Even though globalization affects the world's economies in a very positive way, its negative side should not be forgotten. What is your view? Discuss.

With the introduction of the globalization program, the global economy and the prosperity of its citizens has been demonstrated to grow as the world advances.

However

, it is important for people to realize that

this

notion is not perfect and still contains some detrimental elements for society. On the one hand, when modernity was introduced, it has been highly beneficial for the world's economy in numerous ways. Through free trade agreements, multiculturalism helps nations work together and overcome cultural and racial barriers.

This

has resulted in an exponential growth in sales and profits from transporting goods to and from different areas.

Moreover

, the companies have the opportunity to export their products worldwide to meet their customers, and the clients from all across the globe have access to a variety of goods imported from various countries.

This

strengthens the global supply chain, strengthens the link between suppliers and their customers, and benefits not only businesses but

also

the overall economic growth of a country.

On the other hand

,

this

global scheme may negatively affect some sectors of the economy. The influx of corporations from around the globe and the monopoly of many industries have made it feasible to disrupt local manufacturing and start-ups with intense competition. Brands

such

as Nike and HnM,

for example

, tend to meet consumers' tastes rather than an unknown product, affecting their profits.

Further

, employment rates are decreasing in some developed countries as companies choose to operate in developing countries because of the lower cost of maintenance and the easier availability of labour, resulting in an increase in wealth distribution. In conclusion, globalization has tremendous benefits, but governments should be cautious about its potentially detrimental effects.

However

, it is important for people to realize that

this

notion is not perfect and still contains some detrimental elements for society.