Even though globalization affects the world’s economies in a very positive way, its negative side should not be forgotten. Discuss.

Globalization is the commonly used term in today’s era. It simply means that the world has become integrated economically, socially, politically and culturally through the advances in technologies, transportations and communications.

This

phenomenon has positive and negative effects, which must be addressed

accordingly

. To embark with, globalization has contributed to the world’s economy in many beneficial ways. The enhancements in science and technology made it possible to overcome territorial boundaries for all businesses.

Consequently

, businesses thrive in different nationalities and raise more profit.

Moreover

, they can provide better quality of goods, services and contribute to better standard living.

In addition

, Several companies from more developed countries have branches in developing countries.

Such

that they get advantage of low cost labour and low maintenance and investment fund for their business.

However

, One cannot deny the detrimental effects, which were derived from globalization. The major drawback is spreading deadly diseases due to ease to transportations and supply.

This

adds the huge risk and danger to the whole population of the world.

For example

, a recent deadly Corona virus has spread all over the world in a quite short period of time, though it started from China.

Besides

this

, Large corporation invests or takes over many local offshore businesses, a modern form of colonization will

also

involve many pose certain power pressure on local government.

Furthermore

, unemployment rates in developed countries like Europe may

also

escalate due to availability of cheap cost labour from Asian countries. To put

this

in a nutshell, I opine that even though globalization has fairly positive benefits for the world’s economy, its gloomy side cannot be neglected. Though balanced approach from by taking appropriate steps to deal with matters may help nations to overcome the negative side.