefited from globalization as much as countries in Asia and Latin America.

*positive effect of Globalization on developing economy and the global economy at large.

Globalization provides businesses with a competitive advantage by allowing them to source raw materials where they are inexpensive. Globalization also gives organizations the opportunity to take advantage of lower labor costs in developing countries, while leveraging the technical expertise and experience of more developed economies.

With globalization, different parts of a product may be made in different regions of the world. Globalization has long been used by the automotive industry, for instance, where different parts of a car may be manufactured in different countries. Businesses in several different countries may be involved in producing even seemingly simple products such as cotton T-shirts.

Globalization affects services too. Many businesses located in the United States have outsourced their call centers or information technology services to companies in India. As part of the North American Free Trade Agreement (NAFTA), U.S. automobile companies relocated their operations to Mexico, where labor costs are lower. The result is more jobs in countries where jobs are needed, which can have a positive effect on the national economy and result in a higher standard of living. China is a prime example of a country that has benefited immensely from globalization. Another example is Vietnam, where globalization has contributed to an increase in the prices for rice, lifting many poor rice farmers out of poverty. As the standard of living increased, more children of poor families left work and attended school.

Consumers benefit too. In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods. In some cases, this may contribute to improved health by enabling a more varied and healthier diet; in others, it is blamed for increases in unhealthy food consumption Globalization is a process through which businesses or other organizations create influence, or develop operations around the world.
Globalization is a combination of gross domestic product (GDP), industrialization, and the Human Development Index (HDI).
Developed nations benefit under globalization as businesses compete worldwide, and from the ensuing reorganization in production, international trade, and the integration of financial markets.
Negative effect of globalization
Some economists argue globalization helps promote economic growth and increased trading between nations; yet, other experts, as well as the general public, generally see the negatives of globalization as outweighing the benefits.
Critics say globalization is detrimental for less wealthy nations, for small companies that can’t compete with the bigger firms, and for consumers who face higher production costs and the

Not everything about globalization is beneficial. Any change has winners and losers, and the people living in communities that had been dependent on jobs outsourced elsewhere often suffer. Effectively, this means that workers in the developed world must compete with lower-cost markets for jobs; unions and workers may be unable to defend against the threat of corporations that offer the alternative between lower pay or losing jobs to a supplier in a less-expensive labor market.

The situation is more complex in the developing world, where economies are undergoing rapid change. Indeed, the working conditions of people at some points in the supply chain are deplorable. The garment industry in Bangladesh, for instance, employs an estimated four million people, but the average worker earns less in a month than a U.S. worker earns in a day. In 2013, a textile factory building collapsed, killing more than 1,100 workers. Critics also suggest that employment opportunities for children in poor countries may increase the negative impacts of child labor and lure children of poor families away from school. In general, critics blame the pressures of globalization for encouraging an environment that exploits workers in countries that do not offer sufficient protections.

Studies also suggest that globalization may contribute to income disparity and inequality between the more-educated and less-educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization.

Into the Future

Regardless of the downsides, globalization is here to stay. The result is a smaller, more connected world. Socially, globalization has facilitated the exchange of ideas and cultures, contributing to a world view in which people are more open and tolerant of one another.

9. Globalisation usually results greater increase in imports than increase in exports leading to growing trade deficit and balance of payments problem.

NAME: OKONKWO CHINAZA FAVOUR
REG NO: 2018/242315
DEPARTMENT: ECONOMICS

Globalization is the integration of language,goods and services, technologies, labour, information etc among the countries of the world. Globalization as a concept has it’s advantages and disadvantage to both local and global economy. It’s advantages include but not limited to the following:
1) Globalization has led to the transfer of technology, information, products among different nation’s of the world and this has increased both local and global economies.

2) IMPROVED PRODUCTIVITY AND OUTPUT: Due to the transfer of knowledgeable labour,more effective and efficient technologies and information, individual countries level of output and productivity have drastically improved.

3) EXTENSION OF MARKET: Globalization has provide opportunity for local industries and market to access global market.

4) Globalization has increased economic patternship among countries and global co-operation at large.

5) Globalization creates employment opportunities both to local economies as their productivity and output increases and to global economies as more compentent workers can travel to any country of their choice to offer their labour services.

It’s disadvantages include:

1) Globalization aids in rapid transfer of diseases and virus across globe. Due to the easy access to different countries, diseases are easily spread.

2) AFFECTS INFANT INDUSTRIES: Due to the competition from global market, local and infant industries who could not compete are force to leave the market and this is not good for local economy.

3) TRANSFER OF LABOUR : Easy transfer of labour across different countries makes it easier for skilled labour to leave the country to a country that pays higher than one’s country. This affect the local economy as the country is leave without compentent workers to facilitate economic activities.

4) ENVIRONMENT DEGRADATION: Due to increased transportation, manufacturing process and increased in economic activities, countries are faced with high level of deforestation, emission of green house effect and pollution.

5) Globalization also widens the gaps between the rich and the poor as rich citizen have higher access to the goodies that globalization brings.

Ugwuoke Solomon Chukwuemeka
Economics major
2018/350872

Throughout history, commerce and business have been limited by certain geographic constraints. In its earliest days, trade happened between neighboring tribes and city-states. As humans domesticated the horse and other beasts of burden, the distances they could travel to trade increased. These distances increased further with the development of seafaring capabilities.

Although humans have been using ships for centuries to transport goods, cargo, people, and ideas around the world, it wasn’t until the development of the airplane that the blueprint of a “globalized economy” was laid. This was for a simple reason: It allowed us to travel greater distances faster than ever before.

The development of the internet and easier means of communication and collaboration propelled us from those early days of globalization to where we are today: A few taps or clicks away from a co-worker, business partner, customer, or friend.

Globalization has had numerous effects—both positive and negative—on business and society at large. Here’s an overview of the pros and cons of globalization in business.

WHAT IS GLOBALIZATION?
Globalization is defined as the increase in the flow of goods, services, capital, people, and ideas across international boundaries.

ADVANTAGES OF GLOBALIZATION
1. Economic Growth
It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:

Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.
2. Increased Global Cooperation
For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.

“Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world’s nations will fall back into the catastrophe of war.”

3. Increased Cross-Border Investment
According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.

The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.

DISADVANTAGES OF GLOBALIZATION
1. Increased Competition
When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.

With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.

“Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”

2. Disproportionate Growth
Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

Within countries, globalization often has the effect of increasing immigration. macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.

Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.

“Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”

3. Environmental Concerns
Increased globalization has been linked to various environmental challenges, many of which are serious, including:

Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
The introduction of potentially invasive species into new environments

Name: Nwankwo chidubem pascal
Reg no: 2018/245467
Dept: Economics
Email: nwankwochidubem44@gmail.com
Course: Eco 362
Question

Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.
As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers
: In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

Answer
1.
Globalization is essentially the means by which individuals, governments, companies, and countries interact with and affect one another, with the goal of helping to build strong alliances that mutually benefit one another. Globalization is accomplished through the use of technology, as well as through trades and investments made internationally.
The Pros of Globalization
A number of positive aspects of globalization include:
Building up the economic and social structures of struggling countries and economies through free trade
Creation of world power and less and less compartmentalized power sectors
Learning about and sharing of new and interesting cultures with one another
The opportunity and desire for prosperous nations to help countries struggling with serious issues like unemployment, disease, and natural disasters

The Cons of Globalization
Though it comes with perks, there are a number of cons to globalization that analysts and critics have noted for years. They include:

The oppression of weaker and poorer economies by those that are more robust; “the rich get richer, the poor get poorer”
The danger of job loss, with certain industries and sectors sending jobs to countries where workers are willing to do the same amount of work or more for smaller wages
Multinational corporations often get away with poor, unsafe, unethical, or exploitative working conditions due to variations in laws and regulations from one country to another
Multinational corporations can exploit tax haven nations, sending large portions of revenue offshore to avoid taxation

It Effects
1Globalization and Money
Businesses worldwide are no longer confined to national borders. They can expand across the globe, diversify their operations and reduce their costs by moving their manufacturing operations to countries that have the cheapest labor resources or better access to raw materials. The booming trade and rising global connectivity helps money to travel further than ever before. Companies are now able to operate across borders and reach more customers, which leads to higher profits and ultimately, economic growth.
With globalization, a company in one country can now sell its products in another country halfway around the world. Furthermore, it can build stores and factories there, invest in commodities and contribute to the local economy. Ford Motor Company, for example, moved its call centers to India. Cisco opened a research and development center in Bangalore. In 2010, Microsoft signed a three-year contract with Infosys Technologies in India to manage its internal IT operations. By outsourcing their services to developing countries, companies can save money and change people’s lives. Because of it, poverty rates declined worldwide over the past decades.
2.Greater Free Trade
One of the primary advantages of globalization is the free trade of goods and resources. For instance, a country that specializes in motor vehicles will produce cars and accessories in a location that achieves the lowest costs possible, and sell them on both local and foreign markets. This means that people living in other countries will be able to purchase these vehicles for less. At the same time, they will have access to a wider range of brands and models.
World trade has increased by approximately 7 percent since 1945 following the acceleration of globalization. Countries that export goods pay lower transportation fees and have a competitive edge. The end result is greater wealth equality throughout the world, especially for countries whose economies depend on another country’s economy. China, for example, became a leading manufacturer of goods. Companies from all around the world outsource their production activities to Chinese factories. Their customers have access to affordable goods that they might not be able to purchase otherwise.

The Downsides of Globalization
Like everything else, globalization has its drawbacks. The free trade of goods, services and information set the world economy into a cycle of income and employment growth. The downside is that it also led to declining money flows and tight credit across local and national economies.
Additionally, G2O countries, such as the UK, Brazil, Germany, France and Japan, which account for over 86 percent of the global economy, added more than 1,200 restrictive trade measures since 2008. This translates into higher taxes and stricter laws for companies that import and export goods.
Another problem is that many nations manipulate their currency to obtain a price advantage. Furthermore, employees in developed countries are losing their jobs due to pay cuts. More and more companies are choosing to outsource work and export jobs as a means to keep the costs low. Large enterprises are now able to exploit tax havens worldwide, which affects the local economy. Other major concerns include ecological damage, unfair working conditions, tax competition, money laundering and job losses.

Name: Nzenwa Ngozi Beatrice
Registration Number: 2018/249548
Department: Social Science Education
Unit: Economics and Education
Email: paulbeatrice3417@gmail.com

PROS AND CONS OF GLOBALIZATION THAT AFFECTS THE GLOBAL ECONOMY AT LARGE.

Globalization alludes to the innovative, political, monetary, and social trades among people groups and countries that have made and keep on making the world a more interconnected and related spot. In the business world, this incorporates expanded exchange and venture streams, money trade, and the ascent of worldwide enterprises. Correspondence and transportation advances are fit for connecting individuals who are actually far off from each other, subsequently working with the trading of culture, information, and ideas.

ADVANTAGES OF GLOBALIZATION
1. Globalization Widens Admittance to Labor and Products: It’s difficult to contend with the point that Globalization makes more labor and products accessible to more individuals, regularly at lower costs. Assuming you have discretionary cashflow and you’re purchasing an item that comes from abroad, you’re profiting from globalization somewhat. Entrepreneurs likewise benefit by approaching a greater market for their labor and products.

2. Globalization Can Lift Individuals Out of Destitution: The contention that globalization has lifted individuals in non-industrial nations out of neediness is to some degree disputable on the grounds that conclusions contrast with regards to the amount – and quality – of the positions made by globalization. In any case, the overall insight is that globalization has expanded open positions in capital-scant, work rich nations, for example non-industrial nations.

3. Globalization Increments Social Mindfulness: Globalization’s protectors say it has expanded diverse agreement and sharing. A globalized society supports the rate at which individuals are presented to the way of life, perspectives and upsides of individuals in different nations. That openness can motivate craftsmen, reinforce ties among countries and hose xenophobia.

4. Data and Innovation Spread All the more Effectively With Globalization:
Workmanship and culture aren’t the main things that spread all the more effectively in a globalized society. The equivalent goes for data and innovation. As specific illustrations, see the ascent of versatile banking in Kenya or the act of miniature loaning. Common society gatherings can seek different nations for motivation and smart thoughts can spread all the more without any problem.

DISADVANTAGES OF GLOBALIZATION
1. Laborers Can Lose Positions to Nations With Minimal expense Work: This first contention against globalization is the one that surfaces most often in U.S. political conversations about NAFTA and other economic agreements. At the point when the U.S. rivals less-created nations, its huge benefit is its admittance to capital, while less-fostered nations’ large benefit is their modest work.

As a rule, globalization expands the profits to capital in rich nations like the U.S. also diminishes the profits to work in those equivalent nations. That is an extravagant approach to saying that low-ability occupations in the U.S. can vanish because of globalization (however innovation assumes a major part in this change, as well). The outcome might be a reduction in the disparity between nations however an increment in the imbalance inside nations.

2.Globalization Hasn’t Secured Work, Ecological or Common freedoms:
In principle, globalization can be a chance to spread qualities and practices like environmentalism and work freedoms all through the world. By and by, that spread has been sluggish and blemished. For instance, rather than trading the work securities that an organization may need to comply with in the U.S., it may adhere to bring down guidelines in another nation where work isn’t ensured.

A few contend that globalization has caused a “rush to the base” in which organizations effectively look for the nations with the most fragile work and ecological assurances and the least wages. And keeping in mind that globalization has expanded the progression of products, administrations and capital, there are still a lot of duty safe houses, implying that a large part of the worth added by globalization isn’t caught and rearranged by legislatures.

3. Globalization can Add to Social Homogeneity:
Globalization may prompt more social homogeneity as individuals’ inclinations meet and items can’t rival less expensive worldwide ones. Assuming everybody wears pants, learns English and watches Hollywood motion pictures we might lose valuable social practices and dialects. A few pundits of globalization stress that it’s making a standard monoculture while driving other different societies underground.

4.Globalization Engages Global Organizations:
One more analysis evened out at globalization is that it has engaged worldwide companies to the detriment of legislatures and residents. This decreases state power and residents’ capacity to consider their chiefs responsible for conditions in their nations. It’s another explanation that work and natural assurances are more diligently to uphold than numerous pundits of globalization would like. Global companies may likewise campaign for great arrangements in economic deals (this was a contention conjured against the TPP).

Synopsis:
Allies and adversaries of globalization by and large concur that the peculiarity has made champs and washouts. Allies contend that the advantages offset the downsides, while pundits need to either work on the states of worldwide exchange or, sometimes, roll back globalization.

Name: Obeleze Christiantus Ifeanyi
Reg. No: 2018/242407
Email: obelezechristiantus@gmail.com

Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.
As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

PROS OF GLOBALIZATION AS IT AFFECT OUR LOCAL ECONOMY AND THE GLOBAL ECONOMY AT LARGE.

POVERTY ALLEVIATION
As far as poverty reduction is concerned, globalization played a role in poverty reduction in developing countries. In deed most developed countries experienced reduction in poverty in the proportion of their living below the poverty line, including fast developing countries like China, India, Vietnam. While other countries like Sub-Saharan Africa registered an opposite trend (Lee E., 2006).
TECHNOLOGY
This is a powerful force that drives the world toward a converging commonality. It has proletarianized communication, transport, and travel. People from different places everywhere wants all the things they have heard about, seen, or experienced through technology. Organizations through its managements can obtain knowledge from different places in the world that can be used in the organization.
Television and medias played a big role in influencing the perception of the world, from a relatively small national unity and reality, into a global market and international concerns. As multinationals establish subsidiaries in new locations, they transfer know how from the parent to the local operation. Knowledge flows from one unit to another as a whole organization benefits from development activity. One of the ways that organizations use in knowledge transfer is the movement of personnel, which takes place within multinationals. This build up a bank of knowledge about working in different situations with people from different cultures and this represents a stock of knowledge that could be developed and used to benefit the organization (Kamoche, 1997).
EMPLOYMENT SITUATION.
Through globalization, people from different countries are provided with jobs opportunities within the global. It has created the concept of outsourcing. Developed countries prefer to provide work to developing countries where costs are cheap. Work such as customer support, software development, accounting, marketing and insurance are given to developing countries like India. Therefore the country that is given the work enjoys by getting jobs.
It has given an opportunity to invest in the emerging markets and tap up the talent which is available there. In developing countries, there is often a lack of capital which hinders the growth of domestic companies and hence, employment. In such cases, due to global nature of the businesses, people of developing countries too can obtain gainful employment opportunities (Pillai P.,2008).

EDUCATION.
Globalization from the point of view has positive effects as well as negative effects. It has increased the access of higher education example universities and reducing the knowledge gap in developing countries, it equally has negative aspects which can seriously threaten universities in those countries. From point of view it has brought more positive effects to developing countries through increasing access to higher learning institutions. Today you can move in the search of the best educational facilities in the world including developing countries without any hindrance. This is due to increased output from secondary schools, greater participation of women in higher education, a growing private sector demand for graduates, and the exorbitant costs of acquiring education in foreign countries, especially those in the nort (Mohamedbhai G., 2002).
FOREIGN TRADE
Despite having negative effects of globalization, it has a good side too. One of the most significant effect it has brought to developing countries is Trade. Before people used to exchange goods for goods or services for services but now people can trade goods for money. This is mostly through International trade whereby people exports and imports goods within countries. Globalization has led to reduction of costs in trade within the globe. It has led to reduction of tax of importation of goods.
According to economic theory, foreign trade is in principle, beneficial to any country engaged. The international division of labor allocates the resources more efficient whereby it increases the economic welfare of all countries engaged in foreign trade in long run (Kaitilia V and Kotilainen M., 2002).

FOREIGN INVESTMENT
Foreign investment is a direct result of globalization. Foreign investment is always welcomed as it provides resources, capital and technology to a country that will support economic development of the host country. This improves employment as in direct and indirectly. Increases exports to a country and thereby improves the current account and therefore will help to the repayment of foreign debt. This however has some criticisms for leading to too much foreign control (Kaitilia V and Kotilainen M., 2002).
Developing countries can use general or specific industrial and trade policies to be more or less welcoming to foreign direct investments, capital and foreign tourist services. They can directly and indirectly shape their participation in the economic activities in the globe (Piasecki R. and Wolnicki M., 2004).
MARKET SECTOR
Globalization of markets in developing countries is growing so fast. The emergence of global markets for standardized consumer products on a previously unimagined scale of magnitude. This brought benefits which are economies of scale in production, reduced world prices, distribution, marketing and management (Levitt T., 1983)
IKEA is one of the company that is growing fast in developed countries. Its market is increasing within the global. It has become the world’s largest home furnishings retailer. The managers are facing a lot of challenges in managing them (Nanda A., 1990). IKEA can now be found in so many places in the world example Malaysia.
ECONOMIC GROWTH
It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:
• Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
• Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
• Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
• The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.

CONS OF GLOBALIZATION AS IT AFFECT OUR LOCAL ECONOMY AND THE GLOBAL ECONOMY AT LARGE.

UNEMPLOYMENT
Globalization is a blame to world’s unemployment situation though it brought some jobs opportunities. Despite the fact that it brought jobs opportunities to the global but it is still a blame to the current situation. “It ‘s true that global economic integration and increased travel have resulted in increased competitiveness at the national and enterprise levels, forcing producers to find ways to cut costs, improve efficiency, and raise productivity”(Kigundu M.N.,2002).
“The most important factor to determine the level of employment during 1980-2000 was national or regional macroeconomic policies which were implemented and sustained. In addition those countries with liberal macroeconomic reforms, pursued politics promoting flexible labor markets and employment practices, decentralized industrial relations systems, and judicious enforcement of labor. On the other hand, countries with employment laws, regulations, and policies experienced higher level of employment because they were not able to attract and retain as many new jobs”(Kiggundu M.N.,2002).
For example ,Indonesia faced unemployment and poverty that grew to levels not experienced in two decades, health conditions worsened, and the natural environment degraded (Piasecki R and Wolnicki M.,2004)
ENVIRONMENTAL CONCERNS
Increased globalization has been linked to various environmental challenges, many of which are serious, including:
• Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
• Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
• The introduction of potentially invasive species into new environments
While such issues are governed by existing or proposed laws and regulations, businesses have made environmental concerns and sustainability a priority by, for example, embracing the tenets of the triple bottom line and the idea of corporate social responsibility.

SPREAD OF FAST FOODS CHAIN.
Fast foods chain is growing very fast. But some of the most rapid growth is occurring in the developing countries, where it’s real changing the way people eat. “Kentucky Fried Chicken(KFC) is the largest, fastest growing, and highest potential units” (Bartlett C.,1986).
Most people prefer to buy fast foods because it’s cheap and quick. This replaces home cooked fare enjoyed with family and friends. Traditional diets and recipes are yielding to sodas, burgers, and other highly processed and standardized items that have a lot of fat, sugar, and salt resulting a global epidemic of diabetes, obesity, and other chronic diseases. Meanwhile, fast food producers require farmers to raise uniform fields of crops and herds of livestock for easy processing, eliminating agricultural diversity.
WESTERN CULTURE.
Globalization has led to the spread of western culture and influence at the expense of local culture in developing countries like Africa. Most people now in developing countries cop what people in developed countries do. So, its like they ignore their own culture and practice western culture ( Goyal K.A., 2006). For example dressing styles and eating habits, language. All these can affect management in one way or another example it can cause misunderstandings because of language barrier.
TRADE
Average tariff rates continue to be high in many developing countries, including some that have recently implemented trade reforms. Example,India. Trade policy continues to be an important aspect in globalization at least in some of the lower income developing countries.
Widespread use of computers, faxes and mobile phones, introduction of the internet and e-commerce, and quicker and cheaper means of transportation in some cases offered opportunities to developing countries, but in many cases deepened the gap between global firms and traditional industries globalization opened up new opportunities for developing countries to create jobs and expand exports. In practice, many developing countries competing for foreign investors offered longer tax holidays, costly subsidies, and various incentives for multinationals. The competition among developing nations reduced positive net effects of globalization or, at best, delayed them.

UGWU CHIDERA LOVETH
2018/241235
ECONOMICS EDUCATION.

What Is Globalization?
Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures. Supporters say that this is making countries more interdependent on free trade. But critics maintain that it is also concentrating wealth in the corporate elite, disrupting industries and making local economies more vulnerable.
PROS OF GLOBALIZATION.
1. Globalization Broadens Access to Goods and Services
It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

2. Globalization Can Lift People Out of Poverty
The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

3. Globalization Increases Cultural Awareness
Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

4. Information and Technology Spread More Easily With Globalization
Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro -lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

CONS OF GLOBALIZATION.
1. Workers Can Lose Jobs to Countries With Low-Cost Labor
This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.

2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect.
Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.

3. Globalization Can Contribute to Cultural Homogeneity
Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

4. Globalization Empowers Multinational Corporations
Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements.

NAME: ASADU EMMANUEL CHIAGOZIEM
REGISTERATION NUMBER: 2018/241853
DEPARTMENT: ECONOMICS

Advantages of globalization
1. Transfer of Technology
The resultant boom in trade and communication has led to the trader of knowledge and technology from the developed world to the developing world.

2. Better Services and Products
Through the resultant technological and trade advancements, the global labor force is more mobile than before and can move between nations with ease, bringing with them their wealth of experience in a plethora of services. Also, various products and production methods are exchanged.

3. Standardization of Living
The integration of economies as the key process of globalization enables countries to fight against poverty and improve the standard of living of the people. Many researchers have stated that when a country opens up their trade to the globe, their rate of economic growth is faster and living standards tend to increase.

4. Development of Infrastructure
Due to technological advancement and the increase in foreign investments into other nations, nations have witnessed an improvement in their national infrastructure.

5. Foreign Exchange Reserves
Through globalization countries can build foreign exchange reserves owing to international financial flows.

6. Economic Growth
Globalization entails optimum utilization of resources wherein deficit resources are procured and surplus resources are exported to other countries. This ensures overall economic growth.

7. Affordable Products
With access to the latest technology, countries can provide products to its countrymen at affordable prices. Globalization promotes competition in domestic economies and their endeavor to compete against competition, companies reduce product price or follow penetration pricing strategy.

8. Contribution to World GDP
Globalization ensures the contribution of every country to world GDP growth.

Disadvantages of Globalization

1. Growing Inequality
Globalization can increase inequality throughout the world by increasing specialization and trade. Although specialization and trade boost the per-capita income it may cause relative poverty.
To illustrate this we will take an example. All dominated MNCs in the world are located in the United States. All these companies are buying cheaper labor from developing or underdeveloped countries for their product manufacturing or assembling. China, India and Africa are prime examples of this. It increases the employment of such countries but they are lagging behind relatively developed countries.

2. Increasing of the Unemployment rate
Globalization demands for higher-skilled work with cheaper prices. But countries where Institutions are relatively weak are not capable of producing highly skilled workers. As a result, the unemployment rate is increasing in those countries.
When many foreign companies invest heavily in developing countries, they hire employees from that country. In some cases their salaries are much lower than their counterparts in developed countries. Moreover, the demand for these employees in developed countries is very low.

3. Trade Imbalance
The balance of trade refers to the difference in value between a country’s imports and exports. As a result of globalization, any country can trade with any part of the globe.
The increase in trade freedoms leads to a situation where developing countries are heavily dependent on the developed countries in terms of import goods but their export capabilities are lower than import which results in a continuous trade imbalance.

4. Environmental degradation
The increasing pace of global industrialization has led MNCs and their host nations to seek cheaper sources of natural resources in developing nations whose regulatory structure can not do much to restrict their activities. The lack of firm regulation and the nature of the activities of these firms and countries has led to pollution on a catastrophic scale. For example, the Niger Delta region of Nigeria has been plagued by air and water pollution, stemming from the unregulated activities of Shell and other oil MNCs.

NAME:: EZEA SOPULUCHUKWU LUKE
REG NO:: 2018/251024
DEPARTMENT:: ECONOMICS
COURSE::ECO 362( development economics ii)
EMAIL:: sopuluchukwuluke@gmail.com
ASSIGNMENT
Globalization is defined as the increase in the flow of goods, services, capital, people, and ideas across international boundaries, according to the online course Global Business, taught by Harvard Business School Professor Forest Reinhardt.

“We live in an age of globalization,” Reinhardt says in Global Business. “That is, national economies are ever more tightly connected with one another than ever before.”
ADVANTAGES OF GLOBALIZATION
1. Economic Growth
It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:

Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.
2. Increased Global Cooperation
For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.

“Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world’s nations will fall back into the catastrophe of war.”

3. Increased Cross-Border Investment
According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.

The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.

DISADVANTAGES OF GLOBALIZATION
1. Increased Competition
When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.

With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.

“Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”

2. Disproportionate Growth
Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.

Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.

“Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”

3. Environmental Concerns
Increased globalization has been linked to various environmental challenges, many of which are serious, including:

Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
The introduction of potentially invasive species into new environments

2 Effects of Economic Globalization
Globalization has led to increases in standards of living around the world, but not all of its effects are positive for everyone.

Put simply, globalization is the connection of different parts of the world. In economics, globalization can be defined as the process in which businesses, organizations, and countries begin operating on an international scale. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture. In general, globalization has been shown to increase the standard of living in developing countries, but some analysts warn that globalization can have a negative effect on local or emerging economies and individual workers.

A Historical View

Globalization is not new. Since the start of civilization, people have traded goods with their neighbors. As cultures advanced, they were able to travel farther afield to trade their own goods for desirable products found elsewhere. The Silk Road, an ancient network of trade routes used between Europe, North Africa, East Africa, Central Asia, South Asia, and the Far East, is an example of early globalization. For more than 1,500 years, Europeans traded glass and manufactured goods for Chinese silk and spices, contributing to a global economy in which both Europe and Asia became accustomed to goods from far away. Following the European exploration of the New World, globalization occurred on a grand scale; the widespread transfer of plants, animals, foods, cultures and ideas became known as the Columbian Exchange. The Triangular Trade network in which ships carried manufactured goods from Europe to Africa, enslaved Africans to the Americas, and sent raw materials back to Europe is another example of globalization. The resulting spread of slavery demonstrates that globalization can hurt people just as easily as it can connect people.

The rate of globalization has increased in recent years, a result of rapid advancements in communication and transportation. Advances in communication enable businesses to identify opportunities for investment. At the same time, innovations in information technology enable immediate communication and the rapid transfer of financial assets across national borders. Improved fiscal policies within countries and international trade agreements between them also facilitate globalization. Political and economic stability facilitate globalization as well. The relative instability of many African nations is cited by experts as one of the reasons why Africa has not benefited from globalization as much as countries in Asia and Latin America.

Benefits of Globalization

Globalization provides businesses with a competitive advantage by allowing them to source raw materials where they are inexpensive. Globalization also gives organizations the opportunity to take advantage of lower labor costs in developing countries, while leveraging the technical expertise and experience of more developed economies.

With globalization, different parts of a product may be made in different regions of the world. Globalization has long been used by the automotive industry, for instance, where different parts of a car may be manufactured in different countries. Businesses in several different countries may be involved in producing even seemingly simple products such as cotton T-shirts.

Globalization affects services too. Many businesses located in the United States have outsourced their call centers or information technology services to companies in India. As part of the North American Free Trade Agreement (NAFTA), U.S. automobile companies relocated their operations to Mexico, where labor costs are lower. The result is more jobs in countries where jobs are needed, which can have a positive effect on the national economy and result in a higher standard of living. China is a prime example of a country that has benefited immensely from globalization. Another example is Vietnam, where globalization has contributed to an increase in the prices for rice, lifting many poor rice farmers out of poverty. As the standard of living increased, more children of poor families left work and attended school.

Consumers benefit too. In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods. In some cases, this may contribute to improved health by enabling a more varied and healthier diet; in others, it is blamed for increases in unhealthy food consumption and diabetes.

Name:Aroh oluchukwu perpetua

Reg no:2018/243120

Dept:Economics

Course:Eco 362 quiz

Firstly Globalization is the spread of products, technology, information, and jobs across national borders and cultures. In economic terms, it describes an interdependence of nations around the globe fostered through free trade.
Then there are pros and cons of globalization in the economy

The pros of Globalization in the local economy can be seen as follows:
1)Increases economic growth. By increasing the international exchange of goods, technological advances, and information, globalization increases economic development for any country participating in the global economy. An increase in economic growth means better living standards, higher incomes, more wealth in a country, and, often, less poverty—in short, the overall well-being of a country.

2)Makes production more affordable. A global market allows businesses wider access to production opportunities and consumers, meaning that there are more goods available at a wider range of price points.

3)Promotes working together. When different countries come together to engage in trade and investments in a global financial market, they become interdependent and often come to rely on one another for certain goods and services.

4)Brings opportunities to poorer countries. Globalization allows companies to move their production from high-cost locations to lower-cost locations abroad—this means bringing jobs, information technology, and other economic opportunities to countries with fewer resources.

While the cons of globalization in the local economy can be seen as :

1)Unequal economic growth: While globalization tends to increase economic growth for many countries, the growth isn’t equal,richer countries often benefit more than developing countries.

2)Lack of local businesses: The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.

3)Increases potential global recessions:When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.

4)Exploits cheaper labor markets:Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.

5)Causes job displacement:Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.

NAME: IBEZIM CHISOM PRECIOUS
REG NO: 2018/242340
DEPARTMENT: ECONOMICS
COURSE: DEVELOPMENT ECONOMICS II

What Exactly Is Globalization?
Globalization is the network of relationships that exists between economies all over the world as a result of international commerce and investment. While globalization has a long history, the current era of globalization began in earnest in the early nineteenth century. Beginning with the Industrial Revolution, advances in transportation (such as railroads and steamships) and communication (such as the telegraph) enabled increased economic engagement and cooperation across national borders.
Protectionism is the polar opposite of economic globalization, or free-market commerce across borders. It is an economic strategy that seeks to shield domestic enterprises from international competition and labor markets, typically by erecting trade barriers such as tariffs.

Globalization examples include:
1. Organizations with intergovernmental status. Treaties between many different countries have enabled the formation of international organizations as a result of globalization. The European Union, the United Nations, the World Bank, the World Trade Organization (WTO), and the International Monetary Fund (IMF) are a few examples.
2. Treaties between governments. Many nations throughout the world have signed treaties or implemented trade policies to facilitate international investment and trade. The North American Free Trade Agreement (NAFTA) and the Comprehensive Economic and Trade Agreement (CETA) are two examples of free-trade accords.
3. Corporations with global reach. A multinational corporation is a company that conducts business in multiple nations. Multinational corporations exist because of globalization. Globalization, for example, enables major US firms to sell their products in Mexico, China and Europe.

What Are the pros of Globalization?
Globalization can help a country’s economy in a variety of ways:
1. Enhances economic growth. Globalization promotes economic progress in every country that participates in the global economy by expanding the worldwide exchange of commodities, technical developments, and knowledge. An increase in economic growth equals improved living standards, higher earnings, more wealth in a society, and, in many cases, less poverty—in short, a country’s overall well-being.
2. Reduces the cost of production. A global market provides firms with greater access to manufacturing possibilities and consumers, resulting in more items offered at a wider range of pricing points.
3. Encourages collaboration. When different countries join forces to trade and invest in a global financial market, they become interdependent and frequently rely on one another for particular goods and services.
4. Opportunities are created for poorer countries. Globalization enables businesses to shift manufacturing from high-cost locales to lower-cost locations abroad, bringing jobs, information technology, and other economic opportunities to countries with limited resources.

What Are the cons of Globalization?
While globalization can benefit nations, it also has a number of negative consequences. Globalization has the following disadvantages:
1. Economic growth that is unequal. While globalization tends to boost economic growth in many nations, the benefits are not distributed evenly—richer countries often gain more than emerging countries.
2. There aren’t enough local businesses. Globalization policies tend to favor companies with the resources and infrastructure to operate supply chains or distribution in multiple countries, which can disadvantage small local businesses—for example, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.
3. Increases the likelihood of worldwide recessions. When the economic systems of several countries grow intertwined, the likelihood of a global recession rises dramatically—because if one country’s economy begins to struggle, it might set off a chain reaction that affects many other countries at the same time, resulting in a global financial crisis.
4. Low-cost labor marketplaces are exploited. Globalization allows businesses to create more jobs and opportunities in poorer countries, where labor costs are often lower. These countries’ overall economic development, however, may be low or stagnant.
5. This results in job displacement. Globalization does not create more employment; rather, it redistributes them by shifting production from high-cost countries to low-cost ones. As a result, high-cost countries frequently lose jobs as a result of globalization, as production moves outside.

Okpara Favour Amarachi
2018/248953
favouramy363@gmail.com

Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.

As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

ANSWERS
The pros and cons of something are its advantages and disadvantages, which you consider carefully so that you can make a sensible decision.
Below are the advantages and disadvantages of globalization as it affects the local economy and the global economy at large.

ADVANTAGES
1.Information and Technology Spread More Easily With Globalization
Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

2.Globalization Broadens Access to Goods and Services
It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

3.Globalization Increases Cultural Awareness
Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

4.Promotes working together. When different countries come together to engage in trade and investments in a global financial market, they become interdependent and often come to rely on one another for certain goods and services.

5.Foreign Exchange Reserves
Through globalization countries can build foreign exchange reserves owing to international financial flows. 

DISADVANTAGES
1.Globalization Can Contribute to Cultural Homogeneity :
Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

2.Globalization Empowers Multinational Corporations :
Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements (this was an argument invoked against the TPP).

3.Increases potential global recessions :
When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.

4.Exploits cheaper labor markets :
Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.

5.Trade Imbalance
The balance of trade refers to the balance of values between a country’s export and import’s goods and services. As the result of globalization, any country can trade to any part of the globe.
That is why, in some cases developing countries are so much dependent on the developed countries in terms of import goods but their export capabilities are lower than import. The trade imbalance has been occurring.

Obiyo, Uchechukwu Ngozi
2018/241841

The following are some of the pros of globalisation and how they affect our local economy and the global economy at large:
1. Production of goods at lower cost: Through globalisation, Nigeria can check out the goods she can produce at lower opportunity cost and therefore focus(specialise) on the production of those goods. She can import the ones that have higher opportunity costs. This will cause the prices of those domestic goods to be cheaper which will in return increase their demand thereby increasing GDP through increase in consumer purchases. The goods can also be exported thereby providing those goods in other countries.
2. Free movement of Labour: As Nigeria is currently facing high unemployment issue, globalisation has made it possible for citizens to travel to other countries to seek for employment. When they get employed or get businesses in those countries, Nigeria will have an increase in GNP while those countries’ GDP increases.
3. Spread in technology: Globalisation has made it possible for countries to have access to new and existing technology. Nigeria , through globalisation, can get to know of new technological innovations that they can use to ease and boost production which will in return, boost the economy.

The following are some of the Cons of Globalisation:
1. Brain drain from some developing countries: Since there is free movement of Labour, developed countries tend to create ‘opportunities ‘ for developing countries’ geniuses. This will cause a serious reduction in the number of technical know-Hows of developing countries like Nigeria.
2. Less cultural diversity: Since the time of globalisation in the 1990s, countries tend to leave some beautiful practices and rather go for the general practices thereby causing a reduction in cultural diversity of nations. People are no longer recognised or identified by their dressings because globalisation has made it to be that almost everyone puts on the same kind of wear.
3. Environmental costs: Globalisation has turned the world into an industrial world. This has made some countries to make use of non-renewable resources that are harmful to the environment. This causes pollution in the land for all living things.

Eco. 362 —21/01/2022 (Online Discussion/Quiz 2—Pros and Cons of Globalization)
• NAME: Okeleke chinememma Victory
• REG NO : 2018/247843
• DEPARTMENT: ECONOMICS
• Email: okelekevictory@yahoo.com
• QUESTION:
Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.
As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

ANSWER:
Pros of Globalization are :
1.Economic Growth
It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:

Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kick start industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
• Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
• Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.
2. Increased Global Cooperation
For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.

“Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world’s nations will fall back into the catastrophe of war.”

3. Increased Cross-Border Investment
According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.

The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.

Cons of Globalization are :
Unequal economic growth. While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.
Lack of local businesses. The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.
Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
Exploits cheaper labor markets. Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.
Causes job displacement. Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.

Name: Ezeh Uchechukwu Evelyn
Reg no: 2018/241821
Department: Economics ( Major )
Course: Development Economics ( Eco 362 )

clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
ADVANTAGES OF GLOBALIZATION
1. Economic Growth
It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:
a) Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
b) Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations.
c) Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce.
d) The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources.

2. Increased Global Cooperation
For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction, though not an elimination of conflict.
“Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force, through war and conquest, and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows goods, services, capital, people, and so on have reduced the probability that the world’s nations will fall back into the catastrophe of war.”

3. Increased Cross-Border Investment
According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.

DISADVANTAGES OF GLOBALIZATION
1. Increased Competition
When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.
With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition.

2. Disproportionate Growth
Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally. Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.

3. Environmental Concerns
Increased globalization has been linked to various environmental challenges, many of which are serious, including:
— Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
— Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
— The introduction of potentially invasive species into new environments
While such issues are governed by existing or proposed laws and regulations, businesses have made environmental concerns and sustainability a priority by, for example, embracing the tenets of the triple bottom line and the idea of corporate social responsibility

Name: Nelson Favour Ogechukwu
Reg No: 2018/245389
Dept: Education Economics
Email: nelsonfavour38@gmail.com
Eco. 362 —21/01/2022 (Online Discussion/Quiz 2—Pros and Cons of Globalization)

Throughout history, commerce and business have been limited by certain geographic constraints. In its earliest days, trade happened between neighboring tribes and city-states. As humans domesticated the horse and other beasts of burden, the distances they could travel to trade increased. These distances increased further with the development of seafaring capabilities.

Although humans have been using ships for centuries to transport goods, cargo, people, and ideas around the world, it wasn’t until the development of the airplane that the blueprint of a “globalized economy” was laid. This was for a simple reason: It allowed us to travel greater distances faster than ever before.

The development of the internet and easier means of communication and collaboration propelled us from those early days of globalization to where we are today: A few taps or clicks away from a co-worker, business partner, customer, or friend.

Globalization has had numerous effects—both positive and negative—on business and society at large. Here’s an overview of the pros and cons of globalization in business.

WHAT IS GLOBALIZATION?
Globalization is defined as the increase in the flow of goods, services, capital, people, and ideas across international boundaries, according to the online course Global Business, taught by Harvard Business School Professor Forest Reinhardt.

“We live in an age of globalization,” Reinhardt says in Global Business. “That is, national economies are ever more tightly connected with one another than ever before.”

Three Examples of Globalization
Examples of globalization include:

Intergovernmental organizations. Globalization has made it possible for international organizations to be created through treaties between many different countries. Examples include the European Union, the United Nations, the World Bank, the World Trade Organization (WTO), and the International Monetary Fund (IMF).
Intergovernmental treaties. Many governments across the world have engaged in treaties or trade policies to make it easier for international investment and trade. These treaties, called free-trade agreements, include the North American Free Trade Agreement (NAFTA) and the Comprehensive Economic and Trade Agreement (CETA).
Multinational corporations. A multinational corporation is an organization that does business in many different countries. Globalization is the reason that multinational businesses exist. For example, globalization allows major US corporations to sell their products to Mexico, Europe, and China.

ADVANTAGES OF GLOBALIZATION
1. Economic Growth
It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:

Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.
2. Increased Global Cooperation
For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.

“Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world’s nations will fall back into the catastrophe of war.”

3. Increased Cross-Border Investment
According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.

The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.

DISADVANTAGES OF GLOBALIZATION
1. Increased Competition
When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.

With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.

“Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”

2. Disproportionate Growth
Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.

Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.

“Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”

3. Environmental Concerns
Increased globalization has been linked to various environmental challenges, many of which are serious, including:

Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
The introduction of potentially invasive species into new environments
While such issues are governed by existing or proposed laws and regulations, businesses have made environmental concerns and sustainability a priority by, for example, embracing the tenets of the triple bottom line and the idea of corporate social responsibility.

MANAGING THE RISKS OF GLOBALIZATION
The world is never going to abandon globalization. While it’s true that individual countries and regions put policies and practices in place that limit globalization, such as tariffs, it’s here to stay. The good news is that businesses and professionals willing to confront and prepare for globalization’s challenges and risks have the potential to benefit immensely.

Whether you’re a business owner, member of executive leadership, or an employee, learning how to identify opportunities related to globalization and the risks it might bring can empower you to be more effective in your role and offer more value to your organization.

Taking a course like Global Business is one path toward quickly gaining an understanding of the macroeconomic, political, and social conditions that have and continue to have an impact on modern globalization.

Reference
https://online.hbs.edu/blog/post/pros-and-cons-of-globalization
https://www.masterclass.com/articles/how-globalization-works-pros-and-cons-of-globalization

Name: Nwosu Sochima Anne
Dep: Economics
Reg No: 2018/242291
Course: Eco 362
PROS OF GLOBALIZATION
1. Economic Growth-It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:
* Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, let’s say, “import” labor to kickstart industry.
* Access to goods and services: It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.
* Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations.
* Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce.
* The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.
2. Increased Global Cooperation-For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.
3. Increased Cross-Border Investment-According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.
The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.
4. Globalization Can Lift People Out of Poverty-The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.
5. Globalization Increases Cultural Awareness-Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.
6. Information and Technology Spread More Easily With Globalization-Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

CONS OF GLOBALIZATION
1. Increased Competition-When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.
With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.
2. Disproportionate Growth-Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.
Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.
Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.
“Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty.”
3. Environmental Concerns-Increased globalization has been linked to various environmental challenges, many of which are serious, including:
* Deforestation and loss of biodiversity caused by economic specialization and infrastructure development.
* Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods.
* The introduction of potentially invasive species into new environments.
While such issues are governed by existing or proposed laws and regulations, businesses have made environmental concerns and sustainability a priority by, for example, embracing the tenets of the triple bottom line and the idea of corporate social responsibility.
4. Globalization Empowers Multinational Corporations-Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements (this was an argument invoked against the TPP.
5. Workers Can Lose Jobs to Countries With Low-Cost Labor-Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

Name:Bamiduro ibukun obianuju
Reg No:2018/243749
Department: Economics
Course: Eco 362

Question
Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.

As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers. Given this, you are required to discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

Answer

What Are the Pros of Globalization?

Globalization impacts businesses in many different ways. But those who decide to take on international expansion find several benefits, including:

1. Access to New Cultures
Globalization makes it easier than ever to access foreign cultures, including food, movies, music, and art. This free flow of people, goods, art, and information is the reason you can have Thai food delivered to your apartment as you listen to your favorite UK-based artist or stream a Bollywood movie.

2. The Spread of Technology and Innovation
Many countries around the world remain constantly connected, so the knowledge and technological advances travel quickly. Because knowledge also transfers so fast, this means that scientific advances made in Asia can be at work in the United States in a matter of days.

3. Lower Costs for Products
Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.

4. Higher Standards of Living Across the Globe
Developing nations experience an improved standard of living thanks to globalization. According to the World Bank, extreme poverty decreased by 35% since 1990. Further, the target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule, in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.

5. Access to New Markets
Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas. International Professional Employer Organizations (PEOs) make it easier than ever to employ workers in other countries quickly and compliantly. This means that, for many companies, there is no longer the need to establish a foreign entity to expand overseas.

6. Access to New Talent
In addition to new markets, globalization allows companies to find new, specialized talent that is not available in their current market. For example, globalization allows companies to explore tech talent in booming markets such as Berlin or Stockholm, rather than Silicon Valley. Again, International PEO allows companies to compliantly employ workers overseas, without having to establish a legal entity, making global hiring easier than ever.

Negative Effects of Globalization

Although the developing countries have had many benefits from globalization, there are a few negative impacts it has caused in the developing countries.

Displacements of Workers

Thanks to globalization, there are employment opportunities all over our huge world. However, most people have had to leave their families for many years as they work abroad. As a result, couples have divorced, remarried, and left destitute children at the mercy of volunteers and shelters. Some children haven’t been able to meet their old-aged parents’ needs because the money they earn from their job is not enough. Lots of seniors die due to illnesses and a lack of financial and emotional support from their children.

Unemployment
In almost all developing countries over half of the working population relied on casual jobs in industries until globalization took root. The advancement of technology has reduced such employment and increased the global need for skilled professionals. The majority of people in developing countries don’t have skills, while the available jobs are poorly paid due to the high demand caused by globalization. Most of the people are left unemployed and unable to meet their basic needs resulting in increased criminal activities such as burglary, pickpocketing, murder, and drug abuse. The rate of unemployment and poverty keeps growing as the gap between the rich and the poor widens.

Increased Lifestyle diseases
Globalization has brought in the consumption of processed foods, planting crops using chemicals to minimize the duration of growth and increase profit. To benefit from the business, animals such as cows are fed on chemicals that make them produce a lot of milk or increase in weight for those that are sold for the meat industry. Due to increased ingestion of chemicals from foods, chronic diseases are on the rise. The mortality rate is high. Furthermore, there is a reduction in the lifespan in developing countries.

Abandonment of Culture
Every community, society, or nation has its values and beliefs, that is to say its culture. They are essential because they mold the acceptable behavior of the people in a particular community. The elders or leaders ensure that the people behave in a morally upright way. However, globalization mixed different cultures. Then people reconsidered their authentic rules and customs regarding their culture as primitive. Some nations from developing countries adopt the western culture and abandon there’s own. The community leaders can no longer pursue their domestic policy punishing citizens for crimes as they did before because they are regarded as backward and primitive by international society. They adopt a culture thathatuite strange and distant from their nature. Due to such policy, people conduct themselves regardless of actual laws. As a result, there is an increased crime as acts such as rape, divorce, and domestic violence get on the rise.

Unequal economic growth.
While globalization tends to increase economic growth for many countries, the growth isn’t equal. Richer countries often benefit more than developing countries.
Lack of local businesses.
The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.

Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.

Exploits cheaper labor markets.
Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.

Causes job displacement.
Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.

Name: Eze Amarachi Ruth
Reg no: 2018/248529
Department: Economics
Assignment

Pros and cons of globalization

What Is Globalization?

Globalization is the spread of products, technology, information, and jobs across national borders and cultures. In economic terms, it describes an interdependence of nations around the globe fostered through free trade.

Globalization is a complicated issue. It is necessary to evaluate the pros and cons before drawing any conclusions.

Pros

Supporters of globalization argue that it has the potential to make this world a better place to live in and solve some of the deep-seated problems like unemployment and poverty.

1. Free trade is supposed to reduce barriers such as tariffs, value added taxes, subsidies, and other barriers between nations. This is not true. There are still many barriers to free trade. The Washington Post story says “the problem is that the big G20 countries added more than 1,200 restrictive export and import measures since 2008.

2. The proponents say globalization represents free trade which promotes global economic growth; creates jobs, makes companies more competitive, and lowers prices for consumers.

3. Competition between countries is supposed to drive prices down. In many cases this is not working because countries manipulate their currency to get a price advantage.

4. It also provides poor countries, through infusions of foreign capital and technology, with the chance to develop economically and by spreading prosperity, creates the conditions in which democracy and respect for human rights may flourish. This is an ethereal goal which hasn’t been achieved in most countries.

5. According to supporters globalization and democracy should go hand in hand. It should be pure business with no colonialist designs.

6. There is now a worldwide market for companies and consumers who have access to products of different countries. True

Cons

• The general complaint about globalization is that it has made the rich richer while making the non-rich poorer. “It is wonderful for managers, owners and investors, but hell on workers and nature.”

• Globalization is supposed to be about free trade where all barriers are eliminated but there are still many barriers. For instance161 countries have value added taxes (VATs) on imports which are as high as 21.6% in Europe. The U.S. does not have VAT.

• The biggest problem for developed countries is that jobs are lost and transferred to lower cost countries.” According to conservative estimates by Robert Scott of the Economic Policy Institute, granting China most favored nation status drained away 3.2 million jobs, including 2.4 million manufacturing jobs. He pegs the net losses due to our trade deficit with Japan ($78.3 billion in 2013) at 896,000 jobs, as well as an additional 682,900 jobs from the Mexico –U.S. trade-deficit run-up from 1994 through 2010.”

• Workers in developed countries like the US face pay-cut demands from employers who threaten to export jobs. This has created a culture of fear for many middle class workers who have little leverage in this global game.

• Large multi-national corporations have the ability to exploit tax havens in other countries to avoid paying taxes.

• Multinational corporations are accused of social injustice, unfair working conditions (including slave labor wages, living and working conditions), as well as lack of concern for environment, mismanagement of natural resources, and ecological damage.

Eze Joy Ozioma
2018/242430
Economics department
An assignment on Eco 362

Globalization is a very common concept used to characterize the current state of the world economy, but differently understood by those who characterize it as a phenomenon. Some perceive it as a complete uniformity, others, on the contrary, as a diversification of proportions, based on the observance of common principles.
The aim of this paper is to present current understanding of globalization as well as environmental changes in the context of globalization and its influence on demographic evolution, population and the global environment. For impartiality in presenting the pros and cons of globalization have been considered both meanings of the concept, as found in literature but also in international operations, as well as positive and negative effects of the phenomenon .
Globalization has also been good for Multi-national corporations and Wall Street. But globalization has not been good for working people (blue or white collar) and has led to the continuing deindustrialization of America.
Pros of globalization are •
Foreign Direct Investment
Foreign direct investment (FDI) tends to grow at a much greater rate than world trade does. This can help to boost technology transfer, industrial restructuring, and the growth of global companies.
Technological Innovation
Increased competition helps inspire new technology development. The growth in FDI helps improve economic output by making processes more efficient.
Economies of Scale
Increased global trade enables large companies to realize economies of scale. This reduces costs and prices, which in turn supports further growth. However, this can hurt many small businesses trying to compete at home.
What Are the Risks of Globalization?
Some of the risks of increased global trade include:
Interdependence
Interdependence between nations can cause local or global instability. This occurs if local economic fluctuations end up impacting a large number of countries relying on them.
National Sovereignty
Some see the rise of nation-states, global firms, and other international organizations as a threat to sovereignty. Ultimately, this could cause some leaders to become nationalistic.6
Equity Distribution
The pros of globalization can be unfairly skewed toward rich nations or individuals, creating greater economic inequalities.
The goal of globalization is to boost economies around the world by making markets more efficient. The hope is that increased global trade will lead to more competition, which will spread wealth more equally. Those who are in favor also claim that trade across borders will help limit military conflicts.
Globalization, a dominant force in the 20th century’s last decade, is shaping a new era of interaction among nations, economies and people. It is increasing the contacts between people across national boundaries in economy, in technology, in culture and in governance.” Rothenberg (2003) states, “Globalization is the acceleration and intensification of interaction and integration among the people, companies, and governments of different nations” (p. 1). Today, globalization turns out to be a multidimensional concept as it covers a lot of areas, such as economic, political, and social areas.
Uncovering the effect of globalization on economic growth is worthy in the era of globalization as the net impact of globalization on economic growth still remains puzzling. Bhattacharya (2004) argues that a substantial proportion of people and countries continue to remain excluded from the rewards of globalization for the asymmetrical nature of the process even though it yields a bunch of benefits including greater freedom of choice, lower prices of goods, and higher income for individuals (p. 7). Benefits from globalization are not just spread unevenly between developed and developing countries, even within countries there is often unequal distribution of benefits (United Nations 2004, p. 229). Kilic (2015) contends that even though the globalization generates opportunities for some countries’ economies and positively promoting their economic growth, it also triggers off poverty, Globalization pushed us to create better systems to track international trade. … Technology empowers efficiency in global trade and reduces cost and time. In addition, production processes became more efficient due to globalization as companies want to maintain their competitive advantage.
Globalization has resulted in greater interconnectedness among markets around the world and increased communication and awareness of business opportunities in the far corners of the globe. More investors can access new investment opportunities and study new markets at a greater distance than before. Potential risks and profit opportunities are within easier reach thanks to improved communications technology.
Products and services previously available within one country are made available to new markets outside the country due to globalization. In addition, countries with positive relations between them are able to increasingly unify their economies through increased investment and trade.
Maintaining Competitiveness
Globalization has had the effect of increased competition. Companies are broadening their target area, expanding from local areas and home countries to the rest of the world. Suddenly, some companies are fighting strong competition from outside their home country. This forced them to source materials and outsource labor from other countries. This story of ‘sourcing and outsourcing’ turned many companies into global ones, actively seeking for production locations and partners for new ventures. Globalization has facilitated this and made the transition to global markets easier.
Technology and Efficiency
More advanced systems are needed to facilitate global trade. Globalization pushed us to create better systems to track international trade. ERP systems are one of the solutions provided to support global trade.
Enterprise resource planning (ERP) is a process by which a company (often a manufacturer) manages and integrates the important parts of its business. An ERP management information system integrates areas such as planning, purchasing, inventory, sales, marketing, finance and human resources.
This technological innovation in global trade has enabled a more efficient environment. Technology empowers efficiency in global trade and reduces cost and time. In addition, production processes became more efficient due to globalization as companies want to maintain their competitive advantage.
However, we still find a gap between globalization and blockchain. Blockchain could help companies become even more ‘global’. It helps companies to save time and money, storing data tamper-proof and improving communication.

NAME:OGBOGU PRECIOUS ADANNA
REG NO:2018/242467
COURSE CODE:ECO 362
DEPT:ECONOMICS EDUCATION
MAIL.Adannaprecious224@gmail.com

Globalization, or globalisation is the process of interaction and integration among people, companies, and governments worldwide. Globalization has accelerated since the 18th century due to advances in transportation and communication technology. This increase in global interactions has caused a growth in international trade and the exchange of ideas, beliefs, and culture. Globalization is primarily an economic process of interaction and integration that is associated with social and cultural aspects. However, disputes and diplomacy are also large parts of the history of globalization, and of modern globalization.
Economically, globalization involves goods, services, data, technology, and the economic resources of capital. The expansion of global markets liberalizes the economic activities of the exchange of goods and funds. Removal of cross-border trade barriers has made the formation of global markets more feasible. Advances in transportation, like the steam locomotive, steamship, jet engine, and container ships, and developments in telecommunication infrastructure, like the telegraph, Internet, and mobile phones, have been major factors in globalization and have generated further interdependence of economic and cultural activities around the globe.
Though many scholars place the origins of globalization in modern times, others trace its history to long before the European Age of Discovery and voyages to the New World, and some even to the third millennium BCE. The term globalization first appeared in the early 20th century (supplanting an earlier French term mondialization), developed its current meaning some time in the second half of the 20th century, and came into popular use in the 1990s. Large-scale globalization began in the 1820s, and in the late 19th century and early 20th century drove a rapid expansion in the connectivity of the world’s economies and cultures.
In 2000, the International Monetary Fund (IMF) identified four basic aspects of globalization: trade and transactions, capital and investment movements, migration and movement of people, and the dissemination of knowledge. Globalizing processes affect and are affected by business and work organization, economics, sociocultural resources, and the natural environment. Academic literature commonly divides globalization into three major areas: economic globalization, cultural globalization, and political globalization.

Advantages of Globalization
1. Transfer of Technology
Transfer of technology throughout the globe is good for us. Any country can borrow the technology through the agreement and can implement it in their country for their overall development. We can communicate each other easily from any part of the globe by using advance technology at minimal cost, time and efforts.

2. Better Services
Globalization always provides us better services. Through the technological advancement our services like water supply, mobile networking, internet, electricity supply and any other services have been easier and better than before. By the way, easy access to the internet throughout the globe is also the result of the globalization.

3. Standardization of Living
The integration of economies as the key process of globalization enables countries to fight against poverty and improve the standard of living of the people.

Many researchers have been stated that when a country open up their trade to the globe, their rate of economic growth is faster and living standards tend to increase.

4. Development of Infrastructure
Due to the technological advancement and its transfer throughout the globe helps to improve country’s infrastructure. Countries are more enabling to deliver their services to the people. Development of infrastructure means overall development of respective countries. Here it is necessary to say that economic growth and development of infrastructure are compatible with each other.

5. Foreign Exchange Reserves
Through globalization countries can build foreign exchange reserves owing to international financial flows.

6. Economic Growth
Globalization entails to optimum utilization of resources wherein deficit resources are procured and surplus resources are exported to other countries. This ensure overall economic growth.

7. Affordable Products
With the access to the latest technology, the countries can provide products to its countrymen at affordable prices. Globalization promotes competition in domestic economies and their endeavor to compete against competition, companies reduce product price or follow penetration pricing strategy.

8. Contribution to World GDP Growth Rate
Globalization ensures contribution of every country to the world GDP growth.

9. Extensions of Market
Above all, Globalization promotes extension of market. It provides an opportunity to the domestic companies in going global. For instance, domestically, companies can witness saturation in the demand for their products or services but through globalization the domestic companies can sustain and satisfy the growing demands of foreign customers.

Disadvantages of Globalization
The globalization that just keeps doing well to us is not true. It impacts us in multidimensional way. So it has some disadvantages also. These ares-

Growing Inequality
Increasing of the Unemployment rate
Trade Imbalance
Environmental Loots
1. Growing Inequality
Globalization can increase inequality throughout the world by increasing specialization and trade. Although specialization and trade boost the per-capita income it may cause relative poverty.
To illustrate this we will take an example. All dominated MNCs in the world are located in the United States. All these companies are buying cheaper labor from developing or underdeveloped countries for their product manufacturing or assembling. China, India and Africa are prime examples of this. It increases the employment of such countries but they are lagging behind relatively developed countries.
Again those companies coming to these countries for cheap labor, they also deprive of that country’s i.e American people from work. So it appears that relative poverty is being created in developed countries as well.

2. Increasing of the Unemployment rate
Globalization can increase unemployment rate. Where people are getting jobs, how is it possible? Here is the explanation.
Globalization demands for higher-skilled work with cheaper price. But countries where Institutions are relatively weak are not capable of producing highly skilled workers. As a result, the unemployment rate is increasing in those countries.
When many foreign companies invest heavily in developing countries, they hire employee from that country. In some cases their salaries are very lower than the other developed countries. Moreover, the demand for these employees in developed countries is very low. Moreover, with the emergence of Global Economic Crisis, their jobs are at risk of losing.

3. Trade Imbalance
The balance of trade refers to the balance of values between a country’s export and import’s goods and services. As the result of globalization, any country can trade to any part of the globe.
That is why, in some cases developing countries are so much dependent on the developed countries in terms of import goods but their export capabilities are lower than import. The trade imbalance has been occurring.
So, trade imbalance refers to the imbalance of values between a country’s import and export’s goods and services. It is also called trade deficits. Trade imbalance may be increase in developed countries by their competitors.

4. Environmental Loots
The pace of industrialization is increasing as the result of globalization. Industrialization boosts the economic growth but it harms environment as well. Globalization loots from the nature and it harm us very badly.
Let’s try to understand with the example. Coca-Cola is the world’s leading soft drink company. This company consume huge amount of water for making soft drinks. In a state of northern India, Uttar Pradesh, a Coca-Cola bottle plant was closed by the government order because of too much usage of water claimed by local farmers.
In North India, the level of ground water is very low, but huge usage of this water for the interest of a MNC is very harmful to domestic farming.
In Kerala, a state of southern India, Coca-Cola plant was also closed due to the polluting the water which was supplied to the local communities.
Also, MNCs use the natural resources of different countries extensively for their personal gain.
Various chemical industries are very harmful to our health by polluting the soil, water, air.

Name: Olayiwola Nurudeen Akanni
Reg No: 2018/246563
Department: Economics
Course: Eco 362
Assignment
Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.
As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
Answer
What Are the Benefits of Globalization?
Globalization can benefit a country’s economy in many ways:
1. Increases economic growth. By increasing the international exchange of goods, technological advances, and information, globalization increases economic development for any country participating in the global economy. An increase in economic growth means better living standards, higher incomes, more wealth in a country, and, often, less poverty—in short, the overall well-being of a country.
2. Makes production more affordable. A global market allows businesses wider access to production opportunities and consumers, meaning that there are more goods available at a wider range of price points.
3. Promotes working together. When different countries come together to engage in trade and investments in a global financial market, they become interdependent and often come to rely on one another for certain goods and services.
4. Brings opportunities to poorer countries. Globalization allows companies to move their production from high-cost locations to lower-cost locations abroad—this means bringing jobs, information technology, and other economic opportunities to countries with fewer resources.
What Are the Disadvantages of Globalization?
While it can benefit nations, there are also several negative effects of globalization. Cons of globalization include:
1. Unequal economic growth. While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.
2. Lack of local businesses. The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
3. Exploits cheaper labor markets. Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.
4.Causes job displacement. Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.

ONUOHA IKENNA MICHAEL
2018/241860

Globalization has become a major feature of the contemporary world as countries have found various ways of engaging is businesses across the world as technology has made the world a global village. Nigeria as well does not seem to be lacking in this global idea, as her policy makers have made policies that gears towards making globalization possible, but this also seems to be in contrast to the self sustainable development plan which same policy makers have deliberated upon because although Nigeria seeks to be sustainably independent, globalization makes her and other global economies interdependent.

EFFECTS OF GLOBALIZATION ON THE NIGERIAN ECONOMY
Positive effects of globalization on the Nigerian economy:

1. As a result of globalization, Nigeria as an economy can increase her specialization and efficiency in production of goods and services.
2. Given the increase in specialization and efficiency in production, Nigeria can export goods that are of better quality and at a lower price.
3. Efficiency in production becomes feasible given larger number of goods produced as production cost decreases as quantity produced increases.
4. For efficiency in production to take place it would mean that there has to be technological progress in the art of production as existing resources are used productively.
5. Globalization boosts investment in the Nigerian local economy which aids in the restructuring of the economy to also boost competition.

Negative effects:
1. Oftentimes globalization influences the values and ideological beliefs of the indigenous cultures of developing nations such as Nigeria.
2. There might exist discrimination against the goods that are produced from a developing country like Nigeria.
3. The goal for national and economic independence creates some international inequality or difference.
4. Even in the face of globalization, the transfer of technological know how from advanced countries to developing nations such as Nigeria is still hindered.
5. As a result of mass importation of gadgets and electronics puts Nigeria in a deficit position on the balance of trade without and corresponding export.

EFFECTS OF GLOBALIZATION ON THE GLOBAL ECONOMY AT LARGE
PRO’S
1. It gives advantages to businesses to seek out the raw resources in place where they are less expensive.
2. It offers companies merits of offering their services to consume in different locale where same services are demanded.
3. Globalization offers consumes globally with a wider variety of goods at a lower cost after manufacturing.
4. Knowledge becomes easily assessable and shareable amongst various institutions which speeds up the economic conditions for wealth creation.

CON’S
1. A major effect of globalization on the world economy is that of environmental problems such as carbon emissions and global warming.
2. As a result of global economic growth and productivity, natural resources are depleted accompanied by the destruction of ecosystems and biodiversity.
3. Another profound effect of globalization is the homogenization of world culture and language and makes culture values disappears.
4. It also contributes to the existing income disparity and inequality in the global society between the rich and poor, the educated and less educated.

NAME: OKOYE ADAEZECHUKWU PRECIOUS
REG NO: 2018/241831
COURSE CODE: 362
COURSE TITLE: DEVELOPMENT ECONOMICS II
Date: 27/01/2022

Assignment
The pros and cons of globalization as it affects our local economy and the global economy at large.

Globalization is a complicated issue. It is necessary to evaluate the pros and cons before drawing any conclusions.

Pros

Supporters of globalization argue that it has the potential to make this world a better place to live in and solve some of the deep-seated problems like unemployment and poverty.

1. Free trade is supposed to reduce barriers such as tariffs, value added taxes, subsidies, and other barriers between nations. This is not true. There are still many barriers to free trade. The Washington Post story says “the problem is that the big G20 countries added more than 1,200 restrictive export.
2. The proponents say globalization represents free trade which promotes global economic growth; creates jobs, makes companies more competitive, and lowers prices for consumers.

3. Competition between countries is supposed to drive prices down. In many cases this is not working because countries manipulate their currency to get a price advantage.

4. It also provides poor countries, through infusions of foreign capital and technology, with the chance to develop economically and by spreading prosperity, creates the conditions in which democracy and respect for human rights may flourish. This is an ethereal goal which hasn’t been achieved in most countries.
5. According to supporters globalization and democracy should go hand in hand. It should be pure business with no colonialist designs.

6. There is now a worldwide market for companies and consumers who have access to products of different countries.
7. Gradually there is a world power that is being created instead of compartmentalized power sectors. Politics is merging and decisions that are being taken are actually beneficial for people all over the world. This is simply a romanticized view of what is actually happening. True

8. There is more influx of information between two countries, which do not have anything in common between them. True

9. There is cultural intermingling and each country is learning more about other cultures. True

10. Since we share financial interests, corporations and governments are trying to sort out ecological problems for each other. – True, they are talking more than trying.

11. Socially we have become more open and tolerant towards each other and people who live in the other part of the world are not considered aliens. True in many cases.
12. Most people see speedy travel, mass communications and quick dissemination of information through the Internet as benefits of globalization. True

13. Labor can move from country to country to market their skills. True, but this can cause problems with the existing labor and downward pressure on wages.

14. Sharing technology with developing nations will help them progress. True for small countries but stealing our technologies and IP have become a big problem with our larger competitors like China.

15. Transnational companies investing in installing plants in other countries provide employment for the people in those countries often getting them out of poverty. True

16. Globalization has given countries the ability to agree to free trade agreements like NAFTA, South Korea Korus, and The TPP. True but these agreements have cost the U.S. many jobs and always increase our trade deficit

Cons

• The general complaint about globalization is that it has made the rich richer while making the non-rich poorer. “It is wonderful for managers, owners and investors, but hell on workers and nature
investors, but hell on workers and nature.”

• Globalization is supposed to be about free trade where all barriers are eliminated but there are still many barriers. For instance161 countries have value added taxes (VATs) on imports which are as high as 21.6% in Europe. The U.S. does not have VAT.

• The biggest problem for developed countries is that jobs are lost and transferred to lower cost countries.” According to conservative estimates by Robert Scott of the Economic Policy Institute, granting China most favored nation status drained away 3.2 million jobs, including 2.4 million manufacturing jobs. He pegs the net losses due to our trade deficit with Japan ($78.3 billion in 2013) at 896,000 jobs, as well as an additional 682,900 jobs from the Mexico –U.S. trade-deficit run-up from 1994 through 2010.”

• Workers in developed countries like the US face pay-cut demands from employers who threaten to export jobs. This has created a culture of fear for many middle class workers who have little leverage in this global game

• Large multi-national corporations have the ability to exploit tax havens in other countries to avoid paying taxes.

• Multinational corporations are accused of social injustice, unfair working conditions (including slave labor wages, living and working conditions), as well as lack of concern for environment, mismanagement of natural resources, and ecological damage.
• Multinational corporations, which were previously restricted to commercial activities, are increasingly influencing political decisions. Many think there is a threat of corporations ruling the world because they are gaining power, due to globalization.

• Building products overseas in countries like China puts our technologies at risk of being copied or stolen, which is in fact happening rapidly

• The anti-globalists also claim that globalization is not working for the majority of the world. “During the most recent period of rapid growth in global trade and investment, 1960 to 1998, inequality worsened both internationally and within countries. The UN Development Program reports that the richest 20 percent of the world’s population consume 86 percent of the world’s resources while the poorest 80 percent consume just 14 percent. “

• Some experts think that globalization is also leading to the incursion of communicable diseases. Deadly diseases like HIV/AIDS are being spread by travelers to the remotest corners of the globe.

• Globalization has led to exploitation of labor. Prisoners and child workers are used to work in inhumane conditions. Safety standards are ignored to produce cheap goods. There is also an increase in human trafficking.

NAME: ANYANWU COLETTE CHINAZAEKPERE
REG. NO: 2018/242442
EMAIL: colettechinazaekpere@gmail.com
DEPARTMENT: ECONOMICS (MAJOR)

The pros and cons of globalization as it affects our local economy and the global economy at large.

Things have got cheaper, but has life got better?
Globalization has transformed the modern world. It shapes, and will continue to shape, the way people do business, travel, and connect. Globalization provides a wealth of benefits, but it also comes with economic and cultural consequences that can be difficult to navigate. As globalization continues to shape worldwide interactions in commerce, technology, and more, companies will need to understand both its benefits and challenges.
Globalization” refers to interconnectedness among countries through various relationships, from business, geopolitics, and technology to travel, culture, and the media.
Imagine a pair of jeans in the mall with a “made in China tag” inside.
Imagine a business call with members of eight different countries. Imagine a joint United Nations peacekeeping mission in which different member nations join forces to save lives on another continent.

Globalization informs all these scenarios.

Though it has become commonplace to say it, it’s true that the world is getting smaller. You can use a phone to reach someone instantly, no matter how far across the globe that person is. You can Skype, text, or use Whatsapp.
You can get on a plane and in a matter of hours show up halfway around the world. Globalization is part of that shrinking world, bringing people together for common — or competitive — goals.

Every industrial revolution has driven a wave of globalization.
The first wave was driven by innovations such as the steam engine and the industrial weaving machine; the second by the assembly line, the car and the plane; and the third by the digital revolution.

As we enter the fourth wave of globalization, driven by the digital revolution, there is renewed debate over whether it is a beneficial force: powering economic growth, and allowing the spread of ideas to improve people’s lives; or whether it erodes communities, and widens the gap between the elites and the rest of the world.

Globalization results in increased trade and lower prices. It heightens competition within domestic product, capital, and labour markets, as well as among countries adopting different trade and investment strategies.

But how do these impacts net out?
What are the positive and negative effects of globalization?

Overall, what are the pros of globalization?

The advantages of globalization are actually much like the advantages of technological improvement. They have very similar effects: they raise output in countries, raise productivity, create more jobs, raise wages, and lower prices of products in the world economy.

What might be the pros of globalization that someone would feel in their day-to-day life?

I think something that’s not sufficiently appreciated about,
For instance, international trade is that it reduces the prices of goods that they consume. So if you look at day-to-day things that you purchase, in terms of washing machines, or cars, or even clothing, because of international trade we’ve had a decline in prices of these goods, so they have become far more affordable for a lot of people in the world.

How have the benefits played out in advanced economies versus poorer ones over the last three decades?

Both advanced economies and developing economies have benefited overall in terms of having higher productivity, more job creation, and higher wages. As we’ve always known, and this is true again with technology, there are always some winners and losers. So there are communities and there are workers who lose out when there is more trade integration. That is what we’re seeing right now in terms of discontent with international trade.

Who have been the biggest losers?

The biggest losers from international trade are always those whose skills have a cheaper competitor in a different market. So, in the case of the US, it’s been those who work in the manufacturing sector because jobs in the manufacturing sector have been outsourced to countries where labour is far cheaper.

On the other hand, in developing countries, more capital-intensive goods get imported more cheaply from the outside. So if you’re a manufacturer of a capital-intensive good in a developing country you tend to lose because of that competition.

This is how it is with international trade: production goes to wherever it is most efficient to produce. So, when people in any country are exposed to this kind of competition, some win and some lose.

Has this wave of globalized trade been a net positive or a net negative?

If you say, I’m going to look at it from a measure of overall effect on a country’s income, on its purchasing power, on the prices that its people pay, overall I think the evidence that we have all points to it being a net positive.

Now, if you frame the question as, has international trade been good for the manufacturing worker in the US?
Then the answer to that would be “not fully”; it’s been very costly in terms of jobs and wages for them.

THE PROS OF GLOBALIZATION

1. Quick Technological Advances

For developing countries, especially, being able to skip the long technological development processes of industrialized countries brings rapid progress. For example, cell phones came quickly to the African continent, with cell phone use currently growing every year in sub-Saharan Africa and approaching 90% in countries such as South Africa.

The rapid adoption of mobile technology has spurred entrepreneurism in countries like Kenya. Where it is dangerous or difficult to travel, small business owners simply use their mobile phones to reach clients and contractors. Most Kenyans don’t have access to banks or bank accounts, but they can use their phones to send and receive funds, using a text-based app since most mobile phones in the country are not smartphones. They can also use their phones to track the prices of crops and find out which markets will bring in more money.

Rapid technological advances have benefits other than economic ones. Pregnant women without access to traditional medical care can use their phones to keep in touch with midwives. The midwives, in turn, use their phones to connect to a system that doctors monitor at all hours. The infant mortality rate in Kenya, especially in its slums, is one of the top 65 in the world, but globalization has provided tools to help address some of the difficulty with pre- and postnatal care.

2. Better Products at Lower Prices

Global competition in the markets leads to both quality and affordability. As consumers realize they have a variety of options from all corners of the globe, they will choose to purchase the best and cheapest options, requiring companies to enhance quality and provide affordable prices if they wish to remain competitive. The outsourcing of work also contributes to lower prices, as many companies hire foreign laborers to do the work for lower pay.

3. Collaboration and Shared Resources

Combining efforts and resources allows for more creativity and innovation to solve problems that affect people all around the globe. Conservation efforts and efforts to combat rising carbon emissions, for example, will require a concentrated global effort if they are to succeed. Nongovernmental organizations (NGOs) use a collaborative approach to address issues that are not confined within borders, such as child labor, human trafficking, and health care and disease prevention.

4. Cross-Cultural Exchange
Not all the positive effects of globalization take place at the scale of billions and trillions of dollars. Cross-cultural exchanges of ideas, food, music, media, and language are just as valuable.

Individuals who travel around the world for business or leisure and try different foods, listen to different music, read different books, gain exposure to different media outlets, and learn to express themselves, even poorly, in another language gain a broader perspective on the world. Their new knowledge helps develop stronger empathy and appreciation for people of other cultures.

5. Spread of Knowledge and Technology
Arguably one of the top advantages of globalization has been the rapid spread of technology worldwide. Google, Dell, and Microsoft, for example, all have offices on many continents. Developing countries often appeal to investors because of the huge potential for growth. The resulting advancements lead to results like the spread of motorized farm machinery in Southeast Asia, for instance, where there had previously only been manual labor.

NGOs also compile and spread knowledge. When medical professionals from around the world came together through Doctors Without Borders, in cooperation with the World Health Organization, and worked to eradicate SARS in Vietnam, they prepared a “SARS kit” afterward and developed guidelines for dealing with the infection. They shared these materials worldwide to help hospitals deal with the illness.

6. Increased Household Income
The European Centre for International Political Economy reports that globalization has helped reduce high inflation rates in western economies, so each dollar of consumer spending goes further. This development also has the effect of increasing real wages by lowering the cost of living. Additionally, competition on the global market means the prices of many items have declined, so purchases that were once unaffordable luxuries, such as laptops, cars, and washing machines, are now affordable for many people.

7. Increased Flow of Capital

The economic benefits of globalization to much of the world are hard to ignore. Increased trade to larger and more diverse markets results in greater revenues and increased gross domestic product (GDP). World GDP has grown from about $50 trillion in 2000 to about $75 trillion in 2016, primarily as a result of economic interdependence and the increased global trade it allows.

India, for example, is a country whose GDP has benefited immensely from globalization in the technology sector:

The United States relies on India for half of its computer service imports.
India has seen an increase in the value of its computer service exports from $11 billion in 1995 to almost $110 billion in 2015.
Economic growth in India correlated substantially with this increase, averaging 6.5% a year during that time.

CONS OF GLOBALIZATION

1. Exploitation

American companies have been known to use cheap foreign sweatshop labor to make cheap American goods. Wealthy, industrialized countries have shipped their trash to China and Malaysia. Exploiting cheap markets and lax regulations in developing nations has caused pollution and suffering in those countries, even as profits soar abroad.

At mines in the Democratic Republic of Congo, where metals needed for electronics abound — gold and tungsten, tin and tantalum — armed militia groups, often using child soldiers, have taken over, keeping power with violence and trading minerals for guns. Though the world gold price quadrupled over 10 years and electronics have become ever cheaper, globalization has not alleviated the poverty and violence in the country.

2. High Investment Costs

Globalization presents challenges for multinational corporations in terms of capital investment and leadership. Setting up a business in a new country, especially a developing country, requires substantial upfront capital. The needed infrastructure may not be in place.

Roads, electrical grids, broadband internet, water, and sanitation may need to be upgraded or developed from scratch. It can also be difficult to find and retain managers with the requisite skills to add value to the company and work effectively within the local culture.

3. Confusing Local Systems

Multinational corporations also face the challenge of contending with different laws in different countries. Sometimes they must contend with different types of legal and banking systems entirely. Difficulty navigating these systems may lead to impediments in expanding to new countries and severe repercussions for missteps made.

4. Weak Regulation

Fewer regulatory bodies exist for international business enterprises. Navigating the international markets can thus sometimes feel like the Wild West. Interconnected markets also mean that with a lack of regulation, if something goes wrong, the repercussions will resound globally. The global financial crisis, for example, hit many nations hard.

5. Immigration Challenges
Increasing populations of immigrants and refugees present a challenge for industrialized nations. Though countries may wish to help, too large an influx puts a strain on resources and social structures. Countries find themselves limited in the aid they can provide without detriment to their own citizens.

6. Localized Job Loss

Globalization can contribute to a decline in job opportunities as companies move their production facilities overseas.
Forbes reports that the move toward globalization has led to deindustrialization throughout the United States, which was once home to many more factories and auto plants. When American companies move their production to China and other countries with plentiful, cheap labor, American workers suffer under factory closures, layoffs, and skyrocketing unemployment rates where they live. According to the Economic Policy Institute, the U.S. trade deficit with China — that is, the amount by which our imports, which tend to cost U.S. jobs, exceed our exports, which tend to provide them — has lost the United States 3.4 million jobs since 2001.

Reg no: 2018/241875
Economics major.

Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures. Supporters say that this is making countries more interdependent on free trade. But critics maintain that it is also concentrating wealth in the corporate elite, disrupting industries and making local economies more vulnerable.

This process has roots in ancient civilizations that traded for valuable commodities that were unavailable in their homelands. But today, you can also see how large corporations similarly thrive as multinational businesses with offices and supply chains stretching around the globe.

In the recent economy, trade agreements have become the cornerstones of globalization, creating and expanding networks for trade and infrastructure. This is the case with NAFTA, which was renegotiated by the Trump administration in 2020 as the United States-Mexico-Canada Agreement (USMCA). Initially, NAFTA incentivized U.S. businesses to relocate partially to take advantage of low-cost labor in Mexico. However, the USMCA has added protections for U.S. workers against this type of competition.

Globalization has also come under scrutiny with President Joe Biden’s recent $2.3 trillion infrastructure and jobs plan. Many large multinational companies like Amazon were singled out by Biden for taking advantage of tax loopholes to avoid paying federal income taxes. The President said that he would raise corporate taxes and eliminate these loopholes and foreign tax credits to fund his plan.

While governments focus on removing national barriers to promote global trade, they are also working on protecting local economies that could easily get disrupted.

THE PROS OF GLOBALIZATION
1. Globalization Broadens Access to Goods and Services
It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

2. Globalization Can Lift People Out of Poverty
The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

3. Globalization Increases Cultural Awareness
Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

4. Information and Technology Spread More Easily With Globalization
Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

CONS OF GLOBALIZATION
1. Workers Can Lose Jobs to Countries With Low-Cost Labor
This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.

Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.

Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.

3. Globalization Can Contribute to Cultural Homogeneity
Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

4. Globalization Empowers Multinational Corporations
Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements.

Okoli chibuzor Divinelove
2018/249713
Eco 362

PROS OF GLOBALISATION
1. Globalization facilitates trade.
2. Better job Opportunities.
3. Increase in global GDP.
4. Global research collaborations.
5. Changes in value systems.
6. Reduction in labour exploitation.

CONS OF GLOBALISATION
1. Food speculation.
2. land speculation.
3. Increase in consumption per capita.
4. Increase in average pollution levels.
5. Increase in migration.
6. Facilitation of money laundering.

Online quiz
Ezeilo Kanayochukwu Chimuanya
2018/242412

PROS OF GLOBALIZATION

1. It brings about economic Growth :
It’s widely believed that increased globalization leads to greater economic growth for all parties.

2. It gives access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.

3. It gives access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this, work can significantly contribute to the local economy.

4. It gives access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.

5. Increased global cooperation
For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction though not an elimination of conflict.

6. Increased Cross-Border Investment
According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.

CONS OF GLOBALIZATION

1. Increase in competition
When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition. With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.

2. Disproportionate growth
Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.
Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic downfall to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.

3. It brings environmental concerns or environmental pollution.
Increased globalization has been linked to various environmental challenges, many of which are serious, including:
Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
The introduction of potentially invasive species into new environments.

4. Workers Can Lose Jobs to Countries With Low-Cost Labor: Due to globalization, citizens of a domestic country can lose their job due to trading of in the international market. When domestic countries are not importing goods and services more than their exporting, causing workers not to have jobs or may even lose them.

IHEKWOABA ALEX EZIHE
2018/243746
ECONOMICS DEPARTMENT

What Is Globalization?

Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures.

The PROS of globalization a are;

1. Economic Growth

It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:

Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.

Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.

Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.

The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.

2. Increased Global Cooperation

For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.

“Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world’s nations will fall back into the catastrophe of war.”

3. Increased Cross-Border Investment

According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.

The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.

THE CONS are;

1. Increased Competition
When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.

With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.

“Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”

2. Disproportionate Growth
Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.

Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.

“Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”

3. Environmental Concerns
Increased globalization has been linked to various environmental challenges, many of which are serious, including:

Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
The introduction of potentially invasive species into new environments

HOW THE PROS AND CONS OF GLOBALIZATION AFFECTS THE ECONOMY OF THE COUNTRY;

The globalization process, which began more than a decade and a half ago trapped Nigeria on the basis of political instability. The main features of globalization includes the liberalization of trade, the free movement of capital and the rapid development of information technology.
Globalization offers opportunities windows when development rates and exchange rates, terms of trade etc., are on a positive and reasonable scale. In Nigeria, in the mid-eighties, utility and public infrastructure had come in very bad condition. The road network were in poor condition. Schools and hospitals.As a result of activities related to oil, agriculture was neglected.
After Dauda (2009; 84) the impact of globalization is characterized by the following

1. Uncompetitive and collapsing industrial sector activities (30% surviving in the previous 10 years.)
2. Rapid increase in unemployment, under employment and poverty (about 60% of the youth aged 14-25 years) amounting into 3 million jobless people entering the labour market annually.
3. Social instability (ethnic nationalist and religious friction)
4. Hyper inflation covers 50% between (1985 – 1995)
5. Unstable exchange and interest rates
6. Low productivity and
7. Endemic corruption and greed.

Abalihi Chukwuebuka Ernest
2018/245128
Economics
What is Globalisation
Globalisation is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures. Supporters say that this is making countries more interdependent on free trade. But critics maintain that it is also concentrating wealth in the corporate elite, disrupting industries and making local economies more vulnerable.
This process has roots in ancient civilizations that traded for valuable commodities that were unavailable in their homelands. But today, you can also see how large corporations similarly thrive as multinational businesses with offices and supply chains stretching around the globe.
In the recent economy, trade agreements have become the cornerstones of globalization, creating and expanding networks for trade and infrastructure. While governments focus on removing national barriers to promote global trade, they are also working on protecting local economies that could easily get disrupted. Let’s break down the advantages and disadvantages of globalization.
Advantages of Globalization
1. Globalization Broadens Access to Goods and Services
It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

2. Globalization Can Lift People Out of Poverty
The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

3. Globalization Increases Cultural Awareness
Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

4. Information and Technology Spread More Easily With Globalization
Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Nigeria or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

Disadvantages Of Globalization
1. Workers Can Lose Jobs to Countries With Low-Cost Labor
This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor. Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.
2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.

Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.
3. Globalization Can Contribute to Cultural Homogeneity
Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches American movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.
4. Globalization Empowers Multinational Corporations
Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements.
Conclusion
Supporters and opponents of globalization generally agree that the phenomenon has created winners and losers. Supporters argue that the benefits outweigh the drawbacks, while critics want to either improve the conditions of global trade or, in some cases, roll back globalization.