Economic Globalization: Positive and Negative Sides Report

Exclusively available on Available only on IvyPanda® Made by Human No AI

Economic globalization is an inevitable process due to many reasons, but many people argue that it has a detrimental effect on the development of many countries or even the entire world. Nevertheless, globalization positively influences the evolution of human society at large, although some adverse effects are apparent (Wade, 2004). First, it is essential to understand the benefits of economic globalization to embrace it rather than try to oppose it.

Undoubtedly, economic globalization enables people to trade more efficiently and effectively as they have access to diverse resources and markets. An entrepreneur in every part of the world can offer products and services to people from other continents with the help of technology. The abundance of ideas contributes to the creation of new products making people’s lives more comfortable (Sen, 2012). Individuals, companies, and countries can collaborate to conduct complex projects.

However, such aspects as inequality are often raised in relation to economic globalization. It is argued that globalization is a manifestation of western imperialism as rich countries exploit the resources of developing countries (Sen, 2012). As a result, the opponents of globalization argue poor countries become even poorer. However, it is found that globalization is not directly linked to poverty and equality (Wade, 2004). Poor countries’ governments’ inability to cope with corruption and the lack of flexibility to adapt to new technological and cultural realms leads to inequality. Moreover, Sen (2012) stresses that emerging countries can and will also benefit from economic globalization if specific measures are undertaken. Thus, technologically advanced countries must be responsible in terms of using resources (supplied by developing countries), and developing countries must be committed to change and social stability within their boundaries (eliminating corruption and other issues). All in all, globalization can make all societies better and even contribute to the decrease in inequality globally.

References

Sen, A. (2012). How to judge globalism. In F. J. Lechner & J. Boli (Eds.), The globalization reader (pp. 16-21). John Wiley & Sons, Ltd.

Wade, R. (2004). Is globalization reducing poverty and inequality? World Development, 32(4), 567-589. Web.

More related papers Related Essay Examples
Cite This paper
You're welcome to use this sample in your assignment. Be sure to cite it correctly

Reference

IvyPanda. (2022, December 26). Economic Globalization: Positive and Negative Sides. https://ivypanda.com/essays/economic-globalization-positive-and-negative-sides/

Work Cited

"Economic Globalization: Positive and Negative Sides." IvyPanda, 26 Dec. 2022, ivypanda.com/essays/economic-globalization-positive-and-negative-sides/.

References

IvyPanda. (2022) 'Economic Globalization: Positive and Negative Sides'. 26 December.

References

IvyPanda. 2022. "Economic Globalization: Positive and Negative Sides." December 26, 2022. https://ivypanda.com/essays/economic-globalization-positive-and-negative-sides/.

1. IvyPanda. "Economic Globalization: Positive and Negative Sides." December 26, 2022. https://ivypanda.com/essays/economic-globalization-positive-and-negative-sides/.


Bibliography


IvyPanda. "Economic Globalization: Positive and Negative Sides." December 26, 2022. https://ivypanda.com/essays/economic-globalization-positive-and-negative-sides/.

If, for any reason, you believe that this content should not be published on our website, please request its removal.
Updated:
This academic paper example has been carefully picked, checked and refined by our editorial team.
No AI was involved: only quilified experts contributed.
You are free to use it for the following purposes:
  • To find inspiration for your paper and overcome writer’s block
  • As a source of information (ensure proper referencing)
  • As a template for you assignment
Privacy Settings

IvyPanda uses cookies and similar technologies to enhance your experience, enabling functionalities such as:

  • Basic site functions
  • Ensuring secure, safe transactions
  • Secure account login
  • Remembering account, browser, and regional preferences
  • Remembering privacy and security settings
  • Analyzing site traffic and usage
  • Personalized search, content, and recommendations
  • Displaying relevant, targeted ads on and off IvyPanda

Please refer to IvyPanda's Cookies Policy and Privacy Policy for detailed information.

Required Cookies & Technologies
Always active

Certain technologies we use are essential for critical functions such as security and site integrity, account authentication, security and privacy preferences, internal site usage and maintenance data, and ensuring the site operates correctly for browsing and transactions.

Site Customization

Cookies and similar technologies are used to enhance your experience by:

  • Remembering general and regional preferences
  • Personalizing content, search, recommendations, and offers

Some functions, such as personalized recommendations, account preferences, or localization, may not work correctly without these technologies. For more details, please refer to IvyPanda's Cookies Policy.

Personalized Advertising

To enable personalized advertising (such as interest-based ads), we may share your data with our marketing and advertising partners using cookies and other technologies. These partners may have their own information collected about you. Turning off the personalized advertising setting won't stop you from seeing IvyPanda ads, but it may make the ads you see less relevant or more repetitive.

Personalized advertising may be considered a "sale" or "sharing" of the information under California and other state privacy laws, and you may have the right to opt out. Turning off personalized advertising allows you to exercise your right to opt out. Learn more in IvyPanda's Cookies Policy and Privacy Policy.

1 / 1