What Are The Adverse Effects Of Globalization?

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Globalization is the process of integration. Integration is referring to accelerate changes in the form of information technology, transportation, communication, international trade and free flow of goods and services including people. The business dictionary (2005) defines globalization as, “The worldwide movement towards economic, financial trade and communications integration.” Globalization has either good or bad effect on business, governments, environment and people or the entire economy. It is too broad to explain all the integration process of globalization. This essay will only discuss on the benefits and effect of globalization on the accounting profession as the course of my study, its effect on government and people of Pacific and how to go about dealing with the effects.
What are the Benefits of Globalization? What are the Adverse Effects of Globalization?
Globalization introduces new accounting language into the business environment to obtain transparency, accountability and accuracy on the economic events of …show more content…

This is because the pacific island countries are more lenient to the developed nation to access funds like aids to develop their country economy. The Island countries include; Fiji, Kiribati, Papua New Guinea, Samoa, Solomon Island, Tonga, Tuvalu, and Vanuatu. They do not administer the affairs of their economy at their power of will but are influenced by the laws and regulations set by the developed nations like Australia for example. They have no power to defend foreign use of our natural resources. Our fresh fish from the sea, natural resources and forest are wiped out by foreign companies because of free trade agreement between the developed countries. Free trade agreement is not made by those pacific countries but it is made by the government of foreign countries and because we are inter-connected our governments have no

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