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discuss positive and negative effect on globalization

Economics

discuss positive and negative effect on globalization

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The spread of technology, products, goods and services across borders is known as globalization. It has both positive as well as negative effects.

Positive effects

  • It gives rise to jobs in developing countries.
  • It brings new industries in market.
  • It has reduced knowledge gap between countries by increasing the access to universities.
  • Consumers get a wide variety of goods to choose from.

Negative effects

  • It is believed and has been observed that globalization operates in the interest of richest countries mainly and the poor countries are neglected. Moreover, rich countries start dominating the world trade.
  • Globalization has increased global demand which has led to an increase in environmental degradation levels.