Globalization is positive for economies but its negative sides should not be ignored. To what extent do you agree or disagree?

Advances in transportation combined with free trade agreements between many nations worldwide have enabled

globalization

to happen at an unprecedented speed in

this

century. Some people claim that

this

phenomenon is certainly beneficial for the economy but it

also

accompanies various consequences that require public attention. I totally agree with

this

claim and will explain why in

this

essay. Perhaps the most important advantage of increasing

world

trade is the drop in prices for numerous commodities in the market. Indeed,

globalization

enables companies to locate their factories in developing

countries

, where the labour resources are abundant and workers have lower expectations in salary compared to their counterparts in developed

countries

.

This

saving obviously paves the way for multinational entrepreneurial organizations to cut down the price of the product, which not only helps boost their competitiveness but

also

benefits customers around the

world

.

For instance

, multiple

businesses

from the US nowadays can cut down the costs of their goods dramatically and make them affordable to users in developing

countries

, thanks to the cheap manufacturing expense of their factories located in China.

Secondly

, a globalized

world

also

plays a pivotal role in accelerating the pace of technological diffusion across nations.

This

certainly leads to rising domestic production, for not only emerging economies but

also

advanced ones,

therefore

promoting social mobility around the

world

. Turning to possible negative effects, it appears that

globalization

poses a huge threat to the continuing existence of various cultural values worldwide. In fact, the success of certain cultures throughout the

world

causes other

countries

to emulate them, leading to the ignorance of the public of local values and eventually forcing these minor cultures to fall into oblivion.

Moreover

, the increasing power of multinational companies is

also

believed to hinder the growth of small and regional industries in emerging economies. Many local

businesses

may go bankrupt after several years because of the unfair competition against international organizations.

For example

, many

businesses

in Vietnam nowadays face the difficulty of hiring new workers because high salaries and better working conditions in global companies like Samsung, LG, Honda, etc seem more attractive to local people.

This

is a pressing matter for multiple developing

countries

nowadays since the growth of domestic

businesses

is of paramount importance for the economic prosperity of a country. Overall,

globalization

has important merits to the progression of the economy worldwide, but governments should

also

pay close attention and take practical steps to ameliorate the negative implications caused by

this

phenomenon.