The Negative Aspects Of Economic Globalization

963 Words2 Pages

Name: Hap Thi Quyen
Class: 13E19 WRITING ESSAY
Topic 2:
Globalization is the cluster of technological, economic, and political innovations that have drastically reduced the barriers to economic, political, and cultural exchange. In recent decades, economic globalization definitly is becoming a popular trend in the world with the strong developing of industrialization and modernization. It is the increasing of economic integration and interdependence of national, regional and local economies across the world through an intensification of cross-border movements of goods, services, technologies and capital. Most policy analysts and some academics are arguing that whether economic globalization …show more content…

It results in both positive and negative aspects. It is often claimed that working conditions of unskilled workers deteriorate in the course of economic globalization and that jobs of unskilled workers even disappear(e.g, Heine and Thakur 2011, Stigliz 2002, Wood 1995, 1998) because of two reasons. Firstly, internationalization is supposed to increase competitive pressure. As a consequence, firms decrease wages, rationalize production processes and demand more from workers. Secondly, globalization is also believed to induce governments to deregulate labor markets to provide advantages to national and foreign investors. Government may do so, for example, by reducing employment protection, unemployment benefits and minimum wages because capital is mobile, shareholders have many options to invest, thus, strong bargaining power.Trade liberalization amplifies the firms’ bargaining power More competitions between firms and increasing trade liberalization is considered to induce race to bottom at the expenses of workers, and labor market deregulation, in particular, is often held responsible for deteriorating working conditions and well-being of workers(e.g OECD 2004, chater 2, Haberlia et al …show more content…

Globalization, of course, does more than simply increase the availability of foreign-made consumer products and disrupt traditional producers. It is also increasing international trade in cultural products and services, such as movies, music, and publications. The expansion of trade in cultural products is increasing the exposure of all societies to foreign cultures. And the exposue to foreign cultural goods frequently brings about changes in local cultures, values, and traditions. For example, Vietnamese teenagers may appear to have more in commomn with their counterparts in Los Angeles, affected by their culture, history and

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