Globalization is the process of transformation of local phenomena into global ones. It is when different countries start to connect together as a whole. It has brought both negative and positive impacts to the world. Therefore, in this essay, both positive and negative impacts will be presented.
First of all, let us look at what impacts globalization brought to the global economy. Globalization connected the global economy together. For the negative impacts, since the markets are all globally connected together when one market falls, the world’s economy collapses. Let us take the United State financial crisis that is currently happening for an example. The US market turned into a disaster because of sub-primary mortgages and the products derived from them. Financial companies started to give out mortgages without checking people’s credibility. Therefore, people who could not afford mortgages also got mortgages. Eventually, the crisis started because people could not pay for the mortgages anymore. Banks and financial companies have all these houses that people would not buy because no one has the money to afford a new house. Finally, banks and financial companies went bankrupt. US stock markets collapsed. Other countries got affected because the world’s biggest buyer, United State, suddenly stopped buying. World’s economy slowed down and, eventually, the market collapsed.
The second negative effect is an environmental effect. After global economy rose, corporations started to produce more and more, because people started to ask for more. However, in order to produce the most in the shorted amount of time, the factories would have to break the environmental regulations and, of course, care less for the workers. Globalization brought up the global economy and made the corporations have to do things that are immoral and unethical. Most importantly, it is hard to find someone to be responsible for the consequences, because the globe is connected together and “everyone” should be blamed for the consequences.
However, the effects of globalization are not all negative. Globalization has brought up the world’s economy. Countries trade goods with each other. It hastened the trading rate. By trading with each other, knowledge and technologies exchanged and was shared among countries; therefore, the world innovated and improved faster. Globalization not only exchanged ideas and knowledge but also created positive competition between countries.
Finally, I would like to end the essay with some hope. The globe has globalized. There are both positive and negative impacts of globalization. Why not use the positive impacts to try to defeat those of the negatives. Since the global is all connected together, the countries have the advantage to share ideas and solve problems together. The countries could use the connectedness to share knowledge and ideas to solve major environmental and global problems that no one country can solve alone.
In conclusion, I believe that globalization is overall good the world. Although there are some negative impacts; however, the positive impacts could overcome those negative impacts and make the world a better place.