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

As the twenty-

first

century unfolds, the use of the term

globalization

has become increasingly prevalent. Technology, transportation, and communications advancements have resulted in a global economy, social, political, and cultural interconnection. There is no doubt that

globalization

has had both beneficial and detrimental effects which must be addressed. On the one hand, it is true that

globalization

has brought benefits to all countries through the facilitation of international trade, technical advancement, and the advancement of information. Taking advantage of these incentives has helped the country attract innovation and product development.

In addition

, there are growing numbers of entrepreneurs launching their own labels and inviting foreign direct investment, thereby creating more jobs for the country at large. There is no doubt that the positive aspects of

globalization

will lead to economic growth as a whole.

On the other hand

,

globalization

is generally beneficial in many ways, but there remains a disparity in terms of growth resulting from the trend, as richer countries benefit more from it than poorer nations. It is

also

possible that

globalization

will adversely affect the business sector of other nations that will not be able to compete with multinational enterprises. In the marketplace, small and medium-sized firms will face substantial competition from large corporations.

In addition

, the rise in tourism contributes to a greater possibility of pandemics spreading quickly.

This

assertion has been proven through the Covid-19 epidemic, which has spread throughout the world.

Globalization

has proven to be essential to the economic and employment development of developing countries.

However

, it is important that governments and firms take the appropriate steps to ensure that the country is prepared for free trade.