Even Though Globalization Affects The World’s Economies In A Very Positive Way, Its Negative Side Should Not Be Forgotten
Even though globalization affects the world’s economies in a very positive way, its negative side should not be forgotten.
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Band 7 IELTS essay sample
Globalization has indeed made the world a smaller place to live in. It has connected the world closely, thereby making it easy for people to trade across the globe. However, this has impacted small scale businesses by changing the dynamics of the market.
Artisans across the world can now ship their products and spread awareness about their niche skills across the globe through global delivery arrangements. This helps them earn revenue from across the world and improve their standard of living. Global giants like Facebook and Google have been successful in spreading awareness about global politics, education, etc. This enables people to have full knowledge of what is happening across the globe enabling them to expand their business or take calculative decisions.
However, the flip side of globalization is that there are very minimal restrictions on data manipulation. Consumer behaviour is being manipulated on Facebook and Twitter to win elections. Small businesses that have been running successfully across generations are running into losses as global companies take over their business. This has a huge impact on countries that run on small scale industries. It has also led to the culture of startups where in young minds develop a unique product or service and are then forced to sell it to global giants as it is not possible for them to survive on their own.
Therefore, while globalization has been successful in enabling consumers to have enough awareness to make an informed decision, it has forced countries to change their entrepreneurial behaviour drastically to survive in the market. Also, these changes are more frequent making it a very competitive world and negatively impacting our population psychologically.
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