Eco. 362 —21/01/2022 (Online Discussion/Quiz 2—Pros and Cons of Globalization)

Name:onyibor chinedu
Dept: Economics
Reg no:2018/248795
Course: Eco 362

Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.

As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
(Ans)
Globalization can be seen as a double edge swords that have positive and negative effect to the economy , looking from the pros of globalization we have the following:-
1. Transfer of Technology
Transfer of technology throughout the globe is good for us. Any country can borrow the technology through the agreement and can implement it in their country for their overall development. We can communicate each other easily from any part of the globe by using advance technology at minimal cost, time and efforts.

2. Better Services
Globalization always provides us better services. Through the technological advancement our services like water supply, mobile networking, internet, electricity supply and any other services have been easier and better than before. By the way, easy access to the internet throughout the globe is also the result of the globalization.

3. Standardization of Living
The integration of economies as the key process of globalization enables countries to fight against poverty and improve the standard of living of the people.

Many researchers have been stated that when a country open up their trade to the globe, their rate of economic growth is faster and living standards tend to increase.
4.Economic Growth
Globalization entails to optimum utilization of resources wherein deficit resources are procured and surplus resources are exported to other countries. This ensure overall economic growth.
5.Affordable Products
With the access to the latest technology, the countries can provide products to its countrymen at affordable prices. Globalization promotes competition in domestic economies and their endeavor to compete against competition, companies reduce product price or follow penetration pricing strategy.

8. Contribution to World GDP Growth Rate
Globalization ensures contribution of every country to the world GDP growth.
The following are cons of globalization:-
1. Growing Inequality
Globalization can increase inequality throughout the world by increasing specialization and trade. Although specialization and trade boost the per-capita income it may cause relative poverty.

To illustrate this we will take an example. All dominated MNCs in the world are located in the United States. All these companies are buying cheaper labor from developing or underdeveloped countries for their product manufacturing or assembling. China, India and Africa are prime examples of this. It increases the employment of such countries but they are lagging behind relatively developed countries.

Again those companies coming to these countries for cheap labor, they also deprive of that country’s i.e American people from work. So it appears that relative poverty is being created in developed countries as well.

2. Increasing of the Unemployment rate
Globalization can increase unemployment rate. Where people are getting jobs, how is it possible? Here is the explanation.

Globalization demands for higher-skilled work with cheaper price. But countries where Institutions are relatively weak are not capable of producing highly skilled workers. As a result, the unemployment rate is increasing in those countries.

When many foreign companies invest heavily in developing countries, they hire employee from that country. In some cases their salaries are very lower than the other developed countries. Moreover, the demand for these employees in developed countries is very low. Moreover, with the emergence of Global Economic Crisis, their jobs are at risk of losing.

3. Trade Imbalance
The balance of trade refers to the balance of values between a country’s export and import’s goods and services. As the result of globalization, any country can trade to any part of the globe.

That is why, in some cases developing countries are so much dependent on the developed countries in terms of import goods but their export capabilities are lower than import. The trade imbalance has been occurring.

So, trade imbalance refers to the imbalance of values between a country’s import and export’s goods and services. It is also called trade deficits. Trade imbalance may be increase in developed countries by their competitors.

4. Environmental Loots
The pace of industrialization is increasing as the result of globalization. Industrialization boosts the economic growth but it harms environment as well. Globalization loots from the nature and it harm us very badly.

Let’s try to understand with the example. Coca-Cola is the world’s leading soft drink company. This company consume huge amount of water for making soft drinks. In a state of northern India, Uttar Pradesh, a Coca-Cola bottle plant was closed by the government order because of too much usage of water claimed by local farmers.

In North India, the level of ground water is very low, but huge usage of this water for the interest of a MNC is very harmful to domestic farming.

In Kerala, a state of southern India, Coca-Cola plant was also closed due to the polluting the water which was supplied to the local communities.

Also, MNCs use the natural resources of different countries extensively for their personal gain.

Various chemical industries are very harmful to our health by polluting the soil, water, air.

Conclusion
From the above discussion on the Advantages and Disadvantages of Globalization, it can be said that the list of benefits of globalization can be easily lengthened. However, there are some disadvantages. According to critics, the process did not benefit the poor. The impact of globalization on environmental protection is not too great and Did not stabilize the global economy.

The policies formulated by the IMF, the World Bank, and the World Trade Organization only serve the interests of the developed world. Especially the internal interests of those countries. Developing countries have no place in it. The ideas of all these countries regarding globalization revolve around a particular economic and social scenario.

Name: Joseph chinonso
Reg. No.: 2018/241859
Dept: Economics

Answer:
Globalization is defined as the increase in the flow of goods, services, capital, people, and ideas across international boundaries, according to the online course Global Business, taught by Harvard Business School Professor Forest Reinhardt.

“We live in an age of globalization,” Reinhardt says in Global Business. “That is, national economies are ever more tightly connected with one another than ever before.”

ADVANTAGES OF GLOBALIZATION
1. Economic Growth
It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:

Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties
DISADVANTAGES OF GLOBALIZATION
1. Increased Competition
When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.

With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.

“Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”

2. Disproportionate Growth
Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.

Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.

“Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”

Name: Chima Prince CHUKWUEMEKA
Reg No: 2018/243755
Department: Economics
Assignment on Development Economics II (Eco362)
Question
Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
Answers
Before diving into the pros and cons of development, it is important to understand the concept clearly. Globalization is the process of interaction and integration among people, companies, and governments worldwide. Globalization is the connection of different parts of the world. In economics, globalization can be defined as the process in which businesses, organizations, and countries begin operating on an international scale. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture. In general, globalization has been shown to increase the standard of living in developing countries, but some analysts warn that globalization can have a negative effect on local or emerging economies and individual workers. Some praise globalization for opening borders and connecting cultures and politics. Others blame it for disrupting local economies and eliminating jobs. The fact is that globalization has been around since ancient times, and it is fully integrated into different aspects of modern life. As a consumer, your clothing, foods and electronic gadgets are often produced by multinational companies located around the world. And as an investor, a financial advisor could help you diversify your portfolio with emerging market funds and other foreign investments.
This now brings me to the pros of development. One might ask what are pros of Development. In a simple English it means in what way have globalization been an advantage to our local economy . Firstly, Globalization Broadens Access to Goods and Services .It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services. Secondly,Globalization have aided the lifting of People Out of Poverty.The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries. Thirdly, with globalization there is increase in the wide spread of information and technology. Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily. Fourthly, it boasts cultural awareness. Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia. Also, it Makes production more affordable. A global market allows businesses wider access to production opportunities and consumers, meaning that there are more goods available at a wider range of price points.
All good things also have a bad side. What then are the cons of globalization. By cons I mean the demerits of globalization. Firstly, The general complaint about globalization is that it has made the rich richer while making the non-rich poorer. “It is wonderful for managers, owners and investors, but hell on workers and nature.” Secondly, it brings about Unequal economic growth. While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries. Thirdly, Lack of local businesses. The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation. Fourthly, Exploits cheaper labor markets. Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant. Fifthly, Causes job displacement. Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas. Lastly, Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.

THE PRONS AND CONS OF GLOBALISATION
Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures.
In international economics, globalization is the web of relationships between economies worldwide by way of international trade and investments. While the history of globalization dates back to ancient times, the modern era of globalization began in earnest in the early nineteenth century. Starting with the Industrial Revolution, advancements in transportation (like railroads and steamships) and communication (like the telegraph) allowed increased economic interaction and cooperation across country borders. Pros. Supporters of globalization argue that it has the potential to make this world a better place to live in and solve some of the deep-seated problems like unemployment and poverty.
First, globalization allows countries to gain easier access to foreign knowledge. Second, it enhances international competition—including as a result of the rise of emerging market firms—and this strengthens firms’ incentives to innovate and adopt foreign technologies.
Globalization paves the way for redistribution of economic power at the world level leading to domination by economically powerful nations over the poor nations. It promotes local growth by stimulating overall growth.
Globalization usually results greater increase in imports than increase in exports leading to growing trade deficit and balance of payment problems. It gives undeveloped countries a chance to join the developed world.
ADVANTAGES OF GLOBALIZATION
1. Globalization Increases Cultural Awareness: Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.
2. Globalization Increases Cultural Awareness: Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.
3. Globalization broadens access to goods and services: it’s hard to argue with the point that globalization makes more goods and services available to come people, often at lower price.
4. Globalization can lift people out of poverty: the argument that globalization has lifted people in developing countries out of poverty of some what controversial because opinions differ as to the quantity-and-quantity-of the jobs created by globalization.
DISADVANTAGES OF GLOBALISATION
1. Workers Can Lose Jobs to Countries With Low-Cost Labor: This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals.
2. Globalization Hasn’t Protected Labor, Environmental or Human Rights: In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect.
3. Globalization Can Contribute to Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens.
4. Cultural Homogeneity: Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones.
THE BENEFITS OF GLOBALISATION
1. Immigration Challenges and Local Job Loss: The political climates in the United States and Europe show that there are different viewpoints on the results of globalization. Many countries around the globe are tightening their immigration rules, and it is harder for immigrants to find jobs in new countries. This rise in nationalism is mainly due to anger from the perception that foreigners fill domestic jobs or at companies moving their operations abroad to save money on labor costs.
2. Lower Costs for Products: Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.
3. Access to New Talent: In addition to new markets, globalization allows companies to find new, specialized talent that is not available in their current market. For example, globalization gives companies the opportunity to explore tech talent in booming markets such as Berlin or Stockholm, rather than Silicon Valley. Again, International PEO allows companies to compliantly employ workers overseas, without having to establish a legal entity, making global hiring easier than ever.

4. The Spread of Technology and Innovation: Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly. Because knowledge also transfers so fast, this means that scientific advances made in Asia can be at work in the United States in a matter of days.

Obeta Princess Oluchi
2018/242409
Economics Department
Even though globalization makes our lives better, it does bring some challenges as companies start to grow and expand across borders. Cultural differences around the world are undeniable. These differences create challenges for businesses entering foreign markets and forces changes to their daily business activities , whether it’s employing workers in a new region or communicating the value of their product to a new audience.

Advantages of Globalization
1. Access to New Cultures
Globalization makes it easier than ever to access foreign culture, including their food, movies, music, and art. This free flow of people, goods, art, and information is the reason you can have Thai food delivered to your apartment as you listen to your favorite Channel on the TV
2. The Spread of Technology and Innovation
Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly.
3. Lower Costs for Products
Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.
4. Higher Standards of Living Across the Globe
Developing nations experience an improved standard of living—thanks to globalization. According to the World Bank, extreme poverty decreased by 35% since 1990. Further, the target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule, in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.

Disadvantages of Globalization

Growing Inequality
Globalization can increase inequality all over the world by increasing specialization and trade. Although specialization and trade boost the per-capita income it may cause relative poverty.
Again those companies coming to these countries for cheap labor, they also deprive of that country’s i.e American people from work. So it appears that relative poverty is being created in developed countries as well.
2. Increasing of the Unemployment rate
Globalization can increase unemployment rate. Where people are getting jobs, how is it possible? Here is the explanation.
Globalization requires for higher-skilled work with cheaper price. But countries where Institutions are relatively weak are not capable of producing highly skilled workers. As a result, the unemployment rate is increasing in those countries.
When many foreign companies invest heavily in developing countries, they hire employee from that country. In some cases their salaries are very lower than the other developed countries. Moreover, the demand for these employees in developed countries is very low. Moreover, with the emergence of Global Economic Crisis, their jobs are at risk of losing.
3. Trade Imbalance
The balance of trade refers to the balance of values between a country’s export and import’s goods and services. As the result of globalization, any country can trade to any part of the world.
That is why, in some cases developing countries are so much dependent on the developed countries in terms of import goods but their export capabilities are lower than import. The trade imbalance has been occurring.
So, trade imbalance refers to the imbalance of values between a country’s import and export’s goods and services. It is also called trade deficits. Trade imbalance may be increase in developed countries by their competitors.
4. Environmental Loots
The pace of industrialization is increasing as the result of globalization. Industrialization boosts the economic growth but it harms environment as well. Globalization loots from the nature and it harm us very badly.

Eco. 362 —21/01/2022 (Online Discussion/Quiz 2—Pros and Cons of Globalization)

• NAME: ONYIBOR CHINEDU
• REG NO : 2018/248795
• DEPARTMENT: ECONOMICS
• Email:
• QUESTION:
Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.
As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
ANSWER:
Pros of Globalization are enlisted as follows:
Transfer of Technology
Better Services
Standardization of Living
Development of Infrastructure
Foreign Exchange Reserves

Cons of Globalization
Growing Inequality
Increasing of the Unemployment rate
Trade Imbalance
Environmental Loots

Discussion
Pros of Globalization:
Transfer of Technology
Transfer of technology throughout the globe is good for us. Any country can borrow the technology through the agreement and can implement it in their country for their overall development. We can communicate each other easily from any part of the globe by using advance technology at minimal cost, time and efforts.
2. Better Services
Globalization always provides us better services. Through the technological advancement our services like water supply, mobile networking, internet, electricity supply and any other services have been easier and better than before. By the way, easy access to the internet throughout the globe is also the result of the globalization.
3. Standardization of Living
The integration of economies as the key process of globalization enables countries to fight against poverty and improve the standard of living of the people.
Many researchers have been stated that when a country open up their trade to the globe, their rate of economic growth is faster and living standards tend to increase.
4. Development of Infrastructure
Due to the technological advancement and its transfer throughout the globe helps to improve country’s infrastructure. Countries are more enabling to deliver their services to the people. Development of infrastructure means overall development of respective countries. Here it is necessary to say that economic growth and development of infrastructure are compatible with each other.
5. Foreign Exchange Reserves
Through globalization countries can build foreign exchange reserves owing to international financial flows.

Cons of Globalization:
Growing Inequality
Globalization can increase inequality throughout the world by increasing specialization and trade. Although specialization and trade boost the per-capita income it may cause relative poverty.
To illustrate this we will take an example. All dominated MNCs in the world are located in the United States. All these companies are buying cheaper labor from developing or underdeveloped countries for their product manufacturing or assembling. China, India and Africa are prime examples of this. It increases the employment of such countries but they are lagging behind relatively developed countries.
Again those companies coming to these countries for cheap labor, they also deprive of that country’s i.e American people from work. So it appears that relative poverty is being created in developed countries as well
2. Increasing of the Unemployment rate
Globalization can increase unemployment rate. Where people are getting jobs, how is it possible? Here is the explanation.
Globalization demands for higher-skilled work with cheaper price. But countries where Institutions are relatively weak are not capable of producing highly skilled workers. As a result, the unemployment rate is increasing in those countries.
When many foreign companies invest heavily in developing countries, they hire employee from that country. In some cases their salaries are very lower than the other developed countries. Moreover, the demand for these employees in developed countries is very low. Moreover, with the emergence of Global Economic Crisis, their jobs are at risk of losing.

Name: Umeh Chinaza Lucy
Reg no:2018/246901
Dept:Edu Economics
Course no:Eco 362
Assignment
discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

Introduction
Globalization describes how different world cultures, populations, and economies are interdependent from each other. It is a consequence of cross-border business. Technology, goods, investments, information, and services along with the labor market are the most popular components of such activity. Nations have established worldwide integration over many centuries by enabling economic, political, and social partnerships.
In ancient times people moved to distant places to settle, exchange goods with others, and to produce food and unprocessed materials. In the early 19th century, trains, steamships, and telegraphs opened the way to global interaction and integration through economic collaboration among states. Global trade was affected by World War I and II, the post-war protectionism and the Great Depression. Many countries were affected economically, and there was an increased rivalry between various nations. Today the same endeavor has improved due to innovations and intensified transportation. When someone needs to sell goods overseas, it takes a few minutes to get in touch with a buyer.
The revival of trade between nations is associated with particular efforts of the United States. They began popularizing their conception of investments as well as preaching some positive impacts of cross-border trade on the global community. They encouraged funding to resurrect states’ domestic economies which softened and agreed to make their natural resources be an object of trading. At the same time, they allow the building of infrastructure to alleviate transportation.
This term became popular in the 1990s when ordinary people got access to the global net. Globalization pertains to the transborder business along with cross-boundaries investments. Multinational institutions have organized a global order to operate trade relations through accepted rules. This concept was created to make intercultural cooperation easy and prevent conflicts from being escalated into unmanageable disputes. Among established INGOs and NGOs are IMF, World Bank, WTO, UN, and NATO.
Effects of globalization are politically charged. They benefit corporate elites, while a small group of people is enormously harmed. People should understand future benefits apart from costs of globalization effects to solve problems and sustain the discounted payoffs. As a result, we’ve drawn attention to the good things about globalization in both developed countries and developing countries as well as some bad things about globalization in these states.
Globalization of culture contributes to the exchange of cultural values of different countries, the convergence of traditions. For cultural globalization characterized convergence of business and consumer culture between the different countries of the world and the growth of international communication.
the pros and cons of economic globalization
Globalization Broadens Access to Goods and Services.
Globalization Can Lift People Out of Poverty.
Globalization Increases Cultural Awareness.
Information and Technology Spread More Easily With Globalization.
Workers Can Lose Jobs to Countries With Low-Cost Labor.

Effects of Globalization on Developed Countries
Worldwide integration impacted countries with developed economies. Some positive influences comprise low-cost country sourcing, evolved social interaction as well as increased employment opportunities.
What are Some Advantages of Globalization?
Researchers have concluded various positive effects of globalization which some developed countries enjoy today. It’s hard to encounter each of them, but let’s focus on some essential points.
1.Global Market
Among all effects of globalization, this one is beneficial. It means encouraging nations to specialize and produce plenty of goods available in their local market. Different countries produce different products and what is most surprising there is no country which is self-sufficient. Some countries with developed economies don’t have enough raw materials for their factories, while the rest accumulate costs more than it should. Worldwide integration has led the way to cheap raw materials. Now states can purchase them and produce low price products with a good profit.
Developed countries advertise for the low-income community to buy their products with compatible prices. They also sell goods to developing countries because they are affordable. They are supposed to promote the economic growth of the country from where they buy their raw materials as they invest their money overseas by building industries to produce cheap goods.
The larger the market, the more the returns. This concept has extended businesses in developed countries. They have also expanded by acquiring companies in developing countries, partnering and merging with others to reach out to a big market and produce cheaper goods due to the availability of materials and labor. Availability of cross-border market encourages companies from developed countries to create various goods because they have consumers worldwide. Some of them produce vehicles, other clothes or foods. There are a range of products invented in developed countries and sold elsewhere.
2.Cross-Cultural Management
Each country has got its own culture. Culture pertains to the way particular people do things as well as their values and believes. Incorporating all cultures to form a global one is not easy. For instance, gender equality is not recognized in some legal systems, and they do not allow women to lead or engage in business. Before globalization, many countries would not allow females to acquire education, and even if they did, they were supposed to do jobs such as teaching or nursing. Now a lot of states have adopted features of American culture even in the way they carry out business. For instance, one of the United States features is keeping time as well as understanding its value. They don’t like procrastinating with ridiculous activities. Population in developed and underdeveloped countries have a culture of engaging in activities which are profitable either socially, economically or spiritually. Here becomes a new global culture. Globalization is a causality of cultural erosion in communities from both developed and developing countries.

3.Competition
Competition is a healthy way of doing business. Without it, companies would not pioneer some innovations in cross-border trade. It is the main reason why the quality of goods and services improve as well as why the prices drop. Competition affected industries in some developed countries to source cheap raw materials and labor to decrease prices. People from the first-world can afford themselves to buy products from domestic industries and foreign ones. Competition causes increased communication of ideas and innovation as people try to find a competitive advantage for their business.
4.Job Opportunity
About 90 percent of the first-world population earns for living through employment. Initially, job opportunities were quite scarce, and everyone who graduated from college applied in a certain government sector, but most of them ended up working as a casual laborer in industries with a low income. Globalization has brought this trend to a halt as more job opportunities are now available locally and internationally. By using technology, one can access employment opportunities, work remotely and even have more than one job.
Many students come out as entrepreneurs ready to grow their own business and create job opportunities for others. Globalization has brought in diversification which helps student interact with foreigners. They exchange ideas on available opportunities in various countries, and such discussions broaden their mind on how to find employment or other ways of making a decent living. The major standards of living have improved due to an extended labor market.

5.Reducing the Gap between the Rich and the Poor
Globalization has notably declined the gap between rich and poor people. For many centuries there has been a wide gap between these groups, a gap that seemed to widen every year. Globalization enabled poor people to have access to job opportunities. A long time ago people who worked in government sectors and companies got high salaries, but now even overeducated employees earn a little money. As a result, many employers hire qualified workers and pay them less than they deserve. Due to their expenses of maintaining companies’ specific image, the highly paid workers live a stressful life while the low-income people seem to have a stress-free experience.
The number of low-income people working as casual laborers has continued to decrease as most young people acquire education. These young, educated people perform multitasking jobs to get enough money to enable themselves and their family to live a decent life. Consequently, a constant difference between the rich and the poor reduce considerably. Most industries employ only skilled workers due to complicated systems of operation. Those without skills seek employment in other states. Instead of staying without an income, most people don’t mind the displacement as long as they are going to earn for a living.
6.Investments
The population of developed countries prefers to invest money in profitable businesses rather than deposit it in banks. The reason is, they strive to earn for a living remotely because investments assure they will gain good profits without any efforts. Unfortunately, such an option is available only for those people in developed countries as usual defaults of economies in third-world states make it insecure. People are afraid to invest their earnings because they can not predict whether their national currency will be equivalent to the US dollar next year. Others spend it by establishing firms and industries in foreign countries where they gain profits.
7.Advanced technology
Advanced technologies are a result of globalization. A constant need for innovations appeared due to the lack of quick data transfer and public communication. Lots of inventors have tried to serve the needs of modern society by improving technology. Its advancement has paved the way for positive effects of globalization in countries that initially did not want to associate with others. Such states select partners for cooperation depending on religion rather than the economy.
•Legal Effects
Through globalization, people get to know what’s happening in other countries. Media services cover events which occur in other countries. As a result, various turmoils could be solved by international mediators. Those who perform acts against human rights are arrested and sentenced by intergovernmental courts. Equally, those who practice illegal business aiming to get competitors out of trading are prosecuted. Nevertheless, lots of states are not satisfied that a particular IGO interferes domestic policy and dictate them how they should operate within own boundaries. Imposed economic sanctions prosecute governments which refused to adopt international conventions and follow their laws.
Negative Effects of Globalization
It has had a few adverse effects on developed countries. Some adverse consequences of globalization include terrorism, job insecurity, currency fluctuation, and price instability.
1.Terrorism
It is a significant problem in most developed countries. Due to worldwide integration, people travel a lot. Some of them move abroad for studying, business, visiting relatives, work and access hospitals services. However, not all of them are totally honest. Lots of terrorists came to a foreign country with a worker visa having a hidden goal to perform a terrorist attack. It’s a problem that has posed fear among citizens who can’t trust their neighbors. Unfortunately, terrorists recruit young people, residents of the country and make them believe they are doing the right things. That’s why there are fear, mistrust, and tension in society.
2.Job Insecurity
Before globalization, skilled people got employment in government sectors and companies where they received high salaries. Job opportunities were waiting for those who completed colleges and earned a degree. People would resign a job and quickly get another. Due to globalization, there are many people seeking employment all over the world. Employers take advantage of cheap labor. One can get a dismissal because of a slight mistake as the employer can find a skilled worker who is ready to be paid less.
3.Price Instability
Price instability is a significant effect of globalization on business. Some people establish industries overseas where they get cheap raw materials and labor. They can cut production costs and sell their goods at a low price. Due to competition, some high-quality products differ in prices. No matter how the World Trade Organization has tried to control price fluctuation, their efforts are not successful. These companies reach out to consumers using modern technology. Successful businesses are for those who can find a competitive advantage and especially make high-quality products for a low price.
4.Currency Fluctuation
International trade buys and sells products using the US dollar. The price of dollar fluctuates day-to-day in developing countries, this results in imbalanced economy and unnormal prices for goods and services. National currencies are affected the most by IGOs.

What are the Positive Effects of Globalization?
Positive effects on Developing countries
Globalization has had numerous positive effects on some developing countries. It’s the reason for the fast growth and development of these countries as people invest in these states improving their infrastructure, technology, and total production. Below are some positive effects of worldwide integration on developing countries.
•Poverty Eradication
Before globalization, developing countries have had plenty of resources which they didn’t know how to use. Their population was uneducated as well as there were no roads or means of transport. Nowadays people understood the significance of education and standards of living as foreigners settled in these countries. Consequently, locals went to schools established by the settlers and got employment in their companies and industries. Some of them went abroad for further studies. They were able to raise the living standard of their families by using new knowledge. Today, due to globalization, companies established by locals of some developing states are the major competitors of those from developed states. Although the fight against poverty is not over, there is a great improvement.
•Availability of Employment
Most developed countries have lots of educated jobless people. Globalization gives them job opportunities in other countries. Their primary advantage over the residents of the developed countries is the fact that they offer cheap services. They are also open to learning as they consider themselves lucky to have a new life.
•Education
Globalization has enabled further studies. Most developed countries have advanced schools and colleges. They encourage people from overseas to study there. While it is just a business venture like any other, students from developing countries take it as an advantage to get further education and skills to use in their careers. The investors from developed countries settle abroad with their families, what’s more, they want to have good schools for their children. As a result, they donate to local schools, advance the curriculum and hire qualified teachers. Following this way, most developing countries have very advanced high schools and universities. There is no need to move to developed states to seek education because it is readily available in these countries. Enhanced education is a positive impact of globalization in developing countries. The governments of most developing nations provide free training to encourage parents to school their children. Education is compulsory in most developing countries due to globalization because, without it, investors and traders would have a hard time hiring locals.
•Technology
Globalization has helped to transport technology to developing countries. Some investors and foreigners who have got a bargain with the people from developing countries needed to communicate with them and exchange ideas as well as information. The fastest way to do it was through using of modern technology. It has greatly helped people from developing countries. Most of them can buy and sell goods online at a low price. They work remotely with companies in developed countries. Interaction with people through social media, the Internet and other platforms have opened new horizons on how to improve standards of living. Media coverage has attracted lots of volunteers from developed countries. Consequently, most people can satisfy their basic needs such as food, clothing or medicines.
•Foreign Investments
Globalization brought in the need for people from developed states to invest in some developing countries. Foreign investment is one of the results of globalization that culminates in many developments in these countries. For instance, some investors want raw materials and goods to be transferred faster to the industry and the market respectively. The only way to do this is to help each government in the building of efficient infrastructure. The local people get jobs from these industries and companies established in their country. Investors boost the country’s economy by paying taxes to the government. They help to improve institutions such as schools and hospital through the government agencies which benefits the locals and their family members.
Negative Effects of Globalization
Although the developing countries have had many benefits from globalization, there are a few negative impacts it has caused in the developing countries.
•Displacements of Workers
Thanks to globalization, there are employment opportunities all over our huge world. However, most people have had to leave their families for many years as they work abroad. As a result, couples have divorced, remarried and left destitute children at the mercy of volunteers and shelters. Some children haven’t been able to meet their old-aged parents’ needs because the money they earn from their job is not enough. Lots of seniors die due to sicknesses and lack of financial and emotional support from their children.
•Unemployment
In almost all developing countries over half of the working population relied on casual jobs in industries until globalization took root. The advancement of technology has reduced such employment and increased global need for skilled professionals. Majority of people in developing countries don’t have skills, while the available jobs are poorly paid due to high demand caused by globalization. Most of the people are left unemployed and unable to meet their basic needs resulting in increased criminal activities such as burglary, pickpocketing, murder and drug abuse. The rate of unemployment and poverty keeps growing as the gap between the rich and the poor widens.
•Increased Lifestyle diseases
Globalization has brought in the consumption of processed foods, planting crops using chemicals to minimize the duration of growth and increase profit. In order to benefit from business, animals such as the cows are fed on chemicals that make them produce a lot of milk or increase in weight for those that are sold for the meat industry. Due to increased ingestion of chemicals from foods, chronic diseases are on the rise. The mortality rate is high. Furthermore, there is a reduction in the lifespan in the developing countries.
•Abandonment of Culture
Every community, society, or nation has its values and beliefs, that is to say – own culture. They are essential because they mold the acceptable behavior of the people in a particular community. The elders or leaders ensure that the people behave in a morally upright way. However, globalization mixed different cultures. Then people reconsidered their authentic rules and customs regarding their culture as primitive. Some nations from developing countries adopt the western culture and abandon there’s own. The community leaders can no longer pursue their own domestic policy punishing citizens for crimes them as they did before because they are regarded as backward and primitive by international society. They adopt the culture which is quite strange and distant from their nature, due to such policy, people conduct themselves regardless of actual laws. As a result, there is an increased crime as acts such as rape, divorce, and domestic violence get on the rise.
How does Globalization affect me?
Globalization has many positive effects on me. Firstly, I have an education and an online writing job. So to say I am a freelancer. I buy lots of my devices or tools online, what is more, I can communicate with people from other countries via popular networks. On the other hand, due to worldwide integration, I have never succeeded in getting a job in an office. All my applications have been turned down because there is high competition.

References
Beck, U. (2018). What is globalization?. John Wiley & Sons.
Chinnammai, S. (2005). Effects of globalization on education and culture. New Delhi.
Cox, K. R. (Ed.). (1997). Spaces of globalization: reasserting power of the local. Guilford Press.
Garrett, G. (2001). Globalization and government spending around the world. Studies in comparative international development, 35(4), 3-29.
Giddens, A. (2018). Globalization. In Sociology of Globalization(pp. 19-26). Routledge.
Kohn, D. L. (2006). Effects of globalization on inflation and their implications for monetary policy. In Conference Series;[Proceedings] (Vol. 51). Federal Reserve Bank of Boston.
Levitt, T. (1993). Globalization of markets. Readings in international business: a decision approach, 249.

Nnamani Dorathy nchido
2018/245743
Economic
Assignment on 362
Globalization
Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures. Supporters say that this is making countries more interdependent on free trade. But critics maintain that it is also concentrating wealth in the corporate elite, disrupting industries and making local economies more vulnerable.
PROS OF GLOBALIZATION
One of the pros is the increased cooperation among the nations. This is in the field of technology, trade, and other activities that improve the economic growth of countries.
1. Globalization Broadens Access to Goods and Services
It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.
2. Globalization Can Lift People Out of Poverty
The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.
3. Globalization Increases Cultural Awareness
Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.
4. Information and Technology Spread More Easily With Globalization
Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.
CONS OF GLOBALIZATION
Environmental problems due to deforestation and global warming is due to gases released by factories and moving machines.
1. Workers Can Lose Jobs to Countries With Low-Cost Labor
This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.
Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.
2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.
Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.
3. Globalization Can Contribute to Cultural Homogeneity
Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.
4. Globalization Empowers Multinational Corporations
Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements (this was an argument invoked against the TPP.

Name: OBETTA CHISOM GRACE
Reg:2018/242216
Dep: Education Economics
Course: Development Economics
Date: January, 2022

Questions
In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
Answers:

Globalization : the act or process of globalizing : the state of being globalized; especially : the development of an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets.
Globalization, has so far re structured the lives of people’ around the world, it is said to have come from the western world(advanced Nations) to the less developed onse mostly through colonisation.
Nevertheless globalization’s has cut across all countries and still active even till today, and has improved people’s lives but while it can benefit Nations there are also several negative effects associated with it. Same way medical advancement can be shared, terrorist information can be shared just as quickly.in this context we will be discussing the pros and cons of globalization.
PROS OF GLOBALIZATION
A.invention and innovation: invention which is the creations of new thing and invention which is the reconstruction og what has already been in existence has improved all-round the globe , we have new building, new industries new technologies, better means and processes if carrying out our daily activities and all this came about as a result of globalization.
B. Improved economy; this is one of the greatest achievements of globalization so far, as of eighteen century the economic situation of Africa is nothing to write home about, but the coming of the white men , and through International trade and interelationship , there have been a transfer of ideas which the developing Nations had adopted and but I to practice to improved their economy both in structures and organisations.
C. Globalization brings about about efficiency and effectiveness in an economy: through globalization people were able to interact with other people from different side of the world ,they share the ideas and views,and when this ideas are implemented,it helps the policy makers to make wise decision on how to on how to move the economy forward.
D .liberalization;the restrictions on international trade and migrations has improved people lives, people can travel to different places at any given time ,with less or no restrictions, and all this happened as a result of globalization.
lE.Globalization has advanced people’s knowledge , the world is becoming civilization as well as those inside it, there’s improved educational system, improved technology . improved standard of living all liked to globalization.
F. Labour mobility
CONS OF GLOBALIZATION
A. Globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.
B.Lack of local businesses. The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.
C.Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
D Marginalization and exploitation.till today the advanced Nations are still exploiting the developing ones even at their attainment of Independence,the whites brought globalization into Africa for their own selfish reasons and African who were in the dark are meant to believe they (the whites) are doing them great favor , like the case in Ghana where they are made to produce cocoa , the sell to the white men at a cheap cost of which they would process and sell back to them at a very high cost.
E. Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.
F.Causes job displacement. Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.

like NAFTA, different parts of the world have been engaging in trade across national

NAME: CHINWUBA IFEANYI INNOCENT
CLASS:300LEVEL
DEPARTMENT:ECONOMICS
REG NO:2018/242447

ASSIGNMENT:

The pro’s and con’s of Globalisation are:
Pro’s
1. Specialization: with the help of comparative advantage that countries have with other countries, it makes room for speSpecialization is a method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency. … This specialization is thus the basis of global trade, as few countries have enough production capacity to be completely self-sustaining.
2. Transfer of technology: We find that the spread of knowledge and technology across borders has intensified because of globalization. In emerging markets, the transfer of technology has helped to boost innovation and productivity even in the recent period of weak global productivity growth.
3. Labour mobility: High labour mobility may increase the productive capacity of the economy, it will be easier for firms expanding in new markets to attract qualified labour. Without labour mobility, innovation and expansion will meet supply constraints. Wages.
4. Transfer of Idea
5. Job opportunities: Globalization has enhanced firms’ abilities to relocate their production processes without obstruction or barrier. This allows firms to rapidly scale up and reduce overhead costs by outsourcing processes to nations with cheaper labour costs. This free flow of labour increases the total number of global jobs.

Con’s
1. Dumping: . Dumping is legal under WTO rules unless the foreign country can reliably show the negative effects the exporting firm has caused its domestic producers. To counter dumping and protect their domestic industries from predatory pricing, most nations use tariffs and quotas. Dumping is also prohibited when it causes “material retardation” in the establishment of an industry in the domestic market.1
2. Unequal economic growth. While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.
3. Lack of local businesses. The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.
4. Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
5. Economic Inequality: it’s also creates room for
6. Theft of Intellectual property:

Name: Udeze Obianuju Charity
Department: Education Economics
Reg No: 2018/244283

Question:
Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.
we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
Answer:
Globalization has had and is still having great impact on both the local and the global (world) economy. The pros and cons (positive and negative effects) of have been evident and we will be discussing some of them but before then, let us see another definition of globalization apart from the one given above.
Globalisation according to Commonwealth English is the process of interaction and integration among people, companies and government worldwide. This in other words mean working together of people.
The pros of globalization are:
1. It encourages the creation of multinational firms: Globalization encourages the establishment of the same firm in different countries thereby encouraging growth and development.
2. Reduction in cost of production: According to the theory of the scale economy, the average cost per unit decreases as the amount of goods or services provided increases. Since globalization encourages larger scale of production for Mass supply, it therefore reduces cost of production.
3. Production of machines for production of more efficient products: with the growth of globalisation, a lot of machines for production in the factory have been produced and now used for production of more efficient products.
4. Cultural integration: Globalisation encourages the integration of people from different cultures which makes them to learn the cultures host countries and learning their cultures and believes.
5. Production of more efficient goods and services: Globalisation encourages the establishment of many firms that produces similar products. This therefore encourages the production of more efficient products and enhance economic growth and development.
6. Large corporations have the opportunity to amend the purchase prices, improve the supply conditions or even to monitor international technologies.
7. Globalisation also encourages diversification of resources.

The cons of globalisation are those negative impacts of globalisation.They are as follow:
1. It encourages unequal development: Globalization encourages multinational trade which makes some countries to develop more than the others.
2. Displacement of labour with machine: as a result of the fact globalization encourages the use of capital intensive method over labour intensive method. This therefore discourages I he use of more labour in production thereby leaving our labours idle.
3. Health hazards: the smokes and other industrial wastes pollute the environment and make it unfit for human health.
4. Overdependence on other countries: the fact that most countries are intertrading, makes some countries to overdepend on others rather than encourage the development of local areas.
5. Depletion of the Ozone layer: the fact that globalization encourages industrialization also tells us of the fact that our ozone layer is going because of the various dangerous emissions into the environment.

ame- CHIDOZIE JULIETH CHISOM
Reg no-2018/250055
DEPARTMENT- EDUCATION ECONOMICS
Email- chidoziejulieth165@gmail.com
Answer:
Globalization, , is the process of interaction and integration among people, companies, and governments worldwide.

AFFECT OF GLOBALIZATION IN THE LOCAL ECONOMY:

THE POSITIVE AFFECT:
Globalization provides businesses with a competitive advantage by allowing them to source raw materials where they are inexpensive. Globalization also gives organizations the opportunity to take advantage of lower labor costs in developing countries, while leveraging the technical expertise and experience of more developed economies.
Consumers benefit too. In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods. In some cases, this may contribute to improved health by enabling a more varied and healthier .Others includes:
.Access to New Cultures.
.The Spread of Technology and Innovation.
.Lower Costs for Products.
.Higher Standards of Living Across the Globe.
.Access to New Markets.
.Access to New Talent.
.International Recruiting.
.Managing Employee

NEGATIVE AFFECT:
Studies also suggest that globalization may contribute to income disparity and inequality between the more-educated and less-educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization.
cost markets for jobs; unions and workers may be unable to defend against the threat of corporations that offer the alternative between lower pay or losing jobs to a supplier in a less-expensive labor market.
The situation is more complex in the developing world, where economies are undergoing rapid change. Indeed, the working conditions of people at some points in the supply chain are deplorable. The garment industry in Bangladesh, for instance, employs an estimated four million people, but the average worker earns less in a month than a U.S. worker earns in a day. In 2013, a textile factory building collapsed, killing more than 1,100 workers. Critics also suggest that employment opportunities for children in poor countries may increase the negative impacts of child labor and lure children of poor families away from school. In general, critics blame the pressures of globalization for encouraging an environment that exploits workers in countries that do not offer sufficient protections.

AFFECT OF GLOBALIZATION IN THE GLOBAL ECONOMY:

THE POSITIVE AFFECT:
With globalization, different parts of a product may be made in different regions of the world. Globalization has long been used by the automotive industry, for instance, where different parts of a car may be manufactured in different countries. Businesses in several different countries may be involved in producing even seemingly simple products such as cotton T-shirts.it promotes and increases interactions between different regions and populations around the globe.
Globalization brings reorganization at the international, national, and sub-national levels. Specifically, it brings the reorganization of production, international trade, and the integration of financial markets. This affects capitalist economic and social relations, via multilateralism and microeconomic phenomena, such as business competitiveness, at the global level. The transformation of production systems affects the class structure, the labor process, the application of technology, and the structure and organization of capital. Globalization is now seen as marginalizing the less educated and low-skilled workers. Business expansion will no longer automatically imply increased employment. Additionally, it can cause a high remuneration of capital, due to its higher mobility compared to labor.

Globalization affects services too. Many businesses located in the United States have outsourced their call centers or information technology services to companies in India. As part of the North American Free Trade Agreement (NAFTA), U.S. automobile companies relocated their operations to Mexico, where labor costs are lower. The result is more jobs in countries where jobs are needed, which can have a positive effect on the national economy and result in a higher standard of living. China is a prime example of a country that has benefited immensely from globalization. Another example is Vietnam, where globalization has contributed to an increase in the prices for rice, lifting many poor rice farmers out of poverty. As the standard of living increased, more children of poor families left work and attended school.

In a global economy, power is the ability of a company to command both tangible and intangible assets that create customer loyalty, regardless of location. Independent of size or geographic location, a company can meet global standards and tap into global networks, thrive and act as a world-class thinker, maker, and trader, by using its greatest assets: its concepts, competence, and connections.
Trade among nations via the use of comparative advantage promotes growth, which is attributed to a strong correlation between the openness to trade flows and the effect on economic growth and economic performance. Additionally, there is a strong positive relation between capital flows and their impact on economic growth.
Foreign Direct Investment’s impact on economic growth has had a positive growth effect in wealthy countries and an increase in trade and FDI, resulting in higher growth rates.

NEGATIVE AFFECT:
Less wealthy countries from those among the industrialized nations may not have the same highly-accentuated beneficial effect from globalization as more wealthy countries, measured by GDP per capita, etc. Although free trade increases opportunities for international trade, it also increases the risk of failure for smaller companies that cannot compete globally. Additionally, free trade may drive up production and labor costs, including higher wages for a more skilled workforce, which again can lead to outsourcing jobs from countries with higher wages.

Name: Ifeoma Feechi Favour
Reg. Mum: 2018/242455
Department: Economics
According to Velocity Global the official definition of “globalization” is the process by which businesses or other organizations develop international influence or start operating on an international scale. More simply, globalization refers to an open flow of information, technology, and goods among countries and consumers. This openness occurs through various relationships, from business, geopolitics, and technology to travel, culture, and media. Because the world is already so connected, most people don’t notice globalization at work every single day. But the world is getting smaller, and companies need to understand what this means for the future of doing business. Companies that don’t embrace globalization risk losing a competitive advantage, which allows other businesses to take over new opportunities in the global marketplace (Velocityglobal March 2020).
The pros of globalisation are the advantages of globalisation to both the loca economy and the the world at large.
The Pros of Globalization includes:
1.Decreases in the Cost of Manufacturing: This means companies offering goods at a lower price to consumers. When goods are at their average cost, there tends to be an increase in the standard of living also granting consumers an access to a wider variety and range of goods.
2. Grants Access to New Cultures: Globalization makes it easier to access foreign culture, including food, movies, music, and art. This free flow of people, goods, art, and information is the reason you can have Thai food delivered to your apartment as you listen to your favorite UK-based artist or stream a Bollywood movie.
3. Enabling the Spread of Technology and Innovation: Many countries around the world remain constantly connected, so knowledge and technological advancements travel quickly. Because knowledge also transfers so fast, this means that scientific advancements made in Russia can be at work in the United Kingdom in a matter of days.
4. Reduces Costs for Products: Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.
5. Higher Standards of Living Across the World: Developing nations experience an improved standard of living—thanks to globalization. According to the World Bank, extreme poverty decreased by 35% since 1990. Further, the target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule, in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.
6. Enabled Access to New Markets: Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas. International Professional Employer Organizations (PEOs) make it easier than ever to employ workers in other countries quickly and compliantly. This means that, for many companies, there is no longer the need to establish a foreign entity to expand overseas.
7. Access to New Talent: In addition to new markets, globalization allows companies to find new, specialized talent that is not available in their current market. For example, globalization gives companies the opportunity to explore tech talent in booming markets such as Berlin or Stockholm, rather than Silicon Valley. Again, International PEO allows companies to compliantly employ workers overseas, without having to establish a legal entity, making global hiring easier than ever.
Cons of Globalization include:
1. Unequal economic growth: Globalization fuels inequality.Globalization leads to increased manufactured goods imports in developed countries with high-skilled labour and increased high-value tech and service exports. Therefore, it creates more opportunities in developed countries within the hi-tech, high-skilled sectors.Through globalization, the wages of certain segments of the workforce increase. In highly developed nations, this occurs in the hi-tech manufacturing sector and the services sector.These industries are dominated by highly-skilled, college-educated workers. These workers are already drawn from the wealthiest segments of a population.Simultaneously, the poorer, lower-educated sectors of society face increased competition from workers in lower-cost countries for unskilled labour. Their wages must be kept low to compete. Therefore, globalization is increasing the wages of the wealthiest sections of a developed society, increasing inequality and leaving the poorer segments worse off.
2. Globalization leads to reduced public revenues: Globalization increases corporate mobility. This means companies are more responsive to tax hikes and increases. As a result, they prevent governments from raising tax revenues through corporation tax and seek out tax havens as a cost-cutting measure.The free movement of labour allows companies to easily relocate to tax havens.
3. Increases potential global recessions.
4. Exploits cheaper labor markets.
5. Causes job displacement.
6. Globalization has fuelled inequality, eroded worker protections and contributed to environmental degradation.
7. Globalization creates a race to the bottom: Globalization increases international competition which creates a race to the bottom.
The “race to the bottom” hypothesis basically states that if the global market opens to all countries, even the low-wage and developing ones, then the competition will force those nations to relax key environmental, economic, and tax regulations at the cost of social values in order to attract investment.Major economists like David Autor and Mariya Mileva have directed global attention to this growing threat, which becomes more ominous as low-wage countries enter into the global fold.The “race to the bottom” is incredibly pertinent in today’s changing world and the need to focus on wage equality and the environment over the false tenets of “free trade” within a global market is more essential than ever before.

The international standards for financial regulation should not be restricted by a globalized market that has no regard for common social value and accountability among its constituent nations.
8. Globalization leaves us vulnerable to infectious diseases: In a hyper-connected world, infectious diseases can spread more rapidly, increasing the likelihood of an international pandemic.A plethora of factors resulting from globalization can impact the spread of infectious disease. According to Brian D. Gushulak, increased migration within the past few decades has completely reshaped the world in ways we could never have foreseen. He cites the movement of people between many countries as an essential factor in the spread of disease, the likelihood of transmission among people skyrocketing as we move from country to country. Several other determining effects of globalization include industrial development, increase of the food trade (which can carry all kinds of unwanted bacteria and infection), and the threat of bioterrorism. The recent COVID-19 pandemic has shed new light on both the dangers and benefits of such close interconnection in the age of the Internet and social media, denoting how rapidly such a harmful and deadly disease can spread in this day and age, COVID-19’s infection rate notoriously high and more transmittable than we have ever seen before.
9. Globalization destroys the environment: Globalization introduces an economic model that is incompatible with environmental protection.Globalization increases global consumer demand. This sparks an increase in production to meet demand. Increased production means increased pressure on the environment and the faster depletion of natural resources. Globalization results in increased international trade, lower prices and higher wages. These three factors create a higher demand for consumer goods.To meet this rising demand, manufacturers increase production, which involves the exploitation of more raw materials. This places a larger burden on the earth and its resources—for example, increased demand for timber results in deforestation in the Amazon.If we care about the environment, then we must consider the effects of globalization.
References:
Velocity Global, March 2020
Google and the Internet
http://www.parlia.com

NAME: ASADU FRANCISCA SOMTOCHUKWU
REG NO: 2018/241230
DEPARTMENT: EDUCATION/ECONOMICS
COURSE CODE: ECO 362

Globalization is an established part of the modern world, so most of us do not realize the benefits it brings to our everyday lives such as easy access to a variety of different cuisines or new technologies developed by countries half a world away.
Even though globalization makes our lives better, it does bring some challenges as companies start to grow and expand across borders. Cultural differences around the world are undeniable. These differences create hurdles for businesses entering foreign markets and necessitate changes to their daily business operations, whether it’s employing workers in a new region or communicating the value of their product to a new audience.
WHAT IS GLOBALIZATION?
Before discussing the benefits and challenges of globalization, it’s essential to have a strong understanding of what the term means.
The official definition of “globalization” is the process by which businesses or other organizations develop international influence or start operating on an international scale.
More simply, globalization refers to an open flow of information, technology, and goods among countries and consumers. This openness occurs through various relationships, from business, geopolitics, and technology to travel, culture, and media.
Because the world is already so connected, most people don’t notice globalization at work every single day. But the world is getting smaller, and companies need to understand what this means for the future of doing business. Companies that don’t embrace globalization risk losing a competitive advantage, which allows other businesses to take over new opportunities in the global marketplace.
What Are the Benefits of Globalization?
Globalization impacts businesses in many different ways. But those who decide to take on international expansion find several benefits, including:
1. Access to New Cultures: Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art. This free flow of people, goods, art, and information is the reason you can have Thai food delivered to your apartment as you listen to your favorite UK-based artist or stream a Bollywood movie.
2. The Spread of Technology and Innovation: Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly. Because knowledge also transfers so fast, this means that scientific advances made in Asia can be at work in the United States in a matter of days.
3. Lower Costs for Products: Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already developed countries live better on less money.
4. Higher Standards of Living Across the Globe: Developing nations experience an improved standard of living thanks to globalization. According to the World Bank, extreme poverty decreased by 35% since 1990. Further, the target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule, in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.
5. Access to New Markets: Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas. International Professional Employer Organizations (PEOs) make it easier than ever to employ workers in other countries quickly and compliantly. This means that, for many companies, there is no longer the need to establish a foreign entity to expand overseas.

What Are the Disadvantages of Globalization?
While it can benefit nations, there are also several negative effects of globalization. Cons of globalization include:
1 Unequal economic growth: While globalization tends to increase economic growth for many countries, the growth isn’t equal richer countries often benefit more than developing countries.
2 Lack of local businesses: The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.
Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
3 Exploits cheaper labor markets: Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.
4 Causes job displacement: Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.

Folarin gift funmilayo
2018/241234
Department: Social Science education
Unit: Economics Education
Assignment
Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.
As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
Answers
What is globalization?
“Globalization” refers to interconnectedness among countries through various relationships, from business, geopolitics, and technology to travel, culture, and the media.
Globalization is the process by which ideas, knowledge, information, goods and services spread around the world. In business, the term is used in an economic context to describe integrated economies marked by free trade, the free flow of capital among countries and easy access to foreign resources, including labor markets, to maximize returns and benefit for the common good.

Globalization, or globalisation as it is known in some parts of the world, is driven by the convergence of cultural and economic systems. This convergence promotes — and in some cases necessitates — increased interaction, integration and interdependence among nations. The more countries and regions of the world become intertwined politically, culturally and economically, the more globalized the world becomes.
In a globalized economy, countries specialize in the products and services they have a competitive advantage in. This generally means what they can produce and provide most efficiently, with the least amount of resources, at a lower cost than competing nations. If all countries are specializing in what they do best, production should be more efficient worldwide, prices should be lower, economic growth widespread and all countries should benefit — in theory.

Policies that promote free trade, open borders and international cooperation all drive economic globalization. They enable businesses to access lower priced raw materials and parts, take advantage of lower cost labor markets and access larger and growing markets around the world in which to sell their goods and services.
History of globalization
Although many people consider globalization a twentieth century phenomenon, the process has been happening for millennia. Examples include the following:

The Roman Empire. Going back to 600 B.C., the Roman Empire spread its economic and governing systems through significant portions of the ancient world for centuries.
Silk Road trade. These trade routes, which date from 130 B.C. to 1453 A.D., represented another wave of globalization. They brought merchants, goods and travelers from China through Central Asia and the Middle East to Europe.
Pre-World War I. European countries made significant investments overseas in the decades before World War I. The period from 1870 to 1914 is called the golden age of globalization.
Post-World War II. The United States led the effort to create a global economic system with a set of broadly accepted international rules. Multinational institutions were established such as the United Nations (UN), International Monetary Fund, World Bank and World Trade Organization to promote international cooperation and free trade.
The term globalization as it’s used today came to prominence in the 1980s, reflecting several technological advancements that increased international interactions. IBM’s introduction of the personal computer in 1981 and the subsequent evolution of the modern internet are two examples of technology that helped drive international communication, commerce and globalization.
There are three main classifications of globalisation : political, social and economic.

Political globalisation
Political globalisation refers to the amount of political co-operation that exists between different countries. This ties in with the belief that “umbrella” global organisations are better placed than individual states to prevent conflict. The League of Nations established after WW1 was certainly one of the pioneers in this. Since then, global organisations such as the World Trade Organisation (WTO), United Nations (UN), and more regional organisations such as the EU have helped to increase the degree of political globalisation.

Social globalisation
Social globalisation refers to the sharing of ideas and information between and through different countries.
In today’s world, the Internet and social media is at the heart of this. Good examples of social globalisation could include internationally popular films, books and TV series. The Harry Potter/ Twilight films and books have been successful all over the world, making the characters featured globally recognisable. However, this cultural flow tends to flow from the centre (i.e. from developed countries such as the USA to less developed countries). Social globalisation is often criticised for eroding cultural differences.

Economic globalisation
Economic globalisation refers to the interconnectedness of economies through trade and the exchange of resources.Effectively, therefore, no national economy really operates in isolation, which means national economies influence each other. This is clearly evidenced by global recession from 2007 onwards. Economic globalisation also means that there is a two-way structure for technologies and resources. For example countries like the USA will sell their technologies to countries, which lack these, and natural resources from developing countries are sold to the developed countries that need them.
Pros of Globalization
As a result of globalization, we all enjoy many advantages. these are-
Transfer of Technology
Better Services
Standardization of Living
Development of Infrastructure
Foreign Exchange Reserves
Economic Growth
Affordable Products
Contribution to World GDP Growth Rate
Extensions of Market
1. Transfer of Technology
Transfer of technology throughout the globe is good for us. Any country can borrow the technology through the agreement and can implement it in their country for their overall development. We can communicate each other easily from any part of the globe by using advance technology at minimal cost, time and efforts.

2. Better Services
Globalization always provides us better services. Through the technological advancement our services like water supply, mobile networking, internet, electricity supply and any other services have been easier and better than before. By the way, easy access to the internet throughout the globe is also the result of the globalization.

3. Standardization of Living
The integration of economies as the key process of globalization enables countries to fight against poverty and improve the standard of living of the people.

Many researchers have been stated that when a country open up their trade to the globe, their rate of economic growth is faster and living standards tend to increase.

4. Development of Infrastructure
Due to the technological advancement and its transfer throughout the globe helps to improve country’s infrastructure. Countries are more enabling to deliver their services to the people. Development of infrastructure means overall development of respective countries. Here it is necessary to say that economic growth and development of infrastructure are compatible with each other.

5. Foreign Exchange Reserves
Through globalization countries can build foreign exchange reserves owing to international financial flows.

6. Economic Growth
Globalization entails to optimum utilization of resources wherein deficit resources are procured and surplus resources are exported to other countries. This ensure overall economic growth.

7. Affordable Products
With the access to the latest technology, the countries can provide products to its countrymen at affordable prices. Globalization promotes competition in domestic economies and their endeavor to compete against competition, companies reduce product price or follow penetration pricing strategy.

8. Contribution to World GDP Growth Rate
Globalization ensures contribution of every country to the world GDP growth.

9. Extensions of Market
Above all, Globalization promotes extension of market. It provides an opportunity to the domestic companies in going global. For instance, domestically, companies can witness saturation in the demand for their products or services but through globalization the domestic companies can sustain and satisfy the growing demands of foreign customers.
Cons of globalization
The globalization that just keeps doing well to us is not true. It impacts us in multidimensional way. So it has some disadvantages also. These ares-
Growing Inequality
Increasing of the Unemployment rate up
Trade Imbalance
Environmental Loots
1. Growing Inequality
Globalization can increase inequality throughout the world by increasing specialization and trade. Although specialization and trade boost the per-capita income it may cause relative poverty.

To illustrate this we will take an example. All dominated MNCs in the world are located in the United States. All these companies are buying cheaper labor from developing or underdeveloped countries for their product manufacturing or assembling. China, India and Africa are prime examples of this. It increases the employment of such countries but they are lagging behind relatively developed countries.Again those companies coming to these countries for cheap labor, they also deprive of that country’s i.e American people from work. So it appears that relative poverty is being created in developed countries as well.

2. Increasing of the Unemployment rate
Globalization can increase unemployment rate. Where people are getting jobs, how is it possible? Here is the explanation.
Globalization demands for higher-skilled work with cheaper price. But countries where Institutions are relatively weak are not capable of producing highly skilled workers. As a result, the unemployment rate is increasing in those countries.When many foreign companies invest heavily in developing countries, they hire employee from that country. In some cases their salaries are very lower than the other developed countries. Moreover, the demand for these employees in developed countries is very low. Moreover, with the emergence of Global Economic Crisis, their jobs are at risk of losing.

3. Trade Imbalance
The balance of trade refers to the balance of values between a country’s export and import’s goods and services. As the result of globalization, any country can trade to any part of the globe.That is why, in some cases developing countries are so much dependent on the developed countries in terms of import goods but their export capabilities are lower than import. The trade imbalance has been occurring.So, trade imbalance refers to the imbalance of values between a country’s import and export’s goods and services. It is also called trade deficits. Trade imbalance may be increase in developed countries by their competitors.

4. Environmental Loots
The pace of industrialization is increasing as the result of globalization. Industrialization boosts the economic growth but it harms environment as well. Globalization loots from the nature and it harm us very badly.
Let’s try to understand with the example. Coca-Cola is the world’s leading soft drink company. This company consume huge amount of water for making soft drinks. In a state of northern India, Uttar Pradesh, a Coca-Cola bottle plant was closed by the government order because of too much usage of water claimed by local farmers.

References
“What Is Globalization? Globalization Explained” https://www.techtarget.com/searchcio/definition/globalization?amp=1
“Types of globalisation | tutor2u” https://www.tutor2u.net/politics/reference/types-of-globalisation
| SCHOOL OF POLITICAL SCIENCE” https://schoolofpoliticalscience.com/advantages-and-disadvantages-of-globalization/

Name: Ukachukwu Divine Amarachi
Reg Number: 2018/242426
Department: Economics
Globalization is an international situation that has arisen in the late twentieth century in which the world’s investment, employment, production, and marketing systems have spread beyond the territorial boundaries to the international arena.
ADVANTAGE OF GLOBALIZATION
1. Transfer of Technology
Transfer of technology throughout the globe is good for us. Any country can borrow the technology through the agreement and can implement it in their country for their overall development.
2. Better Services
Globalization always provides us better services. Through the technological advancement our services like water supply, mobile networking, internet, electricity supply and any other services have been easier and better than before. By the way, easy access to the internet throughout the globe is also the result of the globalization.
3. Standardization of Living
The integration of economies as the key process of globalization enables countries to fight against poverty and improve the standard of living of the people.
4. Development of Infrastructure
Countries are more enabling to deliver their services to the people. Development of infrastructure means overall development of respective countries.
5. Extensions of Market
Above all, Globalization promotes extension of market. It provides an opportunity to the domestic companies in going global.
DISADVANTAGE OF GLOBALIZATION
1. Trade Imbalance
Trade imbalance refers to the imbalance of values between a country’s import and export’s goods and services. It is also called trade deficits. Trade imbalance may be increase in developed countries by their competitors.
2. Increasing of the Unemployment rate
Globalization demands for higher-skilled work with cheaper price. But countries where Institutions are relatively weak are not capable of producing highly skilled workers. As a result, the unemployment rate is increasing in those countries.
3. Growing Inequality
Globalization can increase inequality throughout the world by increasing specialization and trade. Although specialization and trade boost the per-capita income it may cause relative poverty.
From the above pros and cons of globalization it can been seen that the benefits are more but according to critics it doesn’t favour the poor economies neither did it stabilise the global economy.

Name: Onyekwelu Collins Obinna

Reg No: 2018/251026

Dept: Economics

Globalization has led to increases in standards of living around the world, but not all of its effects are positive for everyone. Below are the pros and cons of globalization as it affects our local economy and the global economy at large.

Pros

1. Globalization Can Lift People Out of Poverty
The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

2. Globalization Increases Cultural Awareness
Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

3. Globalization Broadens Access to Goods and Services
It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

4. Information and Technology Spread More Easily With Globalization
Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

5. Globalization provides businesses with a competitive advantage by allowing them to source raw materials where they are inexpensive. Globalization also gives organizations the opportunity to take advantage of lower labor costs in developing countries, while leveraging the technical expertise and experience of more developed economies.

6. With globalization, different parts of a product may be made in different regions of the world. Globalization has long been used by the automotive industry, for instance, where different parts of a car may be manufactured in different countries. Businesses in several different countries may be involved in producing even seemingly simple products such as cotton T-shirts.

7. Consumers benefit too. In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods. In some cases, this may contribute to improved health by enabling a more varied and healthier diet; in others, it is blamed for increases in unhealthy food consumption and diabetes.

Cons

1. Globalization Hasn’t Protected Labor, Environmental or Human Rights
In theory, globalization can be an opportunity to spread values and practices like environmentalism and labour rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labour protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.
Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labour and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.

2. Globalization Can Contribute to Cultural Homogeneity
Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches foreign movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

3. Globalization Empowers Multinational Corporations
Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements.

4. Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

5. Not everything about globalization is beneficial. Any change has winners and losers, and the people living in communities that had been dependent on jobs outsourced elsewhere often suffer. Effectively, this means that workers in the developed world must compete with lower-cost markets for jobs; unions and workers may be unable to defend against the threat of corporations that offer the alternative between lower pay or losing jobs to a supplier in a less-expensive labor market.

6. Studies also suggest that globalization may contribute to income disparity and inequality between the more-educated and less-educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization.

Obiesie Mmesoma Rejoice
2018/245427
Economics Education
Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.
As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
Answer
In international economics, globalization is the web of relationships between economies worldwide by way of international trade and investments. While the history of globalization dates back to ancient times, the modern era of globalization began in earnest in the early nineteenth century.
Globalization can benefit a country’s economy in many ways:
1. Increases economic growth: By increasing the international exchange of goods, technological advances, and information, globalization increases economic development for any country participating in the global economy. An increase in economic growth means better living standards, higher incomes, more wealth in a country, and, often, less poverty—in short, the overall well-being of a country.
2. Makes production more affordable: A global market allows businesses wider access to production opportunities and consumers, meaning that there are more goods available at a wider range of price points.
3. Promotes working together: When different countries come together to engage in trade and investments in a global financial market, they become interdependent and often come to rely on one another for certain goods and services.
4. Brings opportunities to poorer countries: Globalization allows companies to move their production from high-cost locations to lower-cost locations abroad—this means bringing jobs, information technology, and other economic opportunities to countries with fewer resources.

While it can benefit nations, there are also several negative effects of globalization. Cons of globalization include:
1. Unequal economic growth: While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.
2. Lack of local businesses: The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.
3. Increases potential global recessions: When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
4. Exploits cheaper labor markets: Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.
5. Causes job displacement: Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.

Aneke: Aneke Nelson Maduakonam
Reg no: 2018/242192
Dpt: Education Economics
What Is Globalization?
Globalization is the spread of products, technology, information, and jobs across national borders and cultures. In economic terms, it describes an interdependence of nations around the globe fostered through free trade.
It is the process of interaction and integration among people, companies, and governments worldwide. Globalization has accelerated since the 18th century due to advances in transportation and communication technology.
HISTORY OF GLOBALIZATION
Globalization is not new. Since the start of civilization, people have traded goods with their neighbors. As cultures advanced, they were able to travel farther afield to trade their own goods for desirable products found elsewhere. The Silk Road, an ancient network of trade routes used between Europe, North Africa, East Africa, Central Asia, South Asia, and the Far East, is an example of early globalization. For more than 1,500 years, Europeans traded glass and manufactured goods for Chinese silk and spices, contributing to a global economy in which both Europe and Asia became accustomed to goods from far away. Following the European exploration of the New World, globalization occurred on a grand scale; the widespread transfer of plants, animals, foods, cultures and ideas became known as the Columbian Exchange. The Triangular Trade network in which ships carried manufactured goods from Europe to Africa, enslaved Africans to the Americas, and sent raw materials back to Europe is another example of globalization. The resulting spread of slavery demonstrates that globalization can hurt people just as easily as it can connect people.
TYPE OF GLOBALIZATION

There are three types of globalization.
Economic globalization.
Here, the focus is on the integration of international financial markets and the coordination of financial exchange. Free trade agreements, such the North American Free Trade Agreement and the Trans-Pacific Partnership are examples of economic globalization. Multinational corporations, which operate in two or more countries, play a large role in economic globalization.
Political globalization.
This type covers the national policies that bring countries together politically, economically and culturally. Organizations such as NATO and the UN are part of the political globalization effort.
Cultural globalization. This aspect of globalization focuses in a large part on the technological and societal factors that are causing cultures to converge. These include increased ease of communication, the pervasiveness of social media and access to faster and better transportation.

The Benefits of Globalization
Globalization has benefits that cover many different areas. It reciprocally developed economies all over the world and increased cultural exchanges. It also allowed financial exchanges between companies, changing the paradigm of work. Many people are nowadays citizens of the world. The origin of goods became secondary and geographic distance is no longer a barrier for many services to happen.
1. Access to New Culture
Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art. This free flow of people, goods, art, and information is the reason you can have Thai food delivered.
2. The Spread of Technology and Innovation
Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly. Because knowledge also transfers so fast, this means that scientific advances made in Asia can be at work in the United States in a matter of days.
3. Lower Costs for Products
Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers.
4. Higher Standards of Living Across the Globe
Developing nations experience an improved standard of living—thanks to globalization.
5. Access to New Markets
Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas.

1. The Economic Negative Effects of Globalization
The consequences of globalization are far from homogeneous: income inequalities, disproportional wealth and trades that benefit parties differently. In the end, one of the criticisms is that some actors (countries, companies, individuals) benefit more from the phenomena of globalization, while others are sometimes perceived as the “losers” of globalization.
2. The Negative Effects of Globalization on the Environment
the massive development of transport that has been the basis of globalization is also responsible for serious environmental problems such as greenhouse gas emissions, global warming or air pollution.
3. Loss of Cultural Identity
While globalization has made foreign countries easier to access, it has also begun to meld unique societies together. The success of certain cultures throughout the world caused other countries to emulate them. But when cultures begin to lose their distinctive features, we lose our global diversity.
4. Foreign Worker Exploitation
Lower costs do benefit many consumers, but it also creates tough competition that leads some companies to search for cheap labor sources.

EFFECTS OF GLOBALIZATION ON LOCAL ECONOMY.
in the developing world, where economies are undergoing rapid change. Indeed, the working conditions of people at some points in the supply chain are deplorable.
The employment opportunities for children in poor countries may increase the negative impacts of child labor and lure children of poor families away from school.
In general, critics blame the pressures of globalization for encouraging an environment that exploits workers in countries that do not offer sufficient protections.
Globalization may contribute to income disparity and inequality between the more-educated and less-educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization.
Regardless of the downsides, globalization is here to stay. The result is a smaller, more connected world. Socially, globalization has facilitated the exchange of ideas and cultures, contributing to a world view in which people are more open and tolerant of one another.
Socially, globalization has facilitated the exchange of ideas and cultures, contributing to a world view in which people are more open and tolerant of one another.
EFFECT OF GLOBALIZATION ON THE WORLD ECONOMY
Globalization has led to increases in standards of living around the world, but not all of its effects are positive for everyone.
1. More efficient markets
Efficient markets should be what every economy strives for. Essentially, the sign of an efficient market is where there is an equilibrium between what buyers are willing to pay for a good or service and what sellers are willing to sell for a good or service.
2. Increased competition
Anytime that you have multiple producers competing for a hold of the economy, that’s a good sign for consumers, as the quality of goods and services often goes up as a result.
When businesses started to venture across international borders, what they often did was introduce a new standard into the global marketplace. Consumers then had more options to choose from.
3. Stabilized security

When your economy depends largely on another country’s economy, it is hard to imagine either one of the countries attacking the other. In a weird sort of way, globalization helped heighten world security.
4. More wealth equality throughout the world
Although many Americans contend that their standard of living has gone down because of globalization, the flip side to this is that hundreds of thousands of people around the world now have jobs, have started their own businesses and can provide comfort for their families

Name: Ugwu Chikaodinaka Augustina
Reg no: 2018/246451
Course: eco 362
Dept: Economics

Globalization has led to increases in standards of living around the world, but not all of its effects are positive for everyone.
Put simply, globalization is the connection of different parts of the world. In economics, globalization can be defined as the process in which businesses, organizations, and countries begin operating on an international scale. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture. In general, globalization has been shown to increase the standard of living in developing countries, but some analysts warn that globalization can have a negative effect on local or emerging economies and individual workers.

Globalization is not new. Since the start of civilization, people have traded goods with their neighbors. As cultures advanced, they were able to travel farther afield to trade their own goods for desirable products found elsewhere. The Silk Road, an ancient network of trade routes used between Europe, North Africa, East Africa, Central Asia, South Asia, and the Far East, is an example of early globalization. For more than 1,500 years, Europeans traded glass and manufactured goods for Chinese silk and spices, contributing to a global economy in which both Europe and Asia became accustomed to goods from far away. Following the European exploration of the New World, globalization occurred on a grand scale; the widespread transfer of plants, animals, foods, cultures and ideas became known as the Columbian Exchange. The Triangular Trade network in which ships carried manufactured goods from Europe to Africa, enslaved Africans to the Americas, and sent raw materials back to Europe is another example of globalization. The resulting spread of slavery demonstrates that globalization can hurt people just as easily as it can connect people.
The rate of globalization has increased in recent years, a result of rapid advancements in communication and transportation. Advances in communication enable businesses to identify opportunities for investment. At the same time, innovations in information technology enable immediate communication and the rapid transfer of financial assets across national borders. Improved fiscal policies within countries and international trade agreements between them also facilitate globalization. Political and economic stability facilitate globalization as well. The relative instability of many African nations is cited by experts as one of the reasons why Africa has not benefited from globalization as much as countries in Asia and Latin America.

PROS OF GLOBALIZATION
Globalization provides businesses with a competitive advantage by allowing them to source raw materials where they are inexpensive. Globalization also gives organizations the opportunity to take advantage of lower labor costs in developing countries, while leveraging the technical expertise and experience of more developed economies.
With globalization, different parts of a product may be made in different regions of the world. Globalization has long been used by the automotive industry, for instance, where different parts of a car may be manufactured in different countries. Businesses in several different countries may be involved in producing even seemingly simple products such as cotton T-shirts.
Globalization affects services too. Many businesses located in the United States have outsourced their call centers or information technology services to companies in India. As part of the North American Free Trade Agreement (NAFTA), U.S. automobile companies relocated their operations to Mexico, where labor costs are lower. The result is more jobs in countries where jobs are needed, which can have a positive effect on the national economy and result in a higher standard of living. China is a prime example of a country that has benefited immensely from globalization. Another example is Vietnam, where globalization has contributed to an increase in the prices for rice, lifting many poor rice farmers out of poverty. As the standard of living increased, more children of poor families left work and attended school.
Consumers benefit too. In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods. In some cases, this may contribute to improved health by enabling a more varied and healthier diet; in others, it is blamed for increases in unhealthy food consumption and diabetes.

CONS OF GLOBALIZATION
Not everything about globalization is beneficial. Any change has winners and losers, and the people living in communities that had been dependent on jobs outsourced elsewhere often suffer. Effectively, this means that workers in the developed world must compete with lower-cost markets for jobs; unions and workers may be unable to defend against the threat of corporations that offer the alternative between lower pay or losing jobs to a supplier in a less-expensive labor market.
The situation is more complex in the developing world, where economies are undergoing rapid change. Indeed, the working conditions of people at some points in the supply chain are deplorable. The garment industry in Bangladesh, for instance, employs an estimated four million people, but the average worker earns less in a month than a U.S. worker earns in a day. In 2013, a textile factory building collapsed, killing more than 1,100 workers. Critics also suggest that employment opportunities for children in poor countries may increase the negative impacts of child labor and lure children of poor families away from school. In general, critics blame the pressures of globalization for encouraging an environment that exploits workers in countries that do not offer sufficient protections.
Studies also suggest that globalization may contribute to income disparity and inequality between the more-educated and less-educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization.

ME: UMEAYO EKWOMCHUKWU ELIJAH
REG NO: 2018/247368
COURSE NO: 362
COURSE CODE: DEVELOPMENT ECONOMICS
UNIT: ECONOMICS EDUCATION
DEPT: SOCIAL SCIENCE EDUCATION
FACULTY: EDUCATION
E MAIL: umeayoekwomchukwuelijah@gmail.com

A Simple Globalization Definition
Globalization means the speedup of movements and exchanges (of human beings, goods, and services, capital, technologies or cultural practices) all over the planet. One of the effects of globalization is that it promotes and increases interactions between different regions and populations around the globe.
Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. This guide uses the term more narrowly to refer to international trade and some of the investment flows among advanced economies, mostly focusing on the United States.
The wide-ranging effects of globalization are complex and politically charged. As with major technological advances, globalization benefits society as a whole, while harming certain groups. Understanding the relative costs and benefits can pave the way for alleviating problems while sustaining the wider payoffs.
What Is Globalization in the Economy?
According to the Committee for Development Policy (a subsidiary body of the United Nations), from an economic point of view, globalization can be defined as:
“(…) the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, the flow of international capital and the wide and rapid spread of technologies. It reflects the continuing expansion and mutual integration of market frontiers (…) and the rapid growing significance of information in all types of productive activities and marketization are the two major driving forces for economic globalization.”

THE HISTORY OF GLOBALIZATION IS DRIVEN BY TECHNOLOGY, TRANSPORTATION, AND INTERNATIONAL COOPERATION
Since ancient times, humans have sought distant places to settle, produce, and exchange goods enabled by improvements in technology and transportation. But not until the 19th century did global integration take off. Following centuries of European colonization and trade activity, that first “wave” of globalization was propelled by steamships, railroads, the telegraph, and other breakthroughs, and also by increasing economic cooperation among countries. The globalization trend eventually waned and crashed in the catastrophe of World War I, followed by postwar protectionism, the Great Depression, and World War II. After World War II in the mid-1940s, the United States led efforts to revive international trade and investment under negotiated ground rules, starting a second wave of globalization, which remains ongoing, though buffeted by periodic downturns and mounting political scrutiny.
PROS AND CONS OF DEVELOPMENT:
The Benefits of Globalization
Globalization has benefits that cover many different areas. It reciprocally developed economies all over the world and increased cultural exchanges. It also allowed financial exchanges between companies, changing the paradigm of work. Many people are nowadays citizens of the world. The origin of goods became secondary and geographic distance is no longer a barrier for many services to happen. Let’s dig deeper.
The Engine of Globalization – An Economic Example
The most visible impacts of globalization are definitely the ones affecting the economic world. Globalization has led to a sharp increase in trade and economic exchanges, but also to a multiplication of financial exchanges.
In the 1970s world economies opened up and the development of free trade policies accelerated the globalization phenomenon. Between 1950 and 2010, world exports increased 33-fold. This significantly contributed to increasing the interactions between different regions of the world.
This acceleration of economic exchanges has led to strong global economic growth. It fostered as well a rapid global industrial development that allowed the rapid development of many of the technologies and commodities we have available nowadays.
Knowledge became easily shared and international cooperation among the brightest minds speeded things up. According to some analysts, globalization has also contributed to improving global economic conditions, creating much economic wealth (thas was, nevertheless, unequally distributed – more information ahead).
Globalization Benefits – A Financial Example
At the same time, finance also became globalized. From the 1980s, driven by neo-liberal policies, the world of finance gradually opened. Many states, particularly the US under Ronald Reagan and the UK under Margaret Thatcher introduced the famous “3D Policy”: Disintermediation, Decommissioning, Deregulation.
The idea was to simplify finance regulations, eliminate mediators and break down the barriers between the world’s financial centers. And the goal was to make it easier to exchange capital between the world’s financial players. This financial globalization has contributed to the rise of a global financial market in which contracts and capital exchanges have multiplied.
GLOBALIZATION AS A TOOL FOR PROSPERITY AND PEACE:
After World War II, the United States helped build a global economic order governed by mutually accepted rules and overseen by multilateral institutions. The idea was to create a better world with countries seeking to cooperate with one another to promote prosperity and peace. Free trade and the rule of law were mainstays of the system, helping to prevent most economic disputes from escalating into larger conflicts.
NEGATIVE EFFECT OF GLOBALIZATION:
Why Is Globalization Bad?
Globalization is a complex phenomenon. As such, it has a considerable influence on several areas of contemporary societies. Let’s take a look at some of the main negative effects globalization has had so far.
The Negative Effects of Globalization on Cultural Loss
Apart from all the benefits globalization has had on allowing cultural exchanges it also homogenized the world’s cultures. That’s why specific cultural characteristics from some countries are disappearing. From languages to traditions or even specific industries. That’s why according to UNESCO, the mix between the benefits of globalization and the protection of local culture’s uniqueness requires a careful approach.
The Economic Negative Effects of Globalization
Despite its benefits, the economic growth driven by globalization has not been done without awakening criticism. The consequences of globalization are far from homogeneous: income inequalities, disproportional wealth and trades that benefit parties differently. In the end, one of the criticisms is that some actors (countries, companies, individuals) benefit more from the phenomena of globalization, while others are sometimes perceived as the “losers” of globalization. As a matter of fact, a recent report from Oxfam says that 82% of the world’s generated wealth goes to 1% of the population.
How Do We Make Globalization More Just?
The ability of countries to rise above narrow self-interest has brought unprecedented economic wealth and plenty of applicable scientific progress. However, for different reasons, not everyone has been benefiting the same from globalization and technological change: wealth is unfairly distributed and economic growth came at huge environmental costs. How can countries rise above narrow self-interest and act together or designing fairer societies and a healthier planet? How do we make globalization more just?
According to Christine Lagarde, former President of the International Monetary Fund, “debates about trade and access to foreign goods are as old as society itself ” and history tells us that closing borders or protectionism policies are not the way to go, as many countries doing it have failed.
Lagarde defends we should pursue globalization policies that extend the benefits of openness and integration while alleviating their side effects. How to make globalization more just is a very complex question that involves redesigning economic systems. But how? That’s the question.
Globalization is deeply connected with economic systems and markets, which, on their turn, impact and are impacted by social issues, cultural factors that are hard to overcome, regional specificities, timings of action and collaborative networks. All of this requires, on one hand, global consensus and cooperation, and on the other, country-specific solutions, apart from a good definition of the adjective “just”.
Examples of Globalization (Concept Map)
Because of trade developments and financial exchanges, we often think of globalization as an economic and financial phenomenon. Nonetheless, it includes a much wider field than just flowing of goods, services or capital. Often referred to as the globalization concept map, some examples of globalization are:
Economic globalization: is the development of trade systems within transnational actors such as corporations or NGOs;
Financial globalization: can be linked with the rise of a global financial system with international financial exchanges and monetary exchanges. Stock markets, for instance, are a great example of the financially connected global world since when one stock market has a decline, it affects other markets negatively as well as the economy as a whole.
Cultural globalization: refers to the interpenetration of cultures which, as a consequence, means nations adopt principles, beliefs, and costumes of other nations, losing their unique culture to a unique, globalized supra-culture;
Political globalization: the development and growing influence of international organizations such as the UN or WHO means governmental action takes place at an international level. There are other bodies operating a global level such as NGOs like Doctors without borders or Oxfam;
Sociological globalization: information moves almost in real-time, together with the interconnection and interdependence of events and their consequences. People move all the time too, mixing and integrating different societies;
Technological globalization: the phenomenon by which millions of people are interconnected thanks to the power of the digital world via platforms such as Facebook, Instagram, Skype or Youtube.
Geographic globalization: is the new organization and hierarchy of different regions of the world that is constantly changing. Moreover, with transportation and flying made so easy and affordable, apart from a few countries with demanding visas, it is possible to travel the world without barely any restrictions;
Ecological globalization: accounts for the idea of considering planet Earth as a single global entity – a common good all societies should protect since the weather affects everyone and we are all protected by the same atmosphere. To this regard, it is often said that the poorest countries that have been polluting the least will suffer the most from climate change.
The Benefits of Globalization
Globalization has benefits that cover many different areas. It reciprocally developed economies all over the world and increased cultural exchanges. It also allowed financial exchanges between companies, changing the paradigm of work. Many people are nowadays citizens of the world. The origin of goods became secondary and geographic distance is no longer a barrier for many services to happen.

NAME: OYIBE, EBERE IZUINYA
REG. NUMBER: 2018/245131
DEPARTMENT: ECONOMICS
COURSE: ECO 362

Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.
As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
MERITS OF GLOBALIZATION.
The merits of globalization as it affects our local and global economy are as follows:
1. Economic Growth
Increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including: access to labour, access to jobs, and access to resources.
i. Access to labour: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
ii. Access to jobs: This is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations
iii. Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce.An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.
2. Increased Global Cooperation
For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.
3. Access to New Cultures
Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art. This free flow of people, goods, art, and information is the reason you can have Thai food delivered to your apartment as you listen to your favorite UK-based artist or stream a Bollywood movie
4. Spread of Technology and Innovation
Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly. Because knowledge also transfers so fast, this means that scientific advances made in Asia can be at work in the United States in a matter of days.
5. Lower Costs for Products and Increased global competition
Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.

6. Increased Standards of Living Across the Globe
Developing nations experience an improved standard of living—thanks to globalization. According to the World Bank, extreme poverty decreased by 35% since 1990. Further, the target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule, in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.

7. Access to New Markets
Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas. International Professional Employer Organizations (PEOs) make it easier than ever to employ workers in other countries quickly and compliantly. This means that, for many companies, there is no longer the need to establish a foreign entity to expand overseas.

8. Access to New Talent
In addition to new markets, globalization allows companies to find new, specialized talent that is not available in their current market. For example, globalization gives companies the opportunity to explore tech talent in booming markets such as Berlin or Stockholm, rather than Silicon Valley. Again, International PEO allows companies to compliantly employ workers overseas, without having to establish a legal entity, making global hiring easier than ever.
9. Increased Cross-Border Investment
Globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.

DEMERITS OF GLOBALIZATION.
The cons of globalization are also as numerous as the pros. They are aas follows:
1. Increased Competition
Individual companies, organizations, and workers can be disadvantaged by global competition. This is similar to how these parties might be disadvantaged by domestic competition: Thereby widening the gap between this countries as some would be considered richer and more developed, while some would be considered poor and developing just as it is now all over the world.
With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.

2. Disproportionate Growth
Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boom to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.
Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.“Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”

3. Environmental Concerns
Increased globalization has been linked to various environmental challenges, many of which are serious, including:
i. Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
ii. Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
iii. The introduction of potentially invasive species into new environments
4. Dumping Ground, Reliance and dependence
Most developing countries are used as a dumping ground for the products of developed countries there by making the products of those developing countries relatively cheaper than than that of the developed ones. This in turn discourages self reliance on the side of the developing countries as they would depend on imported products without working towards improving their local industries.
5. Exploitation
The developing countries have been exploited in the name of globalization. This is because they (developing countries) are being used by the more advanced countries as a source of raw materials as well as a market for their finished products.
6. Loss of Cultural Identity
While globalization has made foreign countries easier to access, it has also begun to meld unique societies together. The success of certain cultures throughout the world caused other countries to emulate them. But when cultures begin to lose their distinctive features, we lose our global diversity.

NAME: Ezeugwu Sandra Adanna
REG NO: 2018/245872
DEPARTMENT: Economics/Education
DATE: Jenuary 2022
COURSE CODE: Eco 362
LEVEL: 300level
LECTURER: Tony Orji

QUESTION: CLEARLY DISCUSS THE PROS AND CONS OF GLOBALIZATION AS IT AFFECTS OUR LOCAL ECONOMY AND GLOBAL ECONOMY AT LARGE

DEFINITION OF GLOBALIZATION IN A SIMPLE TERM
Globalization means the speedup of movements and exchanges (of human beings, goods, and services, capital, technologies or cultural practices) all over the planet. One of the effects of globalization is that it promotes and increases interactions between different regions and populations around the globe.
Globalization, or globalisation (Commonwealth English; see spelling differences), is the process of interaction and integration among people, companies, and governments worldwide. Globalization has accelerated since the 18th century due to advances in transportation and communication technology. This increase in global interactions has caused a growth in international trade and the exchange of ideas, beliefs, and culture. Globalization is primarily an economic process of interaction and integration that is associated with social and cultural aspects. However, disputes and diplomacy are also large parts of the history of globalization, and of modern globalization.
HISTORY OF GLOBALIZATION
Although many people consider globalization a twentieth century phenomenon, the process has been happening for millennia. Examples include the following:

The Roman Empire. Going back to 600 B.C., the Roman Empire spread its economic and governing systems through significant portions of the ancient world for centuries.
Silk Road trade. These trade routes, which date from 130 B.C. to 1453 A.D., represented another wave of globalization. They brought merchants, goods and travelers from China through Central Asia and the Middle East to Europe.
Pre-World War I. European countries made significant investments overseas in the decades before World War I. The period from 1870 to 1914 is called the golden age of globalization.

According to Ben Lutkevich, Technical Writer: Globalization is the process by which ideas, knowledge, information, goods and services spread around the world. In business, the term is used in an economic context to describe integrated economies marked by free trade, the free flow of capital among countries and easy access to foreign resources, including labor markets, to maximize returns and benefit for the common good.
Globalization, or globalisation as it is known in some parts of the world, is driven by the convergence of cultural and economic systems. This convergence promotes — and in some cases necessitates — increased interaction, integration and interdependence among nations. The more countries and regions of the world become intertwined politically, culturally and economically, the more globalized the world becomes.
Some Definitions of Globalization
(1) Official Definition of Globalization by the World Health Organization (WHO)
According to WHO, globalization can be defined as ” the increased interconnectedness and interdependence of peoples and countries. It is generally understood to include two inter-related elements: the opening of international borders to increasingly fast flows of goods, services, finance, people and ideas; and the changes in institutions and policies at national and international levels that facilitate or promote such flows.”

(2) Definition of Globalization in the Economy
According to the Committee for Development Policy (a subsidiary body of the United Nations), from an economic point of view, globalization can be defined as:
“(…) the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, the flow of international capital and the wide and rapid spread of technologies. It reflects the continuing expansion and mutual integration of market frontiers (…) and the rapid growing significance of information in all types of productive activities and marketization are the two major driving forces for economic globalization.”

Related: Planet VS Economy: How Coronavirus Is Unraveling A Dysfunctional System
(3) Definition of Globalization in Geography
In geography, globalization is defined as the set of processes (economic, social, cultural, technological, institutional) that contribute to the relationship between societies and individuals around the world. It is a progressive process by which exchanges and flows between different parts of the world are intensified.
How do globalization work?
In a globalized economy, countries specialize in the products and services they have a competitive advantage in. This generally means what they can produce and provide most efficiently, with the least amount of resources, at a lower cost than competing nations. If all countries are specializing in what they do best, production should be more efficient worldwide, prices should be lower, economic growth widespread and all countries should benefit — in theory.
Policies that promote free trade, open borders and international cooperation all drive economic globalization. They enable businesses to access lower priced raw materials and parts, take advantage of lower cost labor markets and access larger and growing markets around the world in which to sell their goods and services.
Money, products, materials, information and people flow more swiftly across national boundaries today than ever. Advances in technology have enabled and accelerated this flow and the resulting international interactions and dependencies. These technological advances have been especially pronounced in transportation and telecommunications.

Among the recent technological changes that have played a role in globalization are the following:

Internet and internet communication. The internet has increased the sharing and flow of information and knowledge, access to ideas and exchange of culture among people of different countries. It has contributed to closing the digital divide between more and less advanced countries.

Communication technology. The introduction of 4G and 5G technologies has dramatically increased the speed and responsiveness of mobile and wireless networks.

list of benefits of 5G network technologyIncreased speed and bandwidth are among the benefits of 5G technology.
IoT and AI. These technologies are enabling the tracking of assets in transit and as they move across borders, making cross-border product management more efficient.

Blockchain. This technology is enabling the development of decentralized databases and storage that support the tracking of materials in the supply chain. Blockchain facilitates the secure access to data required in industries such as healthcare and banking. For example, blockchain provides a transparent ledger that centrally records and vets transactions in a way that prevents corruption and breaches.

list of 10 benefits of blockchain technology10 benefits of blockchain technology
Transportation. Advances in air and fast rail technology have facilitated the movement of people and products. And changes in shipping logistics technology moves raw materials, parts and finished products around the globe more efficiently.

Manufacturing. Advances such as automation and 3D printing have reduced geographic constraints in the manufacturing industry. 3D printing enables digital designs to be sent anywhere and physically printed, making distributed, smaller-scale production near the point of consumption easier. Automation speeds up processes and supply chains, giving workforces more flexibility and improving output.
What is the G20?
The G20, or Group of Twenty, is an international forum that aims to foster international cooperation by addressing global economic issues, such as financial stability and climate change. The G20 is made up of 19 countries and the European Union, including most of the world’s largest economies. The nations involved account for 60% of the planet’s population, 75% of global trade and 80% of world GDP. It was founded in 1999, following the 1997 financial crisis, and has met every year since then.
Since 2008, the G20 has held an annual summit that brings together heads of state to discuss important economic issues. The G20’s president is selected annually on a rotating basis, and that person’s home country hosts the summit.
In 2019, the summit was held in Osaka, Japan, and it addressed issues such as women’s empowerment, climate change and artificial intelligence. The 2020 summit was to be in Riyadh, Saudi Arabia, but was held virtually because of the pandemic. Three of the main themes addressed were empowering people, especially women and youth; safeguarding the planet; and long-term strategies to share the benefits of innovation and technological advancement. The 2021 summit will be held in Rome, Italy, and will focus on recovery from the pandemic and climate change.
The members of G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, Japan, India, Indonesia, Italy, Mexico, Russia, South Africa, Saudi Arabia, South Korea, Turkey, the United Kingdom, the United States and the European Union. Spain is a permanent guest of the organization.
There are three types of globalization.
include the following:
1. Economic.
2. Political.
3. Cultural.
1. Economic globalization. Here, the focus is on the integration of international financial markets and the coordination of financial exchange. Free trade agreements, such the North American Free Trade Agreement and the Trans-Pacific Partnership are examples of economic globalization. Multinational corporations, which operate in two or more countries, play a large role in economic globalization.
2. Political globalization. This type covers the national policies that bring countries together politically, economically and culturally. Organizations such as NATO and the UN are part of the political globalization effort.
3. Cultural globalization. This aspect of globalization focuses in a large part on the technological and societal factors that are causing cultures to converge. These include increased ease of communication, the pervasiveness of social media and access to faster and better transportation.
three types influence one another. For example, liberalized national trade policies drive economic globalization. Political policies also affect cultural globalization, enabling people to communicate and move around the globe more freely. Economic globalization also affects cultural globalization through the import of goods and services that expose people to other cultures.
Effects of globalization
The effects of globalization can be felt locally and globally, touching the lives of individuals as well as the broader society in the following ways:
1. Effect of globalization on Individuals: Here, a variety of international influences affect ordinary people. Globalization affects their access to goods, the prices they pay and their ability to travel to or even move to other countries.
2. Effect of globalization on Communities: This level encompasses the impact of globalization on local or regional organizations, businesses and economies. It affects who lives in communities, where they work, who they work for, their ability to move out of their community and into one in another country, among other things. Globalization also changes the way local cultures develop within communities.
3. Effect of globalization on Institutions: Multinational corporations, national governments and other organizations such as colleges and universities are all affected by their country’s approach to and acceptance of globalization. Globalization affects the ability of companies to grow and expand, a university’s ability to diversify and grow its student body and a government’s ability to pursue specific economic policies.
While the effects of globalization can be observed, analyzing the net impact is more complex. Proponents often see specific results as positive and critics of globalization view the same results as negative. A relationship that benefits one entity may damage another, and whether globalization benefits the world at large remains a point of contention.

Comparison of internationalization and localization product strategiesInternationalization and localization are both product strategies used in globalizing industries.
Examples of globalization:
Multinational corporations are a tangible example of globalization. Some examples include the following:
McDonald’s had 39,198 fast-food restaurants in 119 countries and territories, according to its Securities and Exchange Commission filing at the end of 2020. It employed more than 2.2 million people at that time, the filing said.
Ford Motor Company reported in 2021 that it works with about 1,200 tier 1 suppliers around the globe.

Pros and cons simply mean the good points and bad points of a situation.Pro means “for” or in support of and “con” means anything against or the opposite. Originally Answered: What do pros and cons stand for? ‘Pros’ just implies Good things and ‘CONS’ implies Bad things about anything. Here we talk about the advantages of globalization and the disadvantages of globalization.
Advantages of globalization
The Pros of Globalization
1. Globalization Broadens Access to Goods and Services.
It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.
2. Globalization Can Lift People Out of Poverty
The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.
3. Globalization Increases Cultural Awareness
Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.
4. Information and Technology Spread More Easily With Globalization
Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

Disadvantages of globalization
The cons of globalization
1. Workers Can Lose Jobs to Countries With Low-Cost Labor
This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.

Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.

Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.

3. Globalization Can Contribute to Cultural Homogeneity
Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

4. Globalization Empowers Multinational Corporations
Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements (this was an argument invoked against the

Globalization refers to the interrelationship between two or more nations, which involves the transfer of product, technology, knowledge, labour etc amongst themselves.

It is defined as the increase in the flow of goods, services, capital, people, and ideas across international boundaries.

The advantages which comes along with globalization includes:

1. Transfer of Technology:
Globalization aids in the transfer of technological ideas and technical know-how between countries. This aids in the development and growth of that country.

2. Access to new talent:
Globalization gives companies the opportunity to explore talents in other countries labour markets for recruitment.

3. Access to foreign product:
Through globalization, a country can easily obtain another’s product, especially if she lacks the necessary resources to produce such products.

4. Increases economic growth:
By increasing the international exchange of goods, technological advances, and information, globalization increases economic development for any country participating in the global economy.

5 Promotes working together.
When different countries come together to engage in trade and investments in a global financial market, they become interdependent and often come to rely on one another for certain goods and services.

Despite the advantages of globalization as mentioned above, there exist several disadvantages of globalization, this includes:

1. Overdependence between nations:

increases potential global recessions. when many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis. Globalization could lead to a situation where by a country totally depends on another for common products which it actually has the capacity to produce.

2. Unequal economic growth:

While globalization tends to increase economic growth for many countries, the growth isn’t equal, richer countries often benefit more than developing countries.

3. Globalization has made it that countries serves as a dumping ground for another’s product. Which dis-stabilises the latter’s economy.

4. Increases potential global recessions:

When many nation’s economic systems become interdependent, the likelihood of a global recession increases dramatically-because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.

5. Promotes Unhealthy Competition:

Globalization creates competition between foreign markets and local market in the production of goods and services. This competition could lead to job loss in the home country and under utilization of resources.

NAME: OWOH ANAYO JONATHAN
DEPT: ECONOMICS
REG NO: 2018/250325
COURSE TITLE: DEVELOPMENT ECONOMICS 2
COURSE CODE: ECO 362
THE PROS AND CONS OF GLOBALIZATION.
Globalization is an established part of the modern world, so most of us do not realize the benefits it brings to our everyday lives—such as easy access to a variety of different cuisines or new technologies developed by countries half a world away.
Even though globalization makes our lives better, it does bring some challenges as companies start to grow and expand across borders. Cultural differences around the world are undeniable. These differences create hurdles for businesses entering foreign markets and necessitate changes to their daily business operations, whether it’s employing workers in a new region or communicating the value of their product to a new audience.
What is Globalization?
The official definition of “globalization” is the process by which businesses or other organizations develop international influence or start operating on an international scale.
More simply, globalization refers to an open flow of information, technology, and goods among countries and consumers. This openness occurs through various relationships, from business, geopolitics, and technology to travel, culture, and media.
Because the world is already so connected, most people don’t notice globalization at work every single day. But the world is getting smaller, and companies need to understand what this means for the future of doing business. Companies that don’t embrace globalization risk losing a competitive advantage, which allows other businesses to take over new opportunities in the global marketplace.
What Are the Benefits/Advantages of Globalization?
Globalization impacts businesses in many different ways. But those who decide to take on international expansion find several benefits, including:
1). Access to New Cultures
Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art. This free flow of people, goods, art, and information is the reason you can have Thai food delivered to your apartment as you listen to your favorite UK-based artist or stream a Bollywood movie.
2). The Spread of Technology and Innovation
Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly. Because knowledge also transfers so fast, this means that scientific advances made in Asia can be at work in the United States in a matter of days.
3). Lower Costs for Products
Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.
4). Higher Standards of Living Across the Globe
Developing nations experience an improved standard of living—thanks to globalization. According to the World Bank, extreme poverty decreased by 35% since 1990. Further, the target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule, in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.
5). Access to New Markets
Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas. International Professional Employer Organizations (PEOs) make it easier than ever to employ workers in other countries quickly and compliantly. This means that, for many companies, there is no longer the need to establish a foreign entity to expand overseas.
6). Access to New Talent
In addition to new markets, globalization allows companies to find new, specialized talent that is not available in their current market. For example, globalization gives companies the opportunity to explore tech talent in booming markets such as Berlin or Stockholm, rather than Silicon Valley. Again, International PEO allows companies to compliantly employ workers overseas, without having to establish a legal entity, making global hiring easier than ever.
What are the Challenges of Globalization?
While globalization offers many benefits, it’s not without challenges. Velocity Global’s 2020 State of Global Expansion™ Report: Technology Industry reveals some of the top challenges that U.S. and UK tech leaders face when taking their companies global, and leaders of other companies likely face the same obstacles.
Some of the hurdles companies face when going global include:
1). International Recruiting:
It’s not surprising that 30% of U.S. and UK tech leaders cited international recruiting as their most common challenge. Recruiting across borders creates unknowns for HR teams. First, companies create a plan for how they will interview and thoroughly vet candidates to make sure they are qualified when thousands of miles separate them from headquarters. Next, companies need to know the market’s demands for salaries and benefits to make competitive offers. To ensure successful hires, HR teams must factor in challenges like time zones, cultural differences, and language barriers to find a good fit for the company.
2). Managing Employee Immigration:
Immigration challenges cause a lot of headaches internally, which is why 28% of U.S. and UK tech leaders agreed it was one of their top challenges. Immigration laws change often, and in some countries, it is extremely difficult to secure visas for employees that are foreign nationals. The U.S., for example, is getting stricter with granting H-1B visas, and Brexit makes the future of immigration to the UK uncertain.
3). Incurring Tariffs and Export Fees:
Another challenge both U.S and UK tech leaders said they face in the report is incurring tariffs and export fees—29% agreed this is a challenge for their global businesses. For companies looking to sell products abroad, getting those items overseas can be expensive, depending on the market.
4). Payroll and Compliance Challenges:
Another common global expansion obstacle is managing overseas payroll and maintaining compliance with changing employment and tax laws. This management task gets even more difficult if you’re trying to manage operations in multiple markets.
5). Loss of Cultural Identity:
While globalization has made foreign countries easier to access, it has also begun to meld unique societies together. The success of certain cultures throughout the world caused other countries to emulate them. But when cultures begin to lose their distinctive features, we lose our global diversity.
6). Foreign Worker Exploitation:
Lower costs do benefit many consumers, but it also creates tough competition that leads some companies to search for cheap labor sources. Some western companies ship their production overseas to countries like China and Malaysia, where lax regulations make it easier to exploit workers.
7). Global Expansion Difficulties:
For businesses that want to go global and discover the benefits of globalization, setting up a compliant overseas presence is difficult. If companies take the traditional route of setting up an entity, they need substantial upfront capital, sometimes up to $20,000, and costs of $200,000 annually to maintain the business. Additionally, global businesses must keep up with different and ever-changing labor laws in new countries. When expanding into new countries, companies must be aware of how to navigate new legal systems. Otherwise, missteps lead to impediments and severe financial and legal consequences.
8). Immigration Challenges and Local Job Loss:
The political climates in the United States and Europe show that there are different viewpoints on the results of globalization. Many countries around the globe are tightening their immigration rules, and it is harder for immigrants to find jobs in new countries. This rise in nationalism is mainly due to anger from the perception that foreigners fill domestic jobs or at companies moving their operations abroad to save money on labor costs.
For example, the Economic Policy Institute reports that the U.S. trade deficit with China (or the amount by which our imports exceed our exports) cost Americans 3.4 million jobs since 2001.

Ezema Samuel Nnamdi
REG.NO. 2018/249458

Globalization is a complicated and ever-changing process that has both good and bad aspects. Globalization, with the door to many countries open to one another, will continue. The primary goal, then, is to ensure that countries and independent financial actors work in harmony with one another for the betterment of everyone.
Some praise globalization for opening borders and connecting cultures and politics. Others blame it for disrupting local economies and eliminating jobs. The fact is that globalization has been around since ancient times, and it is fully integrated into different aspects of modern life. As a consumer, your clothing, foods and electronic gadgets are often produced by multinational companies located around the world. And as an investor, a financial advisor could help you diversify your portfolio with emerging market funds and other foreign investments. Let’s take a look at some of the advantages and disadvantages of globalization.

Pros of Globalization:

• Globalization Broadens Access to Goods and Services 
It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

• Globalization Can Lift People Out of Poverty
The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

• Globalization Increases Cultural Awareness
Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

• Information and Technology Spread More Easily With Globalization
Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

Cons of Globalization:

• The general complaint about globalization is that it has made the rich richer while making the non-rich poorer. “It is wonderful for managers, owners and investors, but hell on workers and nature.”

• Globalization is supposed to be about free trade where all barriers are eliminated but there are still many barriers. For instance161 countries have value added taxes (VATs) on imports which are as high as 21.6% in Europe. The U.S. does not have VAT.

• The biggest problem for developed countries is that jobs are lost and transferred to lower cost countries.” According to conservative estimates by Robert Scott of the Economic Policy Institute, granting China most favored nation status drained away 3.2 million jobs, including 2.4 million manufacturing jobs. He pegs the net losses due to our trade deficit with Japan ($78.3 billion in 2013) at 896,000 jobs, as well as an additional 682,900 jobs from the Mexico –U.S. trade-deficit run-up from 1994 through 2010.”

• Workers in developed countries like the US face pay-cut demands from employers who threaten to export jobs. This has created a culture of fear for many middle class workers who have little leverage in this global game

• Large multi-national corporations have the ability to exploit tax havens in other countries to avoid paying taxes.

• Multinational corporations are accused of social injustice, unfair working conditions (including slave labor wages, living and working conditions), as well as lack of concern for environment, mismanagement of natural resources, and ecological damage.

• Multinational corporations, which were previously restricted to commercial activities, are increasingly influencing political decisions. Many think there is a threat of corporations ruling the world because they are gaining power, due to globalization.

• Building products overseas in countries like China puts our technologies at risk of being copied or stolen, which is in fact happening rapidly

• The anti-globalists also claim that globalization is not working for the majority of the world. “During the most recent period of rapid growth in global trade and investment, 1960 to 1998, inequality worsened both internationally and within countries. The UN Development Program reports that the richest 20 percent of the world’s population consume 86 percent of the world’s resources while the poorest 80 percent consume just 14 percent. “

• Some experts think that globalization is also leading to the incursion of communicable diseases. Deadly diseases like HIV/AIDS are being spread by travelers to the remotest corners of the globe.

• Globalization has led to exploitation of labor. Prisoners and child workers are used to work in inhumane conditions. Safety standards are ignored to produce cheap goods. There is also an increase in human trafficking.

• Social welfare schemes or “safety nets” are under great pressure in developed countries because of deficits, job losses, and other economic ramifications of globalization.

Name: obodoike Faith Oluchi

Reg no:2018/245387

Department: Education Economics

Email address: oluchifaith093@gmail.com

Course code: Eco 362

Course tittle: Economics Development

Assignment
Clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

Answer

Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures.
The Pros and Cons of Globalization

Advantages of globalization

1. Globalization Broadens Access to Goods and Services
It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

2. Globalization Increases Cultural Awareness:
A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries.

3. Globalization Can Lift People Out of Poverty
The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity and quality of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

4. Information and Technology Spread More Easily With Globalization
Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.
5. Globalization enhances employment opportunities for people:it makes employment opportunities easily accessible to people who are seeking for job or employment
6. Globalization enhances or encourage specialisation.

Disadvantages of globalization
1. Workers Can Lose Jobs to Countries With Low-Cost Labor
globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.

3. Globalization Can Contribute to Cultural Homogeneity
Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.
4. Globalization Empowers Multinational Corporations
Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries.
5. Globalization leads to too much dependent,it makes underdeveloped countries to depend on developed countries for most of their needs.

Name: Orungbemi Timothy Anuoluwapo
Reg no.: 2018/241848
Department: Economics

Globalisation was introduced in order to bring the world together to unite every country most especially bringing the developing and developed world together in every aspect.
Though globalisation was done for a good or right reasons yet it has its cons which makes it not perfect
Here we discuss about the pro and cons of the the topic globalisation. The following are the pros and cons of globalisation

PROS OF GLOBALISATION

1. Access to New Cultures:
Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art.

2. The Spread of Technology and Innovation:
Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly.

3. Increased Global Cooperation:
For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.

4. Lower Costs for Products:
Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers.

5. Increased Cross-Border Investment:
According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.

CONS OF GLOBALISATION

1. Increased Competition:
When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition.

2. Loss of Cultural Identity:
While globalization has made foreign countries easier to access, it has also begun to meld unique societies together. The success of certain cultures throughout the world caused other countries to emulate them.

3. Foreign Worker Exploitation:
Lower costs do benefit many consumers, but it also creates tough competition that leads some companies to search for cheap labor sources.

4. Immigration Challenges and Local Job Loss:
The political climates in the United States and Europe show that there are different viewpoints on the results of globalization.

5. Environmental Concerns:
Increased globalization has been linked to various environmental challenges, many of which are serious, including:
a.Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
b.Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
c.The introduction of potentially invasive species into new environments

OCHONWU LOTACHI VIVIAN
2018/248806
ECONOMICS
ASSIGNMENT ON ECO 362
THE PROS AND CONS OF GLOBALIZATION.
The pros of Globalization
1. Transfer of Technology
Transfer of technology throughout the globe is good for us. Any country can borrow the technology through the agreement and can implement it in their country for their overall development. We can communicate each other easily from any part of the globe by using advance technology at minimal cost, time and efforts.
2. Better Services
Globalization always provides us better services. Through the technological advancement our services like water supply, mobile networking, internet, electricity supply and any other services have been easier and better than before. By the way, easy access to the internet throughout the globe is also the result of the globalization. 3. Standardization of Living
The integration of economies as the key process of globalization enables countries to fight against poverty and improve the standard of living of the people.
Many researchers have been stated that when a country open up their trade to the globe, their rate of economic growth is faster and living standards tend to increase.
4. Development of Infrastructure
Due to the technological advancement and its transfer throughout the globe helps to improve country’s infrastructure. Countries are more enabling to deliver their services to the people. Development of infrastructure means overall development of respective countries. Here it is necessary to say that economic growth and development of infrastructure are compatible with each other.
5. Foreign Exchange Reserves
Through globalization countries can build foreign exchange reserves owing to international financial flows.
6. Economic Growth
Globalization entails to optimum utilization of resources wherein deficit resources are procured and surplus resources are exported to other countries. This ensure overall economic growth.
7. Affordable Products
With the access to the latest technology, the countries can provide products to its countrymen at affordable prices. Globalization promotes competition in domestic economies and their endeavor to compete against competition, companies reduce product price or follow penetration pricing strategy.
8. Contribution to World GDP Growth Rate
Globalization ensures contribution of every country to the world GDP growth.
9. Extensions of Market
Above all, Globalization promotes extension of market. It provides an opportunity to the domestic companies in going global. For instance, domestically, companies can witness saturation in the demand for their products or services but through globalization the domestic companies can sustain and satisfy the growing demands of foreign customers.
The cons of Globalization
1. Growing Inequality
Globalization can increase inequality throughout the world by increasing specialization and trade. Although specialization and trade boost the per-capita income it may cause relative poverty.
To illustrate this we will take an example. All dominated MNCs in the world are located in the United States. All these companies are buying cheaper labor from developing or underdeveloped countries for their product manufacturing or assembling. China, India and Africa are prime examples of this. It increases the employment of such countries but they are lagging behind relatively developed countries.
Again those companies coming to these countries for cheap labor, they also deprive of that country’s i.e American people from work. So it appears that relative poverty is being created in developed countries as well.
2. Increasing of the Unemployment rate
Globalization can increase unemployment rate. Where people are getting jobs, how is it possible? Here is the explanation.
Globalization demands for higher-skilled work with cheaper price. But countries where Institutions are relatively weak are not capable of producing highly skilled workers. As a result, the unemployment rate is increasing in those countries.
When many foreign companies invest heavily in developing countries, they hire employee from that country. In some cases their salaries are very lower than the other developed countries. Moreover, the demand for these employees in developed countries is very low. Moreover, with the emergence of Global Economic Crisis, their jobs are at risk of losing.
3. Trade Imbalance
The balance of trade refers to the balance of values between a country’s export and import’s goods and services. As the result of globalization, any country can trade to any part of the globe.
That is why, in some cases developing countries are so much dependent on the developed countries in terms of import goods but their export capabilities are lower than import. The trade imbalance has been occurring.
So, trade imbalance refers to the imbalance of values between a country’s import and export’s goods and services. It is also called trade deficits. Trade imbalance may be increase in developed countries by their competitors.
4. Environmental Loots
The pace of industrialization is increasing as the result of globalization. Industrialization boosts the economic growth but it harms environment as well. Globalization loots from the nature and it harm us very badly.

Name: Urama Isaac Anenechukwu
Reg. no: 2018/243823
Course Code: Eco 362
Department: Economics
Lecturer: Dr. Anthony Orji, (Rt. Hon. Mr President)
2nd Online Assignment on Development Economics 2.

THE PROS AND CONS OF GLOBALIZATION
ANSWER:
Globalization is an international situation that has arisen in the late twentieth century in which the world’s investment, employment, production, and marketing systems have spread beyond the territorial boundaries to the international arena. As a result, the world has become a pervasive social and different countries are simultaneously participating in the process of uniform investment, employment, production, and marketing.
In international economics, globalization is the web of relationships between economies worldwide by way of international trade and investments. While the history of globalization dates back to ancient times, the modern era of globalization began in earnest in the early nineteenth century. Starting with the Industrial Revolution, advancements in transportation (like railroads and steamships) and communication (like the telegraph) allowed increased economic interaction and cooperation across country borders.
The opposite of economic globalization—or free-market trade across borders—is protectionism, an economic policy that attempts to protect domestic businesses from foreign competition and labor markets, usually by imposing trade barriers like tariffs.
Three Examples of Globalization include:
1 Intergovernmental organizations. Globalization has made it possible for international organizations to be created through treaties between many different countries. Examples include the European Union, the United Nations, the World Bank, the World Trade Organization (WTO), and the International Monetary Fund (IMF).
2. Intergovernmental treaties. Many governments across the world have engaged in treaties or trade policies to make it easier for international investment and trade. These treaties, called free-trade agreements, include the North American Free Trade Agreement (NAFTA) and the Comprehensive Economic and Trade Agreement (CETA).
3. Multinational corporations. A multinational corporation is an organization that does business in many different countries. Globalization is the reason that multinational businesses exist. For example, globalization allows major US corporations to sell their products to Mexico, Europe, and China.

BENEFITS OF GLOBALIZATION?
Globalization can benefit a country’s economy in many ways:
1. Transfer of Technology
Transfer of technology throughout the globe is good for us. Any country can borrow the technology through the agreement and can implement it in their country for their overall development. We can communicate each other easily from any part of the globe by using advance technology at minimal cost, time and efforts.
2. Better Services
Globalization always provides us better services. Through the technological advancement our services like water supply, mobile networking, internet, electricity supply and any other services have been easier and better than before. By the way, easy access to the internet throughout the globe is also the result of the globalization.
3. Standardization of Living
The integration of economies as the key process of globalization enables countries to fight against poverty and improve the standard of living of the people.
Many researchers have been stated that when a country open up their trade to the globe, their rate of economic growth is faster and living standards tend to increase.
4. Development of Infrastructure
Due to the technological advancement and its transfer throughout the globe helps to improve country’s infrastructure. Countries are more enabling to deliver their services to the people. Development of infrastructure means overall development of respective countries. Here it is necessary to say that economic growth and development of infrastructure are compatible with each other.
5. Foreign Exchange Reserves
Through globalization countries can build foreign exchange reserves owing to international financial flows.
6. Economic Growth
Globalization entails to optimum utilization of resources wherein deficit resources are procured and surplus resources are exported to other countries. This ensure overall economic growth.
7. Affordable Products
With the access to the latest technology, the countries can provide products to its countrymen at affordable prices. Globalization promotes competition in domestic economies and their endeavor to compete against competition, companies reduce product price or follow penetration pricing strategy.

8. Contribution to World GDP Growth Rate
Globalization ensures contribution of every country to the world GDP growth.
9. Extensions of Market
Above all, Globalization promotes extension of market. It provides an opportunity to the domestic companies in going global. For instance, domestically, companies can witness saturation in the demand for their products or services but through globalization the domestic companies can sustain and satisfy the growing demands of foreign customers
10. Increases economic growth. By increasing the international exchange of goods, technological advances, and information, globalization increases economic development for any country participating in the global economy. An increase in economic growth means better living standards, higher incomes, more wealth in a country, and, often, less poverty—in short, the overall well-being of a country.
11. Makes production more affordable. A global market allows businesses wider access to production opportunities and consumers, meaning that there are more goods available at a wider range of price points.
12. Promotes working together. When different countries come together to engage in trade and investments in a global financial market, they become interdependent and often come to rely on one another for certain goods and services.
13. Brings opportunities to poorer countries. Globalization allows companies to move their production from high-cost locations to lower-cost locations abroad—this means bringing jobs, information technology, and other economic opportunities to countries with fewer resources.
14. Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
15. Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
16. Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
17. The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.
18. Increased Global Cooperation
For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.
“Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world’s nations will fall back into the catastrophe of war.”
19. Increased Cross-Border Investment
According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.
20. The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.

DISADVANTAGES OF GLOBALIZATION?
1. Growing Inequality
Globalization can increase inequality throughout the world by increasing specialization and trade. Although specialization and trade boost the per-capita income it may cause relative poverty.
To illustrate this we will take an example. All dominated MNCs in the world are located in the United States. All these companies are buying cheaper labor from developing or underdeveloped countries for their product manufacturing or assembling. China, India and Africa are prime examples of this. It increases the employment of such countries but they are lagging behind relatively developed countries.
Again those companies coming to these countries for cheap labor, they also deprive of that country’s i.e American people from work. So it appears that relative poverty is being created in developed countries as well.
2. Increasing of the Unemployment rate
Globalization can increase unemployment rate. Where people are getting jobs, how is it possible? Here is the explanation.
Globalization demands for higher-skilled work with cheaper price. But countries where Institutions are relatively weak are not capable of producing highly skilled workers. As a result, the unemployment rate is increasing in those countries.
When many foreign companies invest heavily in developing countries, they hire employee from that country. In some cases their salaries are very lower than the other developed countries. Moreover, the demand for these employees in developed countries is very low. Moreover, with the emergence of Global Economic Crisis, their jobs are at risk of losing.
3. Trade Imbalance
The balance of trade refers to the balance of values between a country’s export and import’s goods and services. As the result of globalization, any country can trade to any part of the globe.
That is why, in some cases developing countries are so much dependent on the developed countries in terms of import goods but their export capabilities are lower than import. The trade imbalance has been occurring.
So, trade imbalance refers to the imbalance of values between a country’s import and export’s goods and services. It is also called trade deficits. Trade imbalance may be increase in developed countries by their competitors.
4. Environmental Loots
The pace of industrialization is increasing as the result of globalization. Industrialization boosts the economic growth but it harms environment as well. Globalization loots from the nature and it harm us very badly.
Let’s try to understand with the example. Coca-Cola is the world’s leading soft drink company. This company consume huge amount of water for making soft drinks. In a state of northern India, Uttar Pradesh, a Coca-Cola bottle plant was closed by the government order because of too much usage of water claimed by local farmers.
In North India, the level of ground water is very low, but huge usage of this water for the interest of a MNC is very harmful to domestic farming.
In Kerala, a state of southern India, Coca-Cola plant was also closed due to the polluting the water which was supplied to the local communities.
Also, MNCs use the natural resources of different countries extensively for their personal gain.
Various chemical industries are very harmful to our health by polluting the soil, water, air.
While it can benefit nations, there are also several negative effects of globalization. Cons of globalization include:
5. Unequal economic growth. While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.
6. Lack of local businesses. The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.
7. Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
8. Exploits cheaper labor markets. Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.
9. Causes job displacement. Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas
10. Increased Competition
When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.
With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.
“Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”
11. Disproportionate Growth
Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.
Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.
Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.

“Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”
12. Environmental Concerns
Increased globalization has been linked to various environmental challenges, many of which are serious, including:
Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
The introduction of potentially invasive species into new environments
While such issues are governed by existing or proposed laws and regulations, businesses have made environmental concerns and sustainability a priority by, for example, embracing the tenets of the triple bottom line and the idea of corporate social responsibility.

MANAGING THE RISKS OF GLOBALIZATION
The world is never going to abandon globalization. While it’s true that individual countries and regions put policies and practices in place that limit globalization, such as tariffs, it’s here to stay. The good news is that businesses and professionals willing to confront and prepare for globalization’s challenges and risks have the potential to benefit immensely.
Whether you’re a business owner, member of executive leadership, or an employee, learning how to identify opportunities related to globalization and the risks it might bring can empower you to be more effective in your role and offer more value to your organization.
Taking a course like Global Business is one path toward quickly gaining an understanding of the macroeconomic, political, and social conditions that have and continue to have an impact on modern globalization.
Are you interested in breaking into a global market? Sharpen your knowledge of the international business world with our four-week Global Business course, and explore our other online courses regarding business in society.
In conclusion, globalization has come to stay and it’s and we must embrace it if we must grow along with other developing countries, we should rather try to minimize the risks and disadvantages associated with it and then take advantage of the benefits associated with it instead of backing off completely as a result of it’s disadvantages.

NAME: ONWE, IRENE EBERE
REG NO: 2018/242201
DEPARTMENT: EDUCATION AND ECONOMICS
Email: onwe.irene.242201@unn.edu.ng

Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.

As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

ANSWER
In discussing the above, The world is never going to abandon globalization. While it’s true that individual countries and regions put policies and practices in place that limit globalization, such as tariffs, it’s here to stay. The good news is that businesses and professionals willing to confront and prepare for globalization’s challenges and risks have the potential to benefit immensely. In as much as globalization is important to an economy there are some pros and cons which can also be said to be the advantages and disadvantages. They are:
ADVANTAGES OF GLOBALIZATION
1. Economic Growth
It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:

Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.
2. Increased Global Cooperation
For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.

“Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world’s nations will fall back into the catastrophe of war.”

3. Increased Cross-Border Investment
According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.

The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.

Consumers benefit too. In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods. In some cases, this may contribute to improved health by enabling a more varied and healthier diet; in others, it is blamed for increases in unhealthy food consumption and diabetes.

DISADVANTAGES OF GLOBALIZATION
1. Increased Competition
When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.

With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.

“Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”

2. Disproportionate Growth
Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.

Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.

“Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”

3. Environmental Concerns
Increased globalization has been linked to various environmental challenges, many of which are serious, including:

Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
The introduction of potentially invasive species into new environments.

4. Studies also suggest that globalization may contribute to income disparity and inequality between the more-educated and less-educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization.

NAME: MBASO RALUCHI
REG NO: 2018/242437
DEPARTMENT: ECONOMICS

Globalization is the interconnectedness or association between economies worldwide by way of international trade and investments. It is the interdependencce of the worlds economies, populations and culture. While the background of globalization could be traced back to ancient times, the modern era of globalization initiated in the early nineteenth century. Starting with the Industrial Revolution, advancements in transportation and communication allowed increased economic interaction and cooperation across country borders
organization that does business in many different countries. Globalization is the reason that multinational businesses exist. For example, globalization allows major US corporations to sell their products to Mexico, Europe, and China. This is the reson we see china companies having outlets in the US, products made in Japan sold in Nigeria.

Globalization can be advantageous to countries in many ways including;
•Increases economic growth. By increasing the international exchange of goods, technological advances, and information, globalization increases economic development for any country participating in the global economy. An increase in economic growth means better living standards, higher incomes, more wealth in a country, and, often, less poverty. Generally, it positively impacts the overall well-being of a country.
•Makes production more affordable. A global market allows businesses wider access to production opportunities and consumers, meaning that there are more goods available at a wider range of price points. Countries with better production advantage would produce more and supply to other countries
•Promotes working together. When different countries come together to engage in trade and investments in a global financial market, they become interdependent and often come to rely on one another for certain goods and services.
•Brings opportunities to poorer countries. Globalization allows companies to move their production from high-cost locations to lower-cost locations abroad—this means bringing jobs, information technology, and other economic opportunities to countries with fewer resources.

While globalization is advantageous to countries, there are also several negative effects, the Cons of globalization include:
•Unequal economic growth. While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.
•Lack of local businesses. The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.
Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
•Exploits cheaper labor markets. Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.
•Causes job displacement. Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.

NAME:imo onyinyechi Mirabel
REG NO:2018/246751
DEPT:EDUCATION/ECONOMICS
COURSE:ECO 362
EMAIL:mirabelimo@gmail.com

Globalization

Globalization is a term used to describe how trade and technology have made the world into a more connected and interdependent place. Globalization also captures in its scope the economic and social changes that have come about as a result. It may be pictured as the threads of an immense spider web formed over millennia, with the number and reach of these threads increasing over time. People, money, material goods, ideas, and even disease and devastation have traveled these silken strands, and have done so in greater numbers and with greater speed than ever in the present age. Globalization means the speedup of movements and exchanges (of human beings, goods, and services, capital, technologies or cultural practices) all over the planet. One of the effects of globalization is that it promotes and increases interactions between different regions and populations around.
Pros of Globalization

Globalization impacts businesses in many different ways. But those who decide to take on international expansion find several benefits, including:
1. Access to New Cultures
Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art. This free flow of people, goods, art, and information is the reason you can have Thai food delivered to your apartment as you listen to your favorite UK-based artist or stream a Bollywood movie.
2. The Spread of Technology and Innovation
Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly. Because knowledge also transfers so fast, this means that scientific advances made in Asia can be at work in the United States in a matter of days.
3. Lower Costs for Products
Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.
4. Higher Standards of Living Across the Globe
Developing nations experience an improved standard of living—thanks to globalization. According to the World Bank, extreme poverty decreased by 35% since 1990. Further, the target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule, in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.
5. Access to New Markets
Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas. International Professional Employer Organizations (PEOs) make it easier than ever to employ workers in other countries quickly and compliantly. This means that, for many companies, there is no longer the need to establish a foreign entity to expand overseas.
6. Access to New Talent
In addition to new markets, globalization allows companies to find new, specialized talent that is not available in their current market. For example, globalization gives companies the opportunity to explore tech talent in booming markets such as Berlin or Stockholm, rather than Silicon Valley. Again, International PEO allows companies to compliantly employ workers overseas, without having to establish a legal entity, making global hiring easier than ever.

Cons Of Globalization

1. International Recruiting
It’s not surprising that 30% of U.S. and UK tech leaders cited international recruiting as their most common challenge. Recruiting across borders creates unknowns for HR teams. First, companies create a plan for how they will interview and thoroughly vet candidates to make sure they are qualified when thousands of miles separate them from headquarters. Next, companies need to know the market’s demands for salaries and benefits to make competitive offers. To ensure successful hires, HR teams must factor in challenges like time zones, cultural differences, and language barriers to find a good fit for the company.
2. Managing Employee Immigration
Immigration challenges cause a lot of headaches internally, which is why 28% of U.S. and UK tech leaders agreed it was one of their top challenges. Immigration laws change often, and in some countries, it is extremely difficult to secure visas for employees that are foreign nationals. The U.S., for example, is getting stricter with granting H-1B visas, and Brexit makes the future of immigration to the UK uncertain.
 3. Incurring Tariffs and Export Fees
Another challenge both U.S and UK tech leaders said they face in the report is incurring tariffs and export fees—29% agreed this is a challenge for their global businesses. For companies looking to sell products abroad, getting those items overseas can be expensive, depending on the market.
4. Payroll and Compliance Challenges
Another common global expansion obstacle is managing overseas payroll and maintaining compliance with changing employment and tax laws. This management task gets even more difficult if you’re trying to manage operations in multiple markets.
5. Loss of Cultural Identity
While globalization has made foreign countries easier to access, it has also begun to meld unique societies together. The success of certain cultures throughout the world caused other countries to emulate them. But when cultures begin to lose their distinctive features, we lose our global diversity.
6. Foreign Worker Exploitation
Lower costs do benefit many consumers, but it also creates tough competition that leads some companies to search for cheap labor sources. Some western companies ship their production overseas to countries like China and Malaysia, where lax regulations make it easier to exploit workers.
7. Global Expansion Difficulties
For businesses that want to go global and discover the benefits of globalization, setting up a compliant overseas presence is difficult. If companies take the traditional route of setting up an entity, they need substantial upfront capital, sometimes up to $20,000, and costs of $200,000 annually to maintain the business. Additionally, global businesses must keep up with different and ever-changing labor laws in new countries. When expanding into new countries, companies must be aware of how to navigate new legal systems. Otherwise, missteps lead to impediments and severe financial and legal consequences.
8. Immigration Challenges and Local Job Loss
The political climates in the United States and Europe show that there are different viewpoints on the results of globalization. Many countries around the globe are tightening their immigration rules, and it is harder for immigrants to find jobs in new countries. This rise in nationalism is mainly due to anger from the perception that foreigners fill domestic jobs or at companies moving their operations abroad to save money on labor costs.
For example, the Economic Policy Institute reports that the U.S. trade deficit with China (or the amount by which our imports exceed our exports) cost Americans 3.4 million jobs since 2001.

Globalization refers to the worldwide interconnectedness of economies and societies.
PROS OF GLOBALIZATION
1. Globalization brings the world’s advanced economies closer: Globalization allows the world’s most powerful economies and governments to collaborate to achieve great things.
2. Globalization facilitates the spread of information and technology: Civil society organizations can draw inspiration from other countries, and successful ideas can spread more quickly.
3. Reduced production cost: Business enjoy Economics of scale as a result of expanded market size, Businesses can take advantage of the opportunities provided by globalization by paying cheaper salaries and having reduced overheads.
CONS OF GLOBALISATION
1.Multinational Corporations Gain Power as a Result of Globalization: This erodes state sovereignty and people’s ability to hold their leaders accountable for the state of their countries as multinational companies are empowered by trade agreements at the expense of governments and populations.
2. Globalization Has not Protected Labor, Environmental or Human Rights: companies actively seek the countries with the weakest labor and environmental protections and the lowest wages.
3. Disproportionate Growth: Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

Udeh Josephine Nkemakoram
2018/241843
Economics
300 level
Globalization is a term used to describe how trade and technology have made the world into a more connected and interdependent place. Globalization also captures in its scope the economic and social changes that have come about as a result. Globalization possesses many advantages, but to everything that has pros there are cons, some are listed below.
ADVANTAGES OF GLOBALIZATION
• The spread of new technologies and innovations: with globalization it the spread of innovation becomes more easy, as neighboring countries would be in steady communications sharing all the good knowledge achieved along the way.
• Not only technologies but culture: with globalization cultures are also shared in every possible milieu, it could be sharing of dressing patterns or the way food us cooked, many different and vast ways made known to all.
• Lower costs of production: a system called comparative advantage could be implemented. A situation where countries produce goods where they excel, in terms of costs and import the others, therefore lowering costs of production.
• Access to new markets: like explained above international trade is made possible when countries are globalized, offering them the chance to get what they can’t produce from other countries. These could range from products down to skills.
• Better services: Globalization always provides us better services. Through the technological advancement our services like water supply, mobile networking, internet, electricity supply and any other services have been easier and better than before. The use of the internet is a result of globalization.
• A raise in the standard of living, increased social welfare: The integration of economies as the key process of globalization enables countries to fight against poverty and improve the standard of living of the people.
DISADVANTAGES OF GLOBALIZATION
• Unequal economic growth. While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.
• Lack of local businesses. Globalization promotes trade and trade sometimes suffocates infant industries. A like situation is happening in Nigeria, infant industries cannot handle the competition and therefore simply stop existing.
• Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically.
• Causes job displacement. Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas. So many youths want to ho abroad to look for greener pastures making Nigeria more deplorable.
• Trade imbalance. This comes in the form of overdependence exercised by some developing countries like Nigeria, on imported goods. Such is not good for ones economy.

NAME: OKOYE FAVOUR
REG NO: 2018/249186
DEPT:ECONOMICS

globalization is the connection of different parts of the world. In economics, globalization can be defined as the process in which businesses, organizations, and countries begin operating on an international scale. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture. In general, globalization has been shown to increase the standard of living in developing countries, but some analysts warn that globalization can have a negative effect on local or emerging economies and individual workers.

Benefits of Globalization

Globalization provides businesses with a competitive advantage by allowing them to source raw materials where they are inexpensive. Globalization also gives organizations the opportunity to take advantage of lower labor costs in developing countries, while leveraging the technical expertise and experience of more developed economies.

With globalization, different parts of a product may be made in different regions of the world. Globalization has long been used by the automotive industry, for instance, where different parts of a car may be manufactured in different countries. Businesses in several different countries may be involved in producing even seemingly simple products such as cotton T-shirts.

Globalization affects services too. Many businesses located in the United States have outsourced their call centers or information technology services to companies in India. As part of the North American Free Trade Agreement (NAFTA), U.S. automobile companies relocated their operations to Mexico, where labor costs are lower. The result is more jobs in countries where jobs are needed, which can have a positive effect on the national economy and result in a higher standard of living. China is a prime example of a country that has benefited immensely from globalization. Another example is Vietnam, where globalization has contributed to an increase in the prices for rice, lifting many poor rice farmers out of poverty. As the standard of living increased, more children of poor families left work and attended school.

Consumers benefit too. In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods. In some cases, this may contribute to improved health by enabling a more varied and healthier diet; in others, it is blamed for increases in unhealthy food consumption and diabetes.

Downsides

Not everything about globalization is beneficial. Any change has winners and losers, and the people living in communities that had been dependent on jobs outsourced elsewhere often suffer. Effectively, this means that workers in the developed world must compete with lower-cost markets for jobs; unions and workers may be unable to defend against the threat of corporations that offer the alternative between lower pay or losing jobs to a supplier in a less-expensive labor market.

The situation is more complex in the developing world, where economies are undergoing rapid change. Indeed, the working conditions of people at some points in the supply chain are deplorable. The garment industry in Bangladesh, for instance, employs an estimated four million people, but the average worker earns less in a month than a U.S. worker earns in a day. In 2013, a textile factory building collapsed, killing more than 1,100 workers. Critics also suggest that employment opportunities for children in poor countries may increase the negative impacts of child labor and lure children of poor families away from school. In general, critics blame the pressures of globalization for encouraging an environment that exploits workers in countries that do not offer sufficient protections.

Studies also suggest that globalization may contribute to income disparity and inequality between the more-educated and less-educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization.

Into the Future

Regardless of the downsides, globalization is here to stay. The result is a smaller, more connected world. Socially, globalization has facilitated the exchange of ideas and cultures, contributing to a world view in which people are more open and tolerant of one another.
NAME: OKOYE FAVOUR
REG NO: 2018/249186
DEPT:ECONOMICS

globalization is the connection of different parts of the world. In economics, globalization can be defined as the process in which businesses, organizations, and countries begin operating on an international scale. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture. In general, globalization has been shown to increase the standard of living in developing countries, but some analysts warn that globalization can have a negative effect on local or emerging economies and individual workers.

Benefits of Globalization

Globalization provides businesses with a competitive advantage by allowing them to source raw materials where they are inexpensive. Globalization also gives organizations the opportunity to take advantage of lower labor costs in developing countries, while leveraging the technical expertise and experience of more developed economies.

With globalization, different parts of a product may be made in different regions of the world. Globalization has long been used by the automotive industry, for instance, where different parts of a car may be manufactured in different countries. Businesses in several different countries may be involved in producing even seemingly simple products such as cotton T-shirts.

Globalization affects services too. Many businesses located in the United States have outsourced their call centers or information technology services to companies in India. As part of the North American Free Trade Agreement (NAFTA), U.S. automobile companies relocated their operations to Mexico, where labor costs are lower. The result is more jobs in countries where jobs are needed, which can have a positive effect on the national economy and result in a higher standard of living. China is a prime example of a country that has benefited immensely from globalization. Another example is Vietnam, where globalization has contributed to an increase in the prices for rice, lifting many poor rice farmers out of poverty. As the standard of living increased, more children of poor families left work and attended school.

Consumers benefit too. In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods. In some cases, this may contribute to improved health by enabling a more varied and healthier diet; in others, it is blamed for increases in unhealthy food consumption and diabetes.

Downsides

Not everything about globalization is beneficial. Any change has winners and losers, and the people living in communities that had been dependent on jobs outsourced elsewhere often suffer. Effectively, this means that workers in the developed world must compete with lower-cost markets for jobs; unions and workers may be unable to defend against the threat of corporations that offer the alternative between lower pay or losing jobs to a supplier in a less-expensive labor market.

The situation is more complex in the developing world, where economies are undergoing rapid change. Indeed, the working conditions of people at some points in the supply chain are deplorable. The garment industry in Bangladesh, for instance, employs an estimated four million people, but the average worker earns less in a month than a U.S. worker earns in a day. In 2013, a textile factory building collapsed, killing more than 1,100 workers. Critics also suggest that employment opportunities for children in poor countries may increase the negative impacts of child labor and lure children of poor families away from school. In general, critics blame the pressures of globalization for encouraging an environment that exploits workers in countries that do not offer sufficient protections.

Studies also suggest that globalization may contribute to income disparity and inequality between the more-educated and less-educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization.

Into the Future

Regardless of the downsides, globalization is here to stay. The result is a smaller, more connected world. Socially, globalization has facilitated the exchange of ideas and cultures, contributing to a world view in which people are more open and tolerant of one another.

Name : Onuigbo Chidimma
Reg num : 2019/249019
Department : Education/Economic
Assignment
Pros and cons of Globalization
Answer
What is globalization?
Globalization is the process by which ideas, knowledge, information, goods and services spread around the world. In business, the term is used in an economic context to describe integrated economies marked by free trade, the free flow of capital among countries and easy access to foreign resources, including labor markets, to maximize returns and benefit for the common good.
Globalization refers to the increased flow of trade, people, investment, technology, culture, ideas, among countries and creates a more integrated and interdependent world. A worldwide movement towards economic financial communication, and trade integration.
Globalization is a process of interaction and integration among the people, companies, and the government of different nations. It’s a process driven by international trade and investment and aided by information technology.
Globalization, or globalisation as it is known in some parts of the world, is driven by the convergence of cultural and economic systems. This convergence promotes — and in some cases necessitates — increased interaction, integration and interdependence among nations. The more countries and regions of the world become intertwined politically, culturally and economically, the more globalized the world becomes.
In a globalized economy, countries specialize in the products and services they have a competitive advantage in. This generally means what they can produce and provide most efficiently, with the least amount of resources, at a lower cost than competing nations. If all countries are specializing in what they do best, production should be more efficient worldwide, prices should be lower, economic growth widespread and all countries should benefit — in theory.
Policies that promote free trade, open borders and international cooperation all drive economic globalization. They enable businesses to access lower priced raw materials and parts, take advantage of lower cost labor markets and access larger and growing markets around the world in which to sell their goods and services.
Money, products, materials, information and people flow more swiftly across national boundaries today than ever. Advances in technology have enabled and accelerated this flow and the resulting international interactions and dependencies. These technological advances have been especially pronounced in transportation and telecommunications.
Among the recent technological changes that have played a role in globalization are the following:

1) Internet and internet communication: The internet has increased the sharing and flow of information and knowledge, access to ideas and exchange of culture among people of different countries. It has contributed to closing the digital divide between more and less advanced countries.

2) Communication technology: The introduction of 4G and 5G technologies has dramatically increased the speed and responsiveness of mobile and wireless networks.
list of benefits of 5G network technologyIncreased speed and bandwidth are among the benefits of 5G technology.
IoT and AI. These technologies are enabling the tracking of assets in transit and as they move across borders, making cross-border product management more efficient.
3) Blockchain: This technology is enabling the development of decentralized databases and storage that support the tracking of materials in the supply chain. Blockchain facilitates the secure access to data required in industries such as healthcare and banking. For example, blockchain provides a transparent ledger that centrally records and vets transactions in a way that prevents corruption and breaches.
4) Manufacturing: Advances such as automation and 3D printing have reduced geographic constraints in the manufacturing industry. 3D printing enables digital designs to be sent anywhere and physically printed, making distributed, smaller-scale production near the point of consumption easier. Automation speeds up processes and supply chains, giving workforces more flexibility and improving output.
Why is globalization important?
Globalization changes the way nations, businesses and people interact. Specifically, it changes the nature of economic activity among nations, expanding trade, opening global supply chains and providing access to natural resources and labor markets.
Changing the way trade and financial exchange and interaction occurs among nations also promotes the cultural exchange of ideas. It removes the barriers set by geographic constraints, political boundaries and political economies.
For example, globalization enables businesses in one nation to access another nation’s resources. More open access changes the way products are developed, supply chains are managed and organizations communicate. Businesses find cheaper raw materials and parts, less expensive or more skilled labor and more efficient ways to develop products.
With fewer restrictions on trade, globalization creates opportunities to expand. Increased trade promotes international competition. This, in turn, spurs innovation and, in some cases, the exchange of ideas and knowhow. In addition, people coming from other nations to do business and work bring with them their own cultures, which influence and mix with other cultures.
The many types of exchange that globalization facilitates can have positive and negative effects. For instance, the exchange of people and goods across borders can bring fresh ideas and help business. However, this movement can also heighten the spread of disease and promote ideas that might destabilize political economies.
History of globalization
Although many people consider globalization a twentieth century phenomenon, the process has been happening for millennia. Examples include the following:

The Roman Empire. Going back to 600 B.C., the Roman Empire spread its economic and governing systems through significant portions of the ancient world for centuries.
Silk Road trade. These trade routes, which date from 130 B.C. to 1453 A.D., represented another wave of globalization. They brought merchants, goods and travelers from China through Central Asia and the Middle East to Europe.
Pre-World War I. European countries made significant investments overseas in the decades before World War I. The period from 1870 to 1914 is called the golden age of globalization.
Post-World War II. The United States led the effort to create a global economic system with a set of broadly accepted international rules. Multinational institutions were established such as the United Nations (UN), International Monetary Fund, World Bank and World Trade Organization to promote international cooperation and free trade.
The term globalization as it’s used today came to prominence in the 1980s, reflecting several technological advancements that increased international interactions. IBM’s introduction of the personal computer in 1981 and the subsequent evolution of the modern internet are two examples of technology that helped drive international communication, commerce and globalization.
Globalization has ebbed and flowed throughout history, with periods of expansion and retrenchment. The 21st century has witnessed both. Global stock markets plummeted after the Sept. 11, 2001, terrorist attacks in the United States, but rebounded in subsequent years.
More recently, nationalist political movements have slowed immigration, closed borders and increased trade protectionism. The pandemic has had similar effects on borders and immigration and also disrupted supply chains. However, overall, the early 21st century has seen a dramatic increase in the pace of global integration. Rapid advances in technology and telecommunications are responsible for much of this change.
Types of globalization:
There are three types of globalization.
1) Economic
2) political
3) cultural

1) Economic globalization: Here, the focus is on the integration of international financial markets and the coordination of financial exchange. Free trade agreements, such the North American Free Trade Agreement and the Trans-Pacific Partnership are examples of economic globalization. Multinational corporations, which operate in two or more countries, play a large role in economic globalization.
2) Political globalization: This type covers the national policies that bring countries together politically, economically and culturally. Organizations such as NATO and the UN are part of the political globalization effort.
3) Cultural globalization: This aspect of globalization focuses in a large part on the technological and societal factors that are causing cultures to converge. These include increased ease of communication, the pervasiveness of social media and access to faster and better transportation.
These three types influence one another. For example, liberalized national trade policies drive economic globalization. Political policies also affect cultural globalization, enabling people to communicate and move around the globe more freely. Economic globalization also affects cultural globalization through the import of goods and services that expose people to other cultures.

Effects of globalization
The effects of globalization can be felt locally and globally, touching the lives of individuals as well as the broader society in the following ways:
Individuals. Here, a variety of international influences affect ordinary people. Globalization affects their access to goods, the prices they pay and their ability to travel to or even move to other countries.
Communities. This level encompasses the impact of globalization on local or regional organizations, businesses and economies. It affects who lives in communities, where they work, who they work for, their ability to move out of their community and into one in another country, among other things. Globalization also changes the way local cultures develop within communities.
Institutions. Multinational corporations, national governments and other organizations such as colleges and universities are all affected by their country’s approach to and acceptance of globalization. Globalization affects the ability of companies to grow and expand, a university’s ability to diversify and grow its student body and a government’s ability to pursue specific economic policies.
While the effects of globalization can be observed, analyzing the net impact is more complex. Proponents often see specific results as positive and critics of globalization view the same results as negative. A relationship that benefits one entity may damage another, and whether globalization benefits the world at large remains a point of contention.
Comparison of internationalization and localization product strategiesInternationalization and localization are both product strategies used in globalizing industries.
Examples of globalization
Multinational corporations are a tangible example of globalization. Some examples include the following:
McDonald’s had 39,198 fast-food restaurants in 119 countries and territories, according to its Securities and Exchange Commission filing at the end of 2020. It employed more than 2.2 million people at that time, the filing said.
Ford Motor Company reported in 2021 that it works with about 1,200 tier 1 suppliers around the globe.
Amazon’s recent expansion has it using tens of thousands of suppliers and employing more than nearly 1.3 million full- and part-time employees.
Through their influence on social and economic development in the countries that host them, multinational corporations embody the contradictions of globalization. They bring jobs, skills and wealth to the region they are investing or doing business in. But they also can destroy local businesses, exploit cheap labor and threaten indigenous cultures. The benefits they offer are often unsustainable because the loyalty of multinationals is to their investors and bottom lines and not to the local people, economies and cultures where they are doing business.

Another example of globalization is the response to the COVID-19 pandemic. Because the world was able to communicate across boundaries, nations were able to work together to quickly produce vaccines for the virus. In addition, doctors traveled where they were needed. For example, Cuba sent doctors to Italy at the beginning of the pandemic to assist with the crisis as it developed there.

However, countries also enacted strict travel restrictions and many closed their borders to cut down on the free movement of people and spread of the virus.

Benefits of globalization
Globalization enables countries to access less expensive natural resources and lower cost labor. As a result, they can produce lower cost goods that can be sold globally. Proponents of globalization argue that it improves the state of the world in many ways, such as the following:

Solves economic problems. Globalization moves jobs and capital to places that need these resources. It gives rich countries access to lower cost resources and labor and poorer countries access to jobs and the investment funds they need for development.
Promotes free trade. Globalization puts pressure on nations to reduce tariffs, subsidies and other barriers to free trade. This consequently promotes economic growth, creates jobs, makes companies more competitive and lowers prices for consumers.
Spurs economic development. Theoretically, globalization gives poorer countries access to foreign capital and technology they would not otherwise have. Foreign investment can result in an improved standard of living for the citizens of those nations.
Encourages positive trends in human rights and the environment. Advocates of globalization point to improved attention to human rights on a global scale and a shared understanding of the impact of people and production on the environment.
Promotes shared cultural understanding. Advocates view the increased ability to travel and experience new cultures as a positive part of globalization that can contribute to international cooperation and peace.
Negative consequences of globalization
Many proponents view globalization as way to solve systemic economic problems. But critics see it as increasing global inequality. Among the critiques of globalization are the following issues:

1) Destabilizes markets. Critics of globalization blame the elimination of trade barriers and the freer movement of people for undermining national policies and local cultures. Labor markets in particular are affected when people move across borders in search of higher paying jobs or companies outsource work and jobs to lower cost labor markets.
2) Damages the environment. The transport of goods and people among nations generates greenhouse gas and all the negative effects it has on the environment. Global travel and trade also can introduce, sometimes inadvertently, invasive species to foreign ecosystems. Industries such as fishing and logging tend to go where business is most lucrative or regulations are less strict, which has resulted in overfishing and deforestation in some parts of the world.
3) Lowers living standards. When companies move operations overseas to minimize costs, such moves can eliminate jobs and increase unemployment in sectors of the home country.
Facilitates global recessions. Tightly integrated global markets carry a greater risk of global recessions. The 2007-2009 financial crisis and Great Recession is a good example of how intertwined global markets are and how financial problems in one country or region can quickly affect other parts of the world. Globalization reduces the ability of individual nations to effectively use monetary and fiscal policy to control the national economy.
4) Damages cultural identities. Critics of globalization decry the decimation of unique cultural identities and languages that comes with the international movement of businesses and people. At the same time, the internet and social media are driving this trend even without the movement of people and commerce.
Increases the likelihood of pandemics. Increased travel, critics say, has the potential to increase the risk of pandemics. The H1N1 (swine flu) outbreak of 2009 and coronavirus in 2020 and 2021 are two examples of serious diseases that spread to multiple nations quickly.

Stephen Ifessy Precious
2018/244261
Economics Education
Globalization is playing an increasingly important role in the developing countries. It can be seen that, globalization has certain advantages such as economic processes, technological developments, political influences, health systems, social and natural environment factors. It has a lot of benefit on our daily life. Globalization has created a new opportunities for developing countries. Such as, technology transfer hold out promise, greater opportunities to access developed countries markets, growth and improved productivity and living standards.
Globalization creates greater opportunities for firms in less industrialized countries to tap into more and larger markets around the world. Thus, businesses located in developing countries have more access to capital flows, technology, human capital, cheaper imports, and larger export markets. Globalization allows businesses in less industrialized countries to become part of international production networks and supply chains that are the main conduits of trade.
Globalization gives access to the world market to transitional countries. They need to adapt their production capability, their prices, and their product quality to be competitive with the nations of the developed countries. Globalization changed and continues to change China. This country is becoming a major economic player in the global world.
Globalization allocates the production in the countries where it is the most efficient and less costly for the global world. Developed countries become more concentrated on services and research and development. The best example in the United States is Apple. Apple created and continues to develop iPhones in the US but outsources the mass production of iPhones in China where the costs are lower.
Globalization is the trend of increasing integration of economies in terms not only of goods and services, but of ideas, information and technology has tremendous potential benefits for developing countries.

Globalization is an amalgamation of interaction and integration among distinct groups of people, organizations, and governments from other countries.
PROS OF GLOBALIZATION
1. Globalization helps to strengthen conflict resolution among trade countries: Globalization reduces the event of war among countries that trade as it improves political relationship among their leaders thereby making conflict resolution easier.
2. Unrestricted access to goods and services: As a result of Globalization, buyers have varieties of good and services to choose from.
3. Technology transfer: Globalization enhances transfer of technology as nations can draw insight from one another.
4. Mobility of labour: Labor can move from country to country to market their skills.
CONS OF GLOBALISATION.
1. Globalization encourages dumping:.
2. Exploitation of labour and resources: Globalization enables firms to expand employment and economic prospects in countries with cheap labour and resources needed for production. The result is that, these countries’ total economic growth may be modest or stagnant. Safety standards are ignored to produce cheap goods.
3. Unemployment: The biggest problem for developed countries is that jobs are lost and transferred to lower cost countries. Many locals have lost their jobs or been forced to accept lesser wages and poorer working conditions because labour has been outsourced to developing countries.

2018/245647
Economics
The term “globalization” can be seen as the process of interaction and integration among people, companies, and governments worldwide. Globalization has accelerated since the 18th century due to advances in transportation and communication technology. This increase in global interactions has caused a growth in international trade and the exchange of ideas, beliefs, and culture. Globalization is primarily an economic process of interaction and integration that is associated with social and cultural aspects.
Benefits of Globalization to both local and global economies
1) Globalization has led to an increase in standard of living: The average cost of goods is a key aspect that contributes to the increases in standard of living. This is true because, globalization reduces the cost of manufacturing goods thereby making it possible for companies to provide goods to consumers at low prices.
2) Consumers have access to wider variety of goods: globalization made it possible for consumers to have a more healthier diet by providing variety of products/goods to choose from thereby improving their health.
3) Globalization provides businesses with a comparative advantage by allowing them to source raw materials where they are inexpensive.
4) Globalization also gives organizations the opportunity to take advantage of lower labor costs in developing countries, while leveraging the technical expertise and experience of more developed economies.
5) With globalization, different parts of a product may be made in different regions of the world.
From the above five points, we can clearly see how both local and global economies benefit from globalization. In addition, we can also use the “automotive industry” to better understand how globalization affects the local and global economy. For example, different parts of a car may be manufactured in different countries and local economies of these countries can benefit by assembling cars just like the case of most Nigerian companies that assemble cars.
As a developing Nation, most Nigerian companies were not able to produce and assemble cars in recent years, but due to globalization, local economies have been able to improve and develop. And now, Nigeria now have 8 different companies that produce and assemble cars. And this local economic growth affects the global economy at large in a positive way. So this shows that most developing countries that cannot manufacture their own cars can through globalization assemble the ones that have been manufactured by developed countries, and as they do these their local economy can improve and learn from the more advanced economies and hopefully a day will come when they will start manufacturing their own cars.

A huge economic change always results to winners and losers. This shows that it’s not everything about globalization that is beneficial.
Demerits of globalization
1) Job outsourcing/Job competition in the labour market: people living in communities that had been dependent on jobs outsourced elsewhere often suffer. This means that workers in the developed world must compete with lower-cost markets for jobs; unions and workers may be unable to defend against the threat of corporations that offer the alternative between lower pay or losing jobs to a supplier in a less-expensive labor market.
2) Studies also suggest that globalization may contribute to income disparity and inequality between the more-educated and less-educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization.

JOSEPH RUTH TOCHUKWU
2018/245132
ECONOMICS DEPARTMENT

ASSIGNMENT

PROS OF GLOBALIZATION
1. Economic Growth
It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:
Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this, this work can significantly contribute to the local economy.
Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.
2. Increased Global Cooperation
For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction,(though not an elimination) of conflict.
3. Increased Cross Border Investment
Globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.
The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.
4. Consumers benefit too. In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods. In some cases, this may contribute to improved health by enabling a more varied and healthier diet; in others, it is blamed for increases in unhealthy food consumption and diabetes.
CONS OF GLOBALIZATION
1. Increased Competition
When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened. Studies also suggest that globalization may contribute to income disparity and inequality between the more educated and less educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization.
With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.
2. Disproportionate Growth
Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.
Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.
3. Environmental Concerns
Increased globalization has been linked to various environmental challenges, many of which are serious, including:
Deforestation and loss of biodiversity caused by economic specialization and infrastructural development, greenhouse gas emissions and other forms of pollution caused by increased transportation of goods, the introduction of potentially invasive species into new environments

Eco. 362 —21/01/2022 (Online Discussion/Quiz 2—Pros and Cons of Globalization)
• NAME: UCHECHUKWU
• REG NO : 2018/241866
• DEPARTMENT: ECONOMICS
• Email: uchechukwu.eze.241866@unn.edu.ng
• QUESTION:
Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.
As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

ANSWER:
Globalization as a global phenomenal has pros and cons that affects our local economy and the world at larger.
Prons of Globalization are as follows:
(a) Employments opportunities
(b) Openness to New culture (that is improving the ways of life or doing something)
(c) The widespread of technology facilities and innovation
(d) Smaller costs for products
(e) Better standards of living of the people across the world (globe)
(f) Openness or access to New and larger markets
(g) Access to New talent.

Cons of Globalization are as follows
(a) Lead to job displacement
(b) Open local economy to unhealthy competition
(c) It lead to unequal growth ( that is disproportionate growth)
(d) Environmental degradation

EXPLAINATION
Pros
(a) Openness to New Cultures
Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art. This free flow of people, goods, art, and information is the reason you can have Thai food delivered to your apartment as you listen to your favorite UK-based artist or stream a Bollywood movie.

(b) Widespread of Technology facilities and Innovation
Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly. Because knowledge also transfers so fast, this means that scientific advances made in Asia can be at work in the United States in a matter of days.

(c) Smaller Costs for Products
Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.

(d)Better Standards of Living of the people Across the Globe
Developing nations experience an improved standard of living—thanks to globalization. According to the World Bank, extreme poverty decreased by 35% since 1990. Further, the target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule, in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.

(e) Openness or access to New Markets
Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas. International Professional Employer Organizations (PEOs) make it easier than ever to employ workers in other countries quickly and compliantly. This means that, for many companies, there is no longer the need to establish a foreign entity to expand overseas.

(f)Access to New pattern of doing things Talent
In addition to new markets, globalization allows companies to find new, specialized talent that is not available in their current market. For example, globalization gives companies the opportunity to explore tech talent in booming markets such as Berlin or Stockholm, rather than Silicon Valley. Again, International PEO allows companies to compliantly employ workers overseas, without having to establish a legal entity, making global hiring easier than ever.

Cons

(a) Open local economy to unhealthy Competition
When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.

With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.

“Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”

(b) Globalization leads unequal Growth
Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

Within countries, globalization often has the effect of increasing immigration. Macro economically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.

Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.

“Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”

(C)Environmental degradation
Increased globalization has been linked to various environmental challenges, many of which are serious, including:

Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
The introduction of potentially invasive species into new environments
Therefore, the pros and cons of Globalization cannot overemphasized in the local and globe economy of the world

NAME: EZEAMENYI CHINONSO IFESOROCHUKWU
REG: 2018/251370
DEPT: EDUCATION/ECONOMICS
EMAIL ADDRESS: nonsofavour732@gmail.com
Globalization describes how different world cultures, populations, and economies are interdependent from each other. It is a consequence of cross-border business. Technology, goods, investments, information, and services along with the labor market are the most popular components of such activity. Nations have established worldwide integration over many centuries by enabling economic, political, and social partnerships.
What are Some Advantages of Globalization?
1: Global Market: It means encouraging nations to specialize and produce plenty of goods available in their local market. Different countries produce different products and what is most surprising there is no country which is self-sufficient. Some countries with developed economies don’t have enough raw materials for their factories, while the rest accumulate costs more than it should. Worldwide integration has led the way to cheap raw materials. Now states can purchase them and produce low price products with a good profit.
2: Cross-Cultural Management: Culture pertains to the way particular people do things as well as their values and believes. Incorporating all cultures to form a global one is not easy. For instance, before globalization, many countries would not allow females to acquire education, and even if they did, they were supposed to do jobs such as teaching or nursing.
3:Competition: Competition is a healthy way of doing business. Without it, companies would not pioneer some innovations in cross-border trade. It is the main reason why the quality of goods and services improve as well as why the prices drop. Competition affected industries in some developed countries to source cheap raw materials and labor to decrease prices. People from the first-world can afford themselves to buy products from domestic industries and foreign ones. Competition causes increased communication of ideas and innovation as people try to find a competitive advantage for their business.
4:Job Opportunity: Initially, job opportunities were quite scarce, and everyone who graduated from college applied in a certain government sector, but most of them ended up working as a casual laborer in industries with a low income. Globalization has brought this trend to a halt as more job opportunities are now available locally and internationally. By using technology, one can access employment opportunities, work remotely and even have more than one job.
5:Advanced technology: Advanced technologies are a result of globalization. A constant need for innovations appeared due to the lack of quick data transfer and public communication. Lots of inventors have tried to serve the needs of modern society by improving technology. Its advancement has paved the way for positive effects of globalization in countries that initially did not want to associate with others. Such states select partners for cooperation depending on religion rather than the economy.
NEGATIVE EFFECTS OF GLOBALIZATION
Although the developing countries have had many benefits from globalization, there are a few negative impacts it has caused in the developing countries.
1: Displacements of Workers: Thanks to globalization, there are employment opportunities all over our huge world. However, most people have had to leave their families for many years as they work abroad. As a result, couples have divorced, remarried and left destitute children at the mercy of volunteers and shelters. Some children haven’t been able to meet their old-aged parents’ needs because the money they earn from their job is not enough. Lots of seniors die due to sicknesses and lack of financial and emotional support from their children.
2:Unemployment: In almost all developing countries over half of the working population relied on casual jobs in industries until globalization took root. The advancement of technology has reduced such employment and increased global need for skilled professionals. Majority of people in developing countries don’t have skills, while the available jobs are poorly paid due to high demand caused by globalization. Most of the people are left unemployed and unable to meet their basic needs resulting in increased criminal activities such as burglary, pickpocketing, murder and drug abuse. The rate of unemployment and poverty keeps growing as the gap between the rich and the poor widens.
3:Increased Lifestyle diseases: Globalization has brought in the consumption of processed foods, planting crops using chemicals to minimize the duration of growth and increase profit. In order to benefit from business, animals such as the cows are fed on chemicals that make them produce a lot of milk or increase in weight for those that are sold for the meat industry. Due to increased ingestion of chemicals from foods, chronic diseases are on the rise. The mortality rate is high. Furthermore, there is a reduction in the lifespan in the developing countries.
4:Abandonment of Culture: Every community, society, or nation has its values and beliefs, that is to say – own culture. They are essential because they mold the acceptable behavior of the people in a particular community. The elders or leaders ensure that the people behave in a morally upright way. However, globalization mixed different cultures. Then people reconsidered their authentic rules and customs regarding their culture as primitive. Some nations from developing countries adopt the western culture and abandon there’s own. The community leaders can no longer pursue their own domestic policy punishing citizens for crimes them as they did before because they are regarded as backward and primitive by international society. They adopt the culture which is quite strange and distant from their nature, due to such policy, people conduct themselves regardless of actual laws. As a result, there is an increased crime as acts such as rape, divorce, and domestic violence get on the rise.
5:Terrorism: Not a year ends without incidences of terrorism in my community, something that has affected its welfare and unity that existed before globalization. According to recent studies, there were nine thousand terroristic attacks performed worldwide in 2017. This statistic sounds really frighteningly.

Chime Doris chinenye
2018/250191
Eco 362

Question:Discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures. Supporters say that this is making countries more interdependent on free trade. But critics maintain that it is also concentrating wealth in the corporate elite, disrupting industries and making local economies more vulnerable.

This process has roots in ancient civilizations that traded for valuable commodities that were unavailable in their homelands. But today, you can also see how large corporations similarly thrive as multinational businesses with offices and supply chains stretching around the globe.

Globalization has also come under scrutiny with President Joe Biden’s recent $2.3 trillion infrastructure and jobs plan. Many large multinational companies like Amazon were singled out by Biden for taking advantage of tax loopholes to avoid paying federal income taxes. The President said that he would raise corporate taxes and eliminate these loopholes and foreign tax credits to fund his plan.

While governments focus on removing national barriers to promote global trade, they are also working on protecting local economies that could easily get disrupted. Let’s break down the advantages and disadvantages of globalization.

Advantages of globalization
1. Globalization Broadens Access to Goods and Services
It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent.

2. Globalization Can Lift People Out of Poverty
The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

3. Globalization Increases Cultural Awareness
A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

4. Information and Technology Spread More Easily With Globalization
Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

Disadvantages of globalization
1. Workers Can Lose Jobs to Countries With Low-Cost Labor
This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.

Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.

Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.

3. Globalization Can Contribute to Cultural Homogeneity
Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

4. Globalization Empowers Multinational Corporations
Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements (this was an argument invoked against the TPP).

In conclusion, supporters and opponents of globalization generally agree that the phenomenon has created winners and losers. Supporters argue that the benefits outweigh the drawbacks, while critics want to either improve the conditions of global trade or, in some cases, roll back globalization.

NAME: OGBONNAYA GERALDINE UGOCHI
DEPARTMENT: ECONOMICS
REGISTRATION NUMBER: 2018/241833
LEVEL: 300L
COURSE TITLE: DEVELOPMENT ECONOMICS II
COURSE CODE: ECO 362

ASSIGNMENT

PONS OF GLOBALIZATION
1. Globalization Broadens Access to Goods and Services:
It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

2. Globalization Can Lift People Out of Poverty:
The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

3. Globalization Increases Cultural Awareness:
Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

4. Information and Technology Spread More Easily With Globalization:
Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

5. Increases Economic Growth:
By increasing the international exchange of goods, technological advances, and information, globalization increases economic development for any country participating in the global economy. An increase in economic growth means better living standards, higher incomes, more wealth in a country, and, often, less poverty—in short, the overall well-being of a country.

6. Makes Production More Affordable:
A global market allows businesses wider access to production opportunities and consumers, meaning that there are more goods available at a wider range of price points.

7. Promotes Working Together:
When different countries come together to engage in trade and investments in a global financial market, they become interdependent and often come to rely on one another for certain goods and services.

8. Brings Opportunities To Poorer Countries:
Globalization allows companies to move their production from high-cost locations to lower-cost locations abroad—this means bringing jobs, information technology, and other economic opportunities to countries with fewer resources.

CONS OF GLOBALIZATION
1. Unequal Economic Growth:
While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.

2. Lack Of Local Businesses:
The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.

3. Increases Potential Global Recessions:
When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.

4. Exploits Cheaper Labor Markets:
Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.

5. Causes Job Displacement:
Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.

6. Globalization Can Contribute to Cultural Homogeneity:
Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

7. Globalization Hasn’t Protected Labor, Environmental or Human Rights:
In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect.
Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.
8. Globalization Empowers Multinational Corporations:
Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements

Name: Ezeaku Anderson Esomchukwu
Reg no: 2018/242413
Dept: Economics
Course code: Eco 362
Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and culture. Supporters say that this is making countries more interdependent on free trade. But critics maintain that it is also concentrating wealth in the corporate elite, disrupting industries and making local economies more vulnerable.
Advantages of globalization
1. Globalization Broadens Access to goods and services: its hard to argue with the point globalization makes more goods and services available to more people often at lower prices if you have disposable income and you’re buying a product that comes from abroad you’re benefiting from globalization to some extent.Business owners also benefit by having access to a bigger market for their goods and services.
2. Globalization can lift people out of poverty: The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity and quality of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital scarce, labour rich countries I.e developing countries.
3. Globalization increases cultural awareness: Globalizations defenders say it has increased cross cultural understanding and sharing. A globalized society boost the rate at which People are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.
4. Information and technology spread more easily with globalization: Art and culture aren’t the only things that spread more easily in a globalized society.The same goes for information and technology.
Disadvantages of Globalization
1. Workers can lose jobs to countries with low cost labour: Generally speaking, globalization increases the returns to capital in rich countries like the u.s and decreases the returns to labour in those same countries. Thats a Fancy way of saying that low skill jobs in the u.s can disappear as a result of globalization.
2. Globalization hasn’t protected Labour, environmental or human right: some argue that globalization has caused a race to the bottom in which companies with the weakest labour and environmental protections and the lowest wages. And while globalization has increased flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by government.
3. Globalization can contribute to cultural homogeneity: globalization might lead to more cultural homogeneity as peoples preferences converge and products cannot compete with cheaper multinational ones. Some critics of globalization worry that its creating a mainstream monoculture while driving other diverse cultures underground
4. Globalization empowers multinational corporations: Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens.This reduces state sovereignty and citizens ability to hold their leaders accountable for conditions in their countries.

NAME: AGUBUZO SOMTOCHUKWU THELMA
REG NO: 2018/242444
DEPARTMENT: ECONOMICS

Globalization refers to an open flow of information, technology, and goods among countries and consumers. Globalization is a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures.Some scholars praise globalization for opening borders and connecting cultures and politics. Others blame it for disrupting local economies and eliminating jobs.
The pros of globalization are:
1.Information and Technology Spread More Easily With Globalization
Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.
2.Increased Cross-Border Investment
According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.
The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.
3.Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
4. Higher Standards of Living Across the Globe
Developing nations experience an improved standard of living—thanks to globalization. According to the World Bank, extreme poverty decreased by 35% since 1990. Further, the target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule, in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.
The cons of globalization are:

1. Workers Can Lose Jobs to Countries With Low-Cost Labor
This first argument against globalization is the one that surfaces most frequently in developed political discussions about trade deals. When th developed countries competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.
Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.
2. Disproportionate Growth
Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.
Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.
3. Loss of Cultural Identity
While globalization has made foreign countries easier to access, it has also begun to meld unique societies together. The success of certain cultures throughout the world caused other countries to emulate them. But when cultures begin to lose their distinctive features, we lose our global diversity.

NNADEBE JANE AMARACHI
2018/241863
DEPARTMENT OF ECONOMICS

GLOBALIZATION refers to an open flow of information, technology, and goods among countries and consumers. This openness occurs through various relationships, from business, geopolitics, and technology to travel, culture, and media.
Even though globalization makes our lives better, it does bring some challenges as companies start to grow and expand across borders. Cultural differences around the world are undeniable. These differences create hurdles for businesses entering foreign markets and necessitate changes to their daily business operations, whether it’s employing workers in a new region or communicating the value of their product to a new audience.

ADVANTAGES OF GLOBALIZATION TO GLOBAL AND LOCAL ECONOMY

1. Transfer of Technology:
Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly. Any country can borrow the technology through the agreement and can implement it in their country for their overall development.

2. Lower Costs for Products:
With the access to the latest technology, the countries can provide products to its countrymen at affordable prices.

3. Extensions of Market:
Above all, Globalization promotes extension of market. It provides an opportunity to the domestic companies in going global.

4. Higher Standards of Living:
Developing nations experience an improved standard of living—thanks to globalization.

5. Better Services:
Globalization always provides us better services. Through the technological advancement our services like water supply, mobile networking, internet, electricity supply and any other services have been easier and better than before.

6. Development of Infrastructure:
Due to the technological advancement across the world, it has helped in improving infrastructure.

7. Economic Growth:
It’s widely believed that increased globalization leads to greater economic growth for all parties.

8. Globalization also reduce labor exploitation issues

DISADVANTAGES OF GLOBALIZATION TO GLOBAL AND LOCAL ECONOMY.

1. Globalization May Encourage More Offshoring Instead Of Less:
With fewer restrictions in place at the national level, some businesses may use offshoring to their advantage.

2. Loss of Cultural Identity:
While globalization has made foreign countries easier to access, it has also begun to meld unique societies together. The success of certain cultures throughout the world caused other countries to emulate them. But when cultures begin to lose their distinctive features, we lose our global diversity.

4. Foreign Worker Exploitation:
Lower costs do benefit many consumers, but it also creates tough competition that leads some companies to search for cheap labor sources.
5. Growing Inequality:
Although specialization and trade boost the per-capita income it may cause relative poverty and inequality

6. Increasing Of The Unemployment Rate:
Globalization demands for higher-skilled work with cheaper price. But countries where Institutions are relatively weak are not capable of producing highly skilled workers. As a result, the unemployment rate will increase in those countries.

7. Imbalance of Trade:
Trade imbalance refers to the imbalance of values between a country’s import and export’s goods and services. It is also called trade deficits. Trade imbalance may be increase in developed countries by their competitors.

Name: obodoike Faith Oluchi
Reg no:2018/245387
Department: Education Economics
Email address: oluchifaith093@gmail.com
Course code: Eco 362
Course tittle: Economics Development
Assignment
Clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

Answer

Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures.
The Pros and Cons of Globalization

Advantages of globalization
1. Globalization Broadens Access to Goods and Services
It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

2. Globalization Increases Cultural Awareness:
A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries.

3. Globalization Can Lift People Out of Poverty
The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity and quality of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

4. Information and Technology Spread More Easily With Globalization
Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.
5. Globalization enhances employment opportunities for people:it makes employment opportunities easily accessible to people who are seeking for job or employment
6. Globalization enhances or encourage specialisation.

Disadvantages of globalization
1. Workers Can Lose Jobs to Countries With Low-Cost Labor
globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.

3. Globalization Can Contribute to Cultural Homogeneity
Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.
4. Globalization Empowers Multinational Corporations
Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries.
5. Globalization leads to too much dependent,it makes underdeveloped countries to depend on developed countries for most of their needs.

NAME : Mbah Chisom Mary
DEPARTMENT: Education/ Economics
REG NUMBER : 2018/244295
EMAIL : chisommary111@gmail.com

ANSWERS
Globalization has been seen by many as being responsible for opening borders and connecting cultures and politics. Others blame it for disrupting local economies and eliminating jobs while others still views it makes countries more interdependent on free trade. The fact is that globalization has been around since ancient times, and it is fully integrated into different aspects of modern life. As a consumer, your clothing, foods and electronic gadgets are often produced by multinational companies located around the world. And as an investor, a financial advisor could help you diversify your portfolio with emerging market funds and other foreign investments. Critics maintain that it is also concentrating wealth in the corporate elite, disrupting industries and making local economies more vulnerable.
Advantages of Globalization
The Pros and Cons of Globalization
1. Globalization Broadens Access to Goods and Services
It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

2. Globalization Can Lift People Out of Poverty
The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

3. Globalization Increases Cultural Awareness
Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

4. Information and Technology Spread More Easily With Globalization
Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

Disadvantages of Globalization
The Pros and Cons of Globalization
1. Workers Can Lose Jobs to Countries With Low-Cost Labor
This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor. globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected. Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.

3. Globalization Can Contribute to Cultural Homogeneity
Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

4. Globalization Empowers Multinational Corporations
Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements (this was an argument invoked against the TPP).

In Summary
Supporters and opponents of globalization generally agree that the phenomenon has created winners and losers. Supporters argue that the benefits outweigh the drawbacks, while critics want to either improve the conditions of global trade or, in some cases, roll back globalization.

Name: Ik-Ukennaya Ezekiel
Reg. No: 2018/249 788
Department: Economics
Email: ezekielikukennaya4@gmail.com

Eco. 362 —21/01/2022 (Online Discussion/Quiz 2—Pros and Cons of Globalization)
Question:
Clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
THE PROS OF GLOBALIZATION
Globalization has positively impacted on our local economy. It offers us the opportunity to learn from the advanced countries on new ways of doing things thereby helping the increase in and expansion of technology in the country. For example, we have learn that there can be video conferencing among people in different locations. This technology is particularly convenient for business users in different cities or even different countries because it saves time and expenses. Also, through globalization, Agriculture has been known to be more favorable to Farmers using modern implement, improved seeds, chemicals as well as the use of good storage facilities like silos. Through globalization, liberalisation of cross border trade and resource movement has given our local economy the opportunity to trade in the international market as a result of low tariffs. It also help to facilitate labour and capital mobility across the world.
The desire to sustain globalization has led to the development of World Trade Organization ( WTO) that formulate and enforce the implementation of international trade policies . Globalization has also increased global competition and this has helped our local economy to improve the quality of it’s products to attract sales in the international market even though , our products are still been seen as having low quality compared to those from developed or more advanced nations because of lack of enough technical Know-how and high cost of production in our local economy. The increased global competitiveness also provide a wide variety of goods for consumers in the global economy.
The political situation of our local economy has also changed.
Market policies are made in such a way that they can facilitate close relationship with the international economy through implementation of market- friendly policies. These benefits of globalization has helped our local economy to expand cross- national cooperation thereby supporting and facilitating the existence of a global economy.
THE CONS OF GLOBALIZATION
Although globalization has created tremendous opportunities for on our local economy and the global economy at large, it has also created great dangers to our local economy. Because of globalization, our local economy has been forced to remove trade restrictions and this contribute largely to poor growth of local industries which in turn has led to high level of unemployment in the country, poverty and poor welfare among the citizens.
The mobility of labour has also led to high preference of foreign professionals to local ones in our economy. Poor growth of local industries always subject them to produce goods of relatively low quality when compared to those from advanced economies and this makes our local economy to compete non-favourably in the international market causing low economic growth. Through globalization, the developed countries see our local economy and other developing countries as source of raw materials and market for their goods as they buy our raw materials at cheap prices while they sell their manufactured goods at very high prices.
High level of unemployment as a result of poor growth of local industries and low economic growth in our local economy has led to high level of poverty among the majority of the population. The effect to the global economy is continuous failure in the global effort to eradicate poverty due to high level of poverty and poor welfare in local economy of developing countries.

Name: Nwajuagu Divine Ndubuisi
Reg no: 2018/248278
Email: nwajuagudivine22@gmail.com

PROS OF GLOBALISATION
1. Access to New Cultures
Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art, in our country Nigeria.

2. The Spread of Technology and Innovation
Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly.

3. Lower Costs for Products
Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.

4. Higher Standards of Living Across the Globe
Developing nations experience an improved standard of living—thanks to globalization. According to the World Bank, extreme poverty decreased by 35% since 1990. Further, the target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule, in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.

5. Access to New Markets
Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas. International Professional Employer Organizations (PEOs) make it easier than ever to employ workers in other countries quickly and compliantly. This means that, for many companies, there is no longer the need to establish a foreign entity to expand overseas.

6. Access to New Talent
In addition to new markets, globalization allows companies to find new, specialized talent that is not available in their current market. For example, globalization gives companies the opportunity to explore tech talent in booming markets such as Berlin or Stockholm, rather than Silicon Valley. Again, International PEO allows companies to compliantly employ workers overseas, without having to establish a legal entity, making global hiring easier than ever.

CONS OF GLOBALIZATION
1. Increased Competition
When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.

2. Disproportionate Growth
Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

3. Environmental Concerns
Increased globalization has been linked to various environmental challenges, many of which are serious, including: Deforestation and loss of biodiversity caused by economic specialization and infrastructure development, greenhouse gas emissions and other forms of pollution caused by increased transportation of goods, the introduction of potentially invasive species into new environments.

Name: AGBO LOVETH AMARACHI
REG.NO :2018/ 248 680
DEPARTMENT: EDUCATION ECONOMICS
Email: lovethamarachi84@gmail.com

Eco. 362 —21/01/2022 (Online Discussion/Quiz 2—Pros and Cons of Globalization)

Question:
Clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
THE PROS OF GLOBALIZATION
Globalization has positive impact in our local economy. It offers us the opportunity to learn from the advanced countries on new ways of doing things thereby helping the increase in and expansion of technology in the country. For example, Agriculture has been known to be more favorable to Farmers using modern implement, improved seeds, chemicals as well as the use of good storage facilities like silos. Through globalization, liberalisation of cross border trade and resource movement has given our local economy the opportunity to trade in the international market as a result of low tariffs. It also help to facilitate labour and capital mobility across the world.
The quest to hold on to globalization has led to the development of World Trade Organization ( WTO) that formulate and enforce the implementation of international trade policies . Globalization has also increased global competition and this has helped our local economy to improve the quality of it’s products to attract sales in the international market even though , our products are still been seen as having low quality compared to those from developed or more advanced nations because of lack of enough technical Know-how and high cost of production in our local economy. The increased global competitiveness induces nations to strive to become more efficient in their production thereby presenting varieties of product to consumers.
The political situation of our local economy has also changed.
Market policies are made in such a way that they can facilitate close relationship with the international economy through implementation of market- friendly policies. These benefits of globalization has helped our local economy to expand cross- national cooperation thereby supporting and facilitating the existence of a global economy.
THE CONS OF GLOBALIZATION
Despite the fact that globalization has impacted positively on our local economy and the global economy at large, it poses great challenge to our local economy. Because of globalization, our local economy has been forced to remove trade restrictions thereby causing it to place little or no tariffs on foreign goods. The abundant availability of foreign goods has led to high preference of foreign goods to locally made ones by the citizens and this has led to poor growth of local industries which in turn has led to high unemployment in the country.
The mobility of labour has also led to high preference of foreign professionals to local ones in our economy. Poor growth of local industries always subject them to produce goods of relatively low quality when compared to those from advanced economies and this makes our local economy to compete non-favourably in the international market causing low economic growth. The developed countries see our local economy and other developing countries as source of raw materials and market for their goods as they buy our raw materials at cheap prices while they sell their manufactured goods at very high prices.
High level of unemployment as a result of poor growth of local industries and low economic growth in our local economy has led to high level of poverty among the majority of the population. The effect to the global economy is continuous failure in the global effort to eradicate poverty due to high level of poverty and poor welfare in local economy of developing countries.

pe Esther Chidinma
2018/250323
Eco362; Development Economic 2
Pros and Cons of Globalization
The pros of Globalization
1. Standardization of living.
The integration of economies as the key process of globalization enables countries to fight against poverty and improve the standard of living if the people.
2. Development of infrastructure.
Technological advancement and it’s transfer throughout the globe helps to improve country’s infrastructure . Countries are more enabling to deliver their services to the people. Development of infrastructure means overall development of infrastructure are compatible with each other.
3. Foreign Exchange Reserve.
Through globalization countries can build foreign exchange reserve owing to international financial flows.
4. Affordable product.
The countries can provide product to it’s country men at affordable prices with the access to the technology. Globalization promotes competition in domestic economies and their endeavor to compete against competition, companies reduce their product price penetration pricing strategy.
5. Economic growth.
Globalization entails to optimum utilization of resources wherein deficit resources are procured and surplus resources are exported to other countries. This ensure overall economic growth.
6. Contribution to world GDP growth rates. Globalization ensures contribution of every country to the world GDP growth.
7. Extension of market.
Globalization promotes extension of market. It provides an opportunity to the domestic companies in going global.
The cons of Globalization
1. Growing inequality: Globalization can increase inequality throughout the world by increasing specialization and trade boost the percapita income . It may cause relative poverty.
2. Trade Imbalance
The balance of trade refers to the balance of values between a country’s export and import’s goods and services. As the result of globalization, any country can trade to any part of the globe.

That is why, in some cases developing countries are so much dependent on the developed countries in terms of import goods but their export capabilities are lower than import. The trade imbalance has been occurring.

So, trade imbalance refers to the imbalance of values between a country’s import and export’s goods and services. It is also called trade deficits. Trade imbalance may be increase in developed countries by their competitors.
3. Environmental Loots
The pace of industrialization is increasing as the result of globalization. Industrialization boosts the economic growth but it harms environment as well. Globalization loots from the nature and it harm us very badly.
4. Globalisation paves the way for redistribution of economic power at the world level leading to domination by economically powerful nations over the poor nations.
5. Globalisation is also posing as a threat to agriculture in developing and underdeveloped countries of the world. As with the WTO trading provisions, agricultural commodities market of poor and developing countries will be flooded farm goods from countries at a rate much lower than that indigenous farm products leading to a death-blow to many farmers.
6. Implementation of globalisation principle becoming harder in many industrially developed democratic countries to ask its people to bear the pains and uncertainties of structural adjustment with the hope of getting benefits in future.
7. Globalisation has been showing down the process to poverty reduction in some developing and underdeveloped countries of the world and thereby enhances the problem of inequality
8. Globalisation has alerted the village and small scale industries and sounded death-knell to it as they cannot withstand the competition arising from well organized MNCs.

Name: Mbakwe Temple Alex
Department: Economics
Reg Number: 2018/242400
Year: 300 L

We first of all have to define and discuss the term Globalization.

What Is Globalization?
Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures.

Pros of Globalization

1. Globalization Broadens Access to Goods and Services

It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

2. Globalization Can Lift People Out of Poverty

The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

3. Globalization Increases Cultural Awareness

Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

4. Information and Technology Spread More Easily With Globalization

Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

Disadvantages of Globalization

1. Workers Can Lose Jobs to Countries With Low-Cost Labor

This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.

Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

2. Globalization Hasn’t Protected Labor, Environmental or Human Rights

In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.

Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.

3. Globalization Can Contribute to Cultural Homogeneity

Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

4. Globalization Empowers Multinational Corporations

Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like.

Name: chimezie chiamaka Victoria
Reg:2018/242202
Department: education economics
No doubt there are mainly three pillars to globalization no minding if it’s impact is positive or negative in a nation’s economy these pillars include These three pillars will either lead to the creation of more wealth or increase in the level of porverty for others. Growth In the 1990s was marginalized In the sense that the gap between the rich and the poor was so obvious using the three pillars of globalization I will be explaining the benefit and negativity of globalization.
*Economic pillar: market friendly policies de emphasis the money role of state and promote efficient long term growth.market friendly policies typically emphasis non inflationary growth fiscal discipline ( i.e, wise government spending high saving and investment rates,trade and foreign investment liberalization, privatization and domestic market deregulation)which lead to the growth of the economy of developing countries. It could be noticed that during the 1990s, that the washington benefited so much from international trade and general openness to the global economy this created a big cap in the economy because only sectors directly involved in production were growing.
*Political pillar: as we know that democratic system of government is a system that was purely inspired by the whites. On one hand, the acceptance of democracy as a good form of government, lead to support from developed countries to developing countries which has aided change in government and technical support to achieve stable politics In developing nations once the political system of a nation is stable it discourages implementation of different political agenda rather it modifies the current agenda and builds more on it.golbalization crated room for political battles between two opponent parties which put life and properties of people at stake it has also created room for privatization of government own properties which sometimes are better in the hands of private individuals only that it attracts exploration of the poor by the rich.
*Technological pillar: many technical innovation has helped developing countries eg banking system,access to internet, transportation, agriculture sectors. But you will also agree with me that technology has done as much harm as the benefit developing of deadly weapons, creation of genetic cell weapons such as the covid-19.

Name: Peter Emmanuel
Reg: 2018/246577
Department: education economics
Assignment
Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.
multinational corporation is an organization that does business in many different countries. Globalization is the reason that multinational businesses exist. For example, globalization allows major US corporations to sell their products to Mexico, Europe, and China.
What Are the Benefits of Globalization?
Globalization can benefit a country’s economy in many ways:
* Increases economic growth:
By increasing the international exchange of goods, technological advances, and information, globalization increases economic development for any country participating in the global economy. An increase in economic growth means better living standards, higher incomes, more wealth in a country, and, often, less poverty—in short, the overall well-being of a country.
* Makes production more affordable:
A global market allows businesses wider access to production opportunities and consumers, meaning that there are more goods available at a wider range of price points.
* Promotes working together:
When different countries come together to engage in trade and investments in a global financial market, they become interdependent and often come to rely on one another for certain goods and services.
* Brings opportunities to poorer countries.
Globalization allows companies to move their production from high-cost locations to lower-cost locations abroad—this means bringing jobs, information technology, and other economic opportunities to countries with fewer resources.
What Are the Disadvantages of Globalization?
While it can benefit nations, there are also several negative effects of globalization. Cons of globalization include:
* Unequal economic growth:
While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.
* Lack of local businesses:
The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses.
* Increases potential global recessions:
When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
* Exploits cheaper labor markets:
Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.
* Causes job displacement:
Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.
Globalization has led to increases in standards of living around the world, but not all of its effects are positive for everyone.speed and the best experience on this site.
Put simply, globalization is the connection of different parts of the world. In economics,
globalization can be defined as the process in which
businessess, organizations, and countries begin operating on an international scale. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture. In general, globalization has been shown to increase the standard of living in developing countries, but some analysts warn that globalization can have a negative effect on local or emerging economies and individual workers.

Name: Kalu Rita Ngozi
Department: Economics
Reg no: 2018/242454

ADVANTAGES OF A GLOBALIZED WORLD
The advantages of a more improved, more developed world are too many and so beneficial to all and sundry. Ranging from the acquisition of new culture and technology, to the improvement of economic and social facilitative activities in economies of countries around the world.
These advantages include:
– Acquisition of new culture
– Technological advancement
– Provision of a larger market
– Opportunity for increased growth
– Rapid economic development
– A more developed and improved social and political system
– Opportunity to learn from the greats
– Increased might and power of nations

DISADVANTAGES OF A GLOBALIZED WORLD
A globalized world while bringing with it, its benefits also comes with its cons. The good things of life , also have its not good sides. These disadvantages include:
– Exploitation
– Lower costs
– etc.

Globalization is defined as the increase in the flow of goods, services, capital, people, and ideas across international boundaries, according to the online course Global Business, taught by Harvard Business School Professor Forest Reinhardt.
“We live in an age of globalization,” Reinhardt says in Global Business. “That is, national economies are ever more tightly connected with one another than ever before.”
Global Business: Thrive in today’s interconnected, global economy. Learn More.
ADVANTAGES OF GLOBALIZATION
1. Economic Growth
It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:
Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.
2. Increased Global Cooperation
For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.
“Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world’s nations will fall back into the catastrophe of war.”
3. Increased Cross-Border Investment
According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.
The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.
DISADVANTAGES OF GLOBALIZATION
1. Increased Competition
When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.
With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.
“Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”
2. Disproportionate Growth
Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.
Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.
Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.
“Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”
3. Environmental Concerns
Increased globalization has been linked to various environmental challenges, many of which are serious, including:
Deforestation and loss of biodiversity caused by economic specialization and infrastructure development.
Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods.
The introduction of potentially invasive species into new environments.

Ugwuoke cornelius chinemeogo
Reg. No: 2018/241852

Globalization is defined as the increase in the flow of goods, services, capital, people, and ideas across international boundaries, according to the online course Global Business, taught by Harvard Business School Professor Forest Reinhardt.“We live in an age of globalization,” Reinhardt says in Global Business. “That is, national economies are ever more tightly connected with one another than ever before.”
Global Business: Thrive in today’s interconnected, global economy. Learn More.
ADVANTAGES OF GLOBALIZATION
1. Economic Growth
It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:
Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
2. Increased Global Cooperation
For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.“Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world’s nations will fall back into the catastrophe of war.”

3. Increased Cross-Border Investment
According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.
The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.
DISADVANTAGES OF GLOBALIZATION
1. Increased Competition
When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.
With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.
“Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”

2. Disproportionate Growth
Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.
“Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”

3. Environmental Concerns
Increased globalization has been linked to various environmental challenges, many of which are serious, including:

Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
The introduction of potentially invasive species into new environments
While such issues are governed by existing or proposed laws and regulations, businesses have made environmental concerns and sustainability a priority by, for example, embracing the tenets of the triple bottom line and the idea of corporate social responsibility.Here are four ways that globalization has had a positive impact on the world economy:
1. More efficient markets
Efficient markets should be what every economy strives for. Essentially, the sign of an efficient market is where there is an equilibrium between what buyers are willing to pay for a good or service and what sellers are willing to sell for a good or service.
If you can improve the way you produce a good or service by doing things such as outsourcing certain processes or buying from an overseas supplier that offers discounts, you can then afford to lower your selling price which results in increased demand and affordability.
Even if businesses don’t lower prices, they can make additional profits and then reallocate that excess profit into doing things like increasing wages, taking on more investments or even creating more expansion projects.
2. Increased competition
Anytime that you have multiple producers competing for a hold of the economy, that’s a good sign for consumers, as the quality of goods and services often goes up as a result.
When businesses started to venture across international borders, what they often did was introduce a new standard into the global marketplace. Consumers then had more options to choose from.
With more competitors to fight over market share, each company has to constantly look to improve their goods or services or create more value for their customers.This means better products and sometimes lower prices, which is always a good thing for buyers.
3. Stabilized security
When your economy depends largely on another country’s economy, it is hard to imagine either one of the countries attacking the other. In a weird sort of way, globalization helped heighten world security.Although this may seem kind of twisted since there is so much violence that still goes on in the world, the fact remains that globalization has halted many conflicts that could have turned ugly if their country’s financial health didn’t depend on the other.
4. More wealth equality throughout the world
Although many Americans contend that their standard of living has gone down because of globalization, the flip side to this is that hundreds of thousands of people around the world now have jobs, have started their own businesses and can provide comfort for their families.Living in the U.S., we take things like clean water, shelter and plentiful food for granted. Our standard of living is so high compared to many nations that when we can no longer buy frivolous luxuries, we claim that we are poor.

REG NO: 2018/242297
COURSE: ECO 362(DEVELOPMENT ECONOMICS II)
DEPARTMENT OF ECONOMICS

The Pros of globalization are as follows:
It increases economic growth. By increasing the international exchange of goods, technological advances, and information, globalization increases economic development for any country participating in the global economy. An increase in economic growth means better living standards, higher incomes, more wealth in a country, and, often, less poverty—in short, the overall well-being of a country.

The Spread of Technology and Innovation.
Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly. Because knowledge also transfers so fast, this means that scientific advances made in Asia can be at work in the United States in a matter of days

It encourages lower costs for products
Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.

It creates access to new talent.
In addition to new markets, globalization allows companies to find new, specialized talent that is not available in their current market. For example, globalization gives companies the opportunity to explore tech talent in booming markets such as Berlin or Stockholm, rather than Silicon Valley. Again, International PEO allows companies to compliantly employ workers overseas, without having to establish a legal entity, making global hiring easier than ever.

It makes production more affordable. A global market allows businesses wider access to production opportunities and consumers, meaning that there are more goods available at a wider range of price points.

It also brings opportunities to poorer countries. Globalization allows companies to move their production from high-cost locations to lower-cost locations abroad—this means bringing jobs, information technology, and other economic opportunities to countries with fewer resources.

Things that come with benefits or advantages will also have its bad side or a negative effect, as nothing in this wold may be deemed entirely perfect.
Some of the cons of globalization are as follows:

It exploits cheaper labor markets. Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.

It causes job displacement. Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.

It leads to loss of cultural identity.
While globalization has made foreign countries easier to access, it has also begun to meld unique societies together. The success of certain cultures throughout the world caused other countries to emulate them. But when cultures begin to lose their distinctive features, we lose our global diversity.

Globalization hasn’t protected labour, environmental or human rights.
In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.
Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.

Department :Economics
Reg num:2018/249273
Course :Eco 362

Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.

As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and informatio, Globalization, or globalisation, is the process of interaction and integration among people, companies, and governments worldwide. Globalization has accelerated since the 18th century due to advances in transportation and communication technology.
. The pros of Globalization
1. Globalization Broadens Access to Goods and Services
It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

2. Globalization Can Lift People Out of Poverty
The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

3. Globalization Increases Cultural Awareness
Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

4. Information and Technology Spread More Easily With Globalization
Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.
The Cons of Globalization
1. Workers Can Lose Jobs to Countries With Low-Cost Labor
This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.

Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.

Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.

3. Globalization Can Contribute to Cultural Homogeneity
Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

4. Globalization Empowers Multinational Corporations
Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements.

NWAIGBO BLESSING CHIAMAKA,
2018/245390.
Education/Economics,
blessingmartha232@gmail.com.

According to Michael Todaro(2014), globalization refers to the increased openness of countries to international trade, financial flows, and foreign direct investment(FDI). Globalization is a concept that affects and would continue to affect all aspects of the world economy both domestically and internationally. According to Robert Hiplin, growth of international trade, massie financial flows, and the activities of multinational corporations (MNC’s) are tying national economies more tightly to one another, thus making globalization feature of the world economy. But is globalization a ‘PANACEA’ or a ‘PERFIDY’ to the economic development of the global south?. Brittan(1998) for instance define globalization as “a whirlwind of relentless and disruptive change which leaves governments helpless and leaves a trail of economic, social, cultural and environmental problems.

Advantages and Disadvantages of Globalization.
Globalization gives us many advantages and disadvantages. so let us make an in-depth study on the advantages and disadvantages of globalization.
As a result of globalization, we all enjoy many advantages. these are-
1. Transfer of Technology
2. Better Services
3. Standardization of Living
4. Development of Infrastructure
5. Foreign Exchange Reserves
6. Economic Growth
7. Affordable Products
8. Contribution to World GDP Growth Rate
9. Extensions of Market
1. Transfer of Technology
Transfer of technology throughout the globe is good for us. Any country can borrow the technology through the agreement and can implement it in their country for their overall development. We can communicate each other easily from any part of the globe by using advance technology at minimal cost, time and efforts.
2. Better Services
Globalization always provides us better services. Through the technological advancement our services like water supply, mobile networking, internet, electricity supply and any other services have been easier and better than before. By the way, easy access to the internet throughout the globe is also the result of the globalization.
3. Standardization of Living
The integration of economies as the key process of globalization enables countries to fight against poverty and improve the standard of living of the people.
Many researchers have been stated that when a country open up their trade to the globe, their rate of economic growth is faster and living standards tend to increase.
4. Development of Infrastructure
Due to the technological advancement and its transfer throughout the globe helps to improve country’s infrastructure. Countries are more enabling to deliver their services to the people. Development of infrastructure means overall development of respective countries. Here it is necessary to say that economic growth and development of infrastructure are compatible with each other.
5. Foreign Exchange Reserves
Through globalization countries can build foreign exchange reserves owing to international financial flows.
6. Economic Growth
Globalization entails to optimum utilization of resources wherein deficit resources are procured and surplus resources are exported to other countries. This ensure overall economic growth.
7. Affordable Products
With the access to the latest technology, the countries can provide products to its countrymen at affordable prices. Globalization promotes competition in domestic economies and their endeavor to compete against competition, companies reduce product price or follow penetration pricing strategy.
8. Contribution to World GDP Growth Rate
Globalization ensures contribution of every country to the world GDP growth.
9. Extensions of Market
Above all, Globalization promotes extension of market. It provides an opportunity to the domestic companies in going global. For instance, domestically, companies can witness saturation in the demand for their products or services but through globalization the domestic companies can sustain and satisfy the growing demands of foreign customers.

Disadvantages of Globalization
The globalization that just keeps doing well to us is not true. It impacts us in multidimensional way. So it has some disadvantages also. These ares-
1. Growing Inequality
2. Increasing of the Unemployment rate
3. Trade Imbalance
4. Environmental Loots
1. Growing Inequality
Globalization can increase inequality throughout the world by increasing specialization and trade. Although specialization and trade boost the per-capita income it may cause relative poverty.
To illustrate this we will take an example. All dominated MNCs in the world are located in the United States. All these companies are buying cheaper labor from developing or underdeveloped countries for their product manufacturing or assembling. China, India and Africa are prime examples of this. It increases the employment of such countries but they are lagging behind relatively developed countries.
Again those companies coming to these countries for cheap labor, they also deprive of that country’s i.e American people from work. So it appears that relative poverty is being created in developed countries as well.
2. Increasing of the Unemployment rate
Globalization can increase unemployment rate. Where people are getting jobs, how is it possible? Here is the explanation.
Globalization demands for higher-skilled work with cheaper price. But countries where Institutions are relatively weak are not capable of producing highly skilled workers. As a result, the unemployment rate is increasing in those countries.
When many foreign companies invest heavily in developing countries, they hire employee from that country. In some cases their salaries are very lower than the other developed countries. Moreover, the demand for these employees in developed countries is very low. Moreover, with the emergence of Global Economic Crisis, their jobs are at risk of losing.
3. Trade Imbalance
The balance of trade refers to the balance of values between a country’s export and import’s goods and services. As the result of globalization, any country can trade to any part of the globe.

That is why, in some cases developing countries are so much dependent on the developed countries in terms of import goods but their export capabilities are lower than import. The trade imbalance has been occurring.
So, trade imbalance refers to the imbalance of values between a country’s import and export’s goods and services. It is also called trade deficits. Trade imbalance may be increase in developed countries by their competitors.
4. Environmental Loots
The pace of industrialization is increasing as the result of globalization. Industrialization boosts the economic growth but it harms environment as well. Globalization loots from the nature and it harm us very badly.
Let’s try to understand with the example. Coca-Cola is the world’s leading soft drink company. This company consume huge amount of water for making soft drinks. In a state of northern India, Uttar Pradesh, a Coca-Cola bottle plant was closed by the government order because of too much usage of water claimed by local farmers.
In North India, the level of ground water is very low, but huge usage of this water for the interest of a MNC is very harmful to domestic farming.
Conclusion
From the above discussion on the Advantages and Disadvantages of Globalization, it can be said that the list of benefits of globalization can be easily lengthened. However, there are some disadvantages. According to critics, the process did not benefit the poor. The impact of globalization on environmental protection is not too great and Did not stabilize the global economy.
The policies formulated by the IMF, the World Bank, and the World Trade Organization only serve the interests of the developed world. Especially the internal interests of those countries. Developing countries have no place in it. The ideas of all these countries regarding globalization revolve around a particular economic and social scenario.

Onyemaechi Favour Ozioma
Education/Economics
2018/244292
Eco 362
An assignment:
Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.
As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

When we say that there is globalization in a country, we mean that it is a system of interaction between countries throughout the world aimed at developing the global economy, it is an interconnectedness of economies and society, advances in communication, transportation and infrastructure enable Technological, economic, political and cultural exchange resulting in globalization. The key aspect of this integration ate international trade and cross_border investment flows.
The basis of globalization is comparative advantage hypothesis which explains that countries that are good at producing a certain commodities cheaply and then sell to other countries and the latter countries also export the items or goods it produces cost_effectively to the former which may be lacking in the same. In all this globalization has done more harm than good especially to the developing countries. The following are the prons and cons of globalization

Prons of Globalization
1. Globalization brings the world’s advanced economies closer. It allows or bring together the world’s most powerful economies and government to collaborate in order to achieve great things. This process frequently strives to make the world a better place whether by creating space stations that circle our globe, sending missions to the moon, inventing affordable solutions to curtail famine. The cost of these vast initiatives always too high for a single country to handle. These diversity among countries can be used to solve any challenge if they work cooperatively.
2. It helps to keep the world’s politics in check: globalization foster more cooperation than isolation because when economies are isolated from one another, they don’t grow as efficiently as when they collaborate. That is to say, there will always be some measure if import_export opportunities since there is no other way to sustain standard of living of countries and their citizens.
3. People gain increased power as a result of globalization: government strove to centralize power into a small group of individuals or a single individual before we had tools like internet to enable access to e-commerce because it was the best method to bargain on a nation to nation basis. There is less of a need to solidify dominating powers if we move towards a larger attitude of cooperation and open communication. In other to lessen the dominating powers, checks and balances are employed to make sure that power remain with the people thereby reducing the problem that arise when one person has absolute control.
4.Globalization opens up more opportunities for free trade: globalization helps to create opportunities for importers and exporters of goods and services, it ensure free trade and trade liberalization among countries. Globalization helps countries to have access to various goods and services even when there are charges, fees imposed by countries. Exporting and importing of goods also create jobs which can raise the standard of living of citizens.
5. Globalization facilitate the spread of information and Technology: in a worldwide society, art and culture are not the only things that spread more easily, information and technology also spread, there is transfer of technology from advanced countries to developing countries. The developing countries are always the once benefitting from this transfer because the developing countries are backwards in terms of Technology advancement. When countries come together, there is an exchange of ideas, inspiration from one another in which this ideas can lead to growth of various countries. Culture and arts are also transfer from one country to another. For example the European are known for dressing on suit for men but because of transfer of culture, the Africans are now dressing on suits.

Cons of Globalization
1. Globalization promote cultural homogeneity: As people’s preferences converge and product can’t competition with cheaper multinational ones. Globalization may lead to increasing cultural homogeneity, this problem can lead loss of cultural customs in the future. When there is cultural homogeneity it creates monoculture that is a single culture. This makes for imitation of culture, custom which can harm the indigenous cultures.
2.unbalanced development: Globalization lead to unequal growth across and within countries, when people migrate or emigrate, it boost the recipient economy leaving the other dormant or reduction in the overall production. Globalization has lead to some economy having more labour force while some other have less of labour force for greater production. Some come are more developed while some others remain retarded.
4.Globalization leads to exploitation: The developed countries also expand employment and economic prospect in underdeveloped countries because labour cost are frequently lower thereby expanding their firm with low cost of labour leaving the country’s total economy stagnant or dormant. Also raw material are gotten at cheap rate from developing countries and after transformation of the good it is imported back and then sold at exhobitant prices.
5.As a result of free trade, developing countries has become dumping ground for importation of harmful goods into underdeveloped countries. This is one of the problem that globalization has created, and because of the political structure(bribery and corruption) of some underdeveloped countries, they accept such goods and then sell them to its citizens.
6. Globalization has lead to deforestation and ecological loss, as a result of development such as infrastructure. Forest has been invaded and as a result of development and lots of natural resources are lossed.

Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life.

ADVANTAGES OF GLOBALIZATION
1. Globalization brings the world’s advanced economies closer:
Globalization allows the world’s most powerful economies and governments to collaborate to achieve great things. This process frequently strives to make the world a better place, whether we are creating space stations that circle our globe, sending missions to the moon, or inventing affordable solutions to combat famine. The cost of these vast initiatives is frequently too high for a single country to bear alone. Humanity can use its diversity to solve any challenge if it works together in a cooperative spirit.

2. Competition between countries is supposed to drive prices down. In many cases this is not working because countries manipulate their currency to get a price advantage.

3. It helps to keep the world’s politics in check:
Even if populism and elitism are on the rise around the world in 2021, globalization processes still foster more cooperation than isolation. When economies are isolated from one another, they do not grow as efficiently as when they collaborate. That is to say, there will always be some amount of import-export opportunities since there is no other way to sustain the standard of living.

4. People gain increased power as a result of globalization:
Governments strove to centralize power into a small group of individuals or a single individual before we had tools like the Internet to enable access to e-commerce platforms because it was the best method to bargain on a nation-to-nation basis. That worked perfectly if there were structures in place to safeguard the broader public, but it also harmed many groups, particularly those of Jewish ancestry. There is less of a need to solidify dominating powers if we move toward a larger attitude of cooperation and open communication. We may employ checks and balances systems to ensure that power remains in the hands of the people, reducing the problems that arise when one person has absolute control.

5. Globalization opens up more opportunities for free trade:
When we concentrate on the national borders that exist in our world, we limit unrestricted access to goods and services. Even when they exist between allies, duties, and tariffs limit the number of import opportunities available. Even if the high fees are solely applied to luxury goods, it encourages buyers to evade the rules that prevent them from getting what they want at a reasonable price. Currently, there are more than 1,500 different trade barriers in existence that have an impact on global trade. Globalization helps us to focus our energies on what we require rather than enforcing standards that we have devised for ourselves.

6. Currency manipulation is less of an issue as a result of globalization:
One of the objectives for the Eurozone’s creation was to limit the power of currency manipulation in the import-export market to assist the European Union’s progress and build a cooperative market. Rather than fighting for the lowest pricing, and sometimes even depreciating the economy to achieve a better contract, working together produces mutually beneficial results because all governments may benefit from economies of scale.

7. Globalization facilitates the spread of information and technology:
In a worldwide society, art and culture aren’t the only things that spread more easily, Information and technology are in the same boat. Consider the emergence of mobile banking in Kenya or the practice of microlending as examples. Civil society organizations can draw inspiration from other countries, and successful ideas can spread more quickly.

8. Earnings fluctuate:
Wages for many workers in the originating nations have declined as more corporations take advantage of international outsourcing options. Companies in poor countries can offer their services at a considerably lower cost than those in countries with higher living standards. Thus, it created an impact on workers of the larger countries. When operating in less developed countries, businesses can take advantage of the opportunities provided by globalization by paying cheaper salaries and having reduced overheads. Other savings can be gained in countries with lower taxes, less red tape, and lower business costs.

Disadvantages of Globalization

• The general complaint about globalization is that it has made the rich richer while making the non-rich poorer. “It is wonderful for managers, owners and investors, but hell on workers and nature.”
1. The anti-globalists claim that globalization is not working for the majority of the world. “During the most recent period of rapid growth in global trade and investment, 1960 to 1998, inequality worsened both internationally and within countries. The UN Development Program reports that the richest 20 percent of the world’s population consume 86 percent of the world’s resources while the poorest 80 percent consume just 14 percent. “
2.Some experts think that globalization is also leading to the incursion of communicable diseases. Deadly diseases like HIV/AIDS are being spread by travelers to the remotest corners of the globe.

3. Globalization has led to exploitation of labor. Prisoners and child workers are used to work in inhumane conditions. Safety standards are ignored to produce cheap goods. There is also an increase in human trafficking.

4. Globalization Has the Potential to Promote Cultural Homogeneity:
As people’s preferences converge and products can’t compete with cheaper multinational ones, globalization may lead to increasing cultural homogeneity. Near future, we may lose valuable cultural customs. Some critics of globalization believe due to this goods are becoming homogeneous and people will use the same kind of things from cars to food habits. Homogenization is something that is imposed on people by market forces and it treats people as a product. Due to this, the global tendency could not eliminate cultural diversity, and thus, it creates a popular monoculture.

5.. Multinational Corporations Gain Power as a Result of Globalization:
Globalization has also been criticized for empowering transnational businesses at the expense of governments and populations. This erodes state sovereignty and people’s ability to hold their leaders accountable for the state of their countries. Multinational firms may also use trade agreements to press for advantageous clauses.

6. Unbalanced Development:
Globalization can result in unequal growth across and within countries. Economically and morally, these consequences must be properly managed. Globalization frequently has the consequence of boosting immigration within countries. In terms of macroeconomics, immigration boosts gross domestic product (GDP), which can be beneficial to the recipient country. However, if immigrants’ income is lower than the average income of people already in the country, immigration may cut GDP per capita in the near term. Furthermore, immigration, like competition, can benefit the country as a whole while imposing costs on people who may want their government to limit immigration to shield them from those costs.

7. Globalization has failed to protect workers, the environment, or human rights:
Globalization has the potential to spread principles and practices like environmentalism and labor rights all over the world. In practice, though, the expansion has been slow and uneven. Instead of exporting labor regulations that a firm may be required to follow in the United States, it may choose to follow weaker standards in another country where labor is not protected. Some say that globalization has resulted in a “race to the bottom,” in which businesses actively seek out countries with the weakest labor and environmental safeguards, as well as the lowest pay. While globalization has enhanced the flow of products, services, and capital, there are still many tax havens, implying that governments are not capturing and redistributing much of the wealth gained by globalization.
8. Low-cost labor marketplaces are exploited:
Globalization enables firms to expand employment and economic prospects in underdeveloped countries, where labor costs are frequently lower. However, these countries’ total economic growth may be modest or stagnant.
9. Cause of employment loss:
Globalization creates more employment, but it redistributes them by shifting production from high-cost countries to low-cost countries. When a result of globalization, high-cost countries often lose jobs as production moves outside.

Onyewuchi Gift Chinweotito
2018/249784

Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. The wide-ranging effects of globalization are complex and politically charged. As with major technological advances, globalization benefits society as a whole, while harming certain groups. Understanding the relative costs and benefits can pave the way for alleviating problems while sustaining the wider payoffs. Globalization is a system of interaction between countries throughout the world aimed at developing the global economy. Globalization refers to the worldwide interconnectedness of economies and societies. Advances in communication, transportation, and infrastructure enable technological, economic, political, and cultural exchanges, resulting in globalization. Since the 1980s, when computer technology initially made it easier and faster to do international business, the phrase has been used in this meaning. The key aspects of this integration are international trade and cross-border investment flows. As a result, globalization is an amalgamation of interaction and integration among distinct groups of people, organizations, and governments from other countries.

THE PROS AND CONS OF GLOBALIZATION:
The pros n cons also seen as the merits and demerits of the above include:
Advantages of Globalization

1. Globalization brings the world’s advanced economies closer:

Globalization allows the world’s most powerful economies and governments to collaborate to achieve great things. This process frequently strives to make the world a better place, whether we are creating space stations that circle our globe, sending missions to the moon, or inventing affordable solutions to combat famine. The cost of these vast initiatives is frequently too high for a single country to bear alone. Humanity can use its diversity to solve any challenge if it works together in a cooperative spirit.

2. It helps to keep the world’s politics in check:

Even if populism and elitism are on the rise around the world in 2021, globalization processes still foster more cooperation than isolation. When economies are isolated from one another, they do not grow as efficiently as when they collaborate. That is to say, there will always be some amount of import-export opportunities since there is no other way to sustain the standard of living.

3. People gain increased power as a result of globalization:

Governments strove to centralize power into a small group of individuals or a single individual before we had tools like the Internet to enable access to e-commerce platforms because it was the best method to bargain on a nation-to-nation basis. That worked perfectly if there were structures in place to safeguard the broader public, but it also harmed many groups, particularly those of Jewish ancestry. There is less of a need to solidify dominating powers if we move toward a larger attitude of cooperation and open communication. We may employ checks and balances systems to ensure that power remains in the hands of the people, reducing the problems that arise when one person has absolute control.
4. Globalization opens up more opportunities for free trade:

When we concentrate on the national borders that exist in our world, we limit unrestricted access to goods and services. Even when they exist between allies, duties, and tariffs limit the number of import opportunities available. Even if the high fees are solely applied to luxury goods, it encourages buyers to evade the rules that prevent them from getting what they want at a reasonable price. Currently, there are more than 1,500 different trade barriers in existence that have an impact on global trade. Globalization helps us to focus our energies on what we require rather than enforcing standards that we have devised for ourselves.

5. Currency manipulation is less of an issue as a result of globalization:

One of the objectives for the Eurozone’s creation was to limit the power of currency manipulation in the import-export market to assist the European Union’s progress and build a cooperative market. Rather than fighting for the lowest pricing, and sometimes even depreciating the economy to achieve a better contract, working together produces mutually beneficial results because all governments may benefit from economies of scale.

6. Globalization facilitates the spread of information and technology:

In a worldwide society, art and culture aren’t the only things that spread more easily, Information and technology are in the same boat. Consider the emergence of mobile banking in Kenya or the practice of microlending as examples. Civil society organizations can draw inspiration from other countries, and successful ideas can spread more quickly.

Demerits of Globalization

1. Globalization Has the Potential to Promote Cultural Homogeneity:

As people’s preferences converge and products can’t compete with cheaper multinational ones, globalization may lead to increasing cultural homogeneity. Near future, we may lose valuable cultural customs. Some critics of globalization believe due to this goods are becoming homogeneous and people will use the same kind of things from cars to food habits. Homogenization is something that is imposed on people by market forces and it treats people as a product. Due to this, the global tendency could not eliminate cultural diversity, and thus, it creates a popular monoculture.

2. Multinational Corporations Gain Power as a Result of Globalization:

Globalization has also been criticized for empowering transnational businesses at the expense of governments and populations. This erodes state sovereignty and people’s ability to hold their leaders accountable for the state of their countries. Multinational firms may also use trade agreements to press for advantageous clauses.
3. Unbalanced Development:

Globalization can result in unequal growth across and within countries. Economically and morally, these consequences must be properly managed. Globalization frequently has the consequence of boosting immigration within countries. In terms of macroeconomics, immigration boosts gross domestic product (GDP), which can be beneficial to the recipient country. However, if immigrants’ income is lower than the average income of people already in the country, immigration may cut GDP per capita in the near term. Furthermore, immigration, like competition, can benefit the country as a whole while imposing costs on people who may want their government to limit immigration to shield them from those costs.

4. Globalization has failed to protect workers, the environment, or human rights:

Globalization has the potential to spread principles and practices like environmentalism and labor rights all over the world. In practice, though, the expansion has been slow and uneven. Instead of exporting labor regulations that a firm may be required to follow in the United States, it may choose to follow weaker standards in another country where labor is not protected. Some say that globalization has resulted in a “race to the bottom,” in which businesses actively seek out countries with the weakest labor and environmental safeguards, as well as the lowest pay. While globalization has enhanced the flow of products, services, and capital, there are still many tax havens, implying that governments are not capturing and redistributing much of the wealth gained by globalization.

5. Low-cost labor marketplaces are exploited:

Globalization enables firms to expand employment and economic prospects in underdeveloped countries, where labor costs are frequently lower. However, these countries’ total economic growth may be modest or stagnant.

6. Cause of employment loss:

Globalization creates more employment, but it redistributes them by shifting production from high-cost countries to low-cost countries. When a result of globalization, high-cost countries often lose jobs as production moves outside.

7. Concerns about the environment:

Globalization has been related to several environmental issues, many of which are serious, such as:

Economic specialization and infrastructure development have resulted in deforestation and ecological loss.
Higher movement of commodities results in increased greenhouse gas emissions and other forms of pollution.
Invasion of new environments by potentially invasive species
While existing or prospective rules and regulations manage such issues, businesses have prioritized environmental concerns and sustainability.

Ubechu Agatha Chidinma
2018/242441
dinmagatha@gmail.com
300 level

Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. Interestingly, after centuries of technological progress and advances in international cooperation, the world is more connected than ever. But how much has the rise of trade and the modern global economy helped or hurt humanity remains an empirical question.

As we know, the BWIs institutions are operating in an era of increased globalization, which creates tremendous opportunities for developing countries – and equally tremendous dangers.
In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

Throughout history, commerce and business have been limited by certain geographic constraints. In its earliest days, trade happened between neighboring tribes and city-states. As humans domesticated the horse and other beasts of burden, the distances they could travel to trade increased. These distances increased further with the development of seafaring capabilities.

Although humans have been using ships for centuries to transport goods, cargo, people, and ideas around the world, it wasn’t until the development of the airplane that the blueprint of a “globalized economy” was laid. This was for a simple reason: It allowed us to travel greater distances faster than ever before.

The development of the internet and easier means of communication and collaboration propelled us from those early days of globalization to where we are today: A few taps or clicks away from a co-worker, business partner, customer, or friend.

Globalization has had numerous effects—both positive and negative—on business and society at large. Here’s an overview of the pros and cons of globalization in business.

WHAT IS GLOBALIZATION?

Globalization is defined as the increase in the flow of goods, services, capital, people, and ideas across international boundaries, according to the online course Global Business, taught by Harvard Business School Professor Forest Reinhardt.

“We live in an age of globalization,” Reinhardt says in Global Business. “That is, national economies are ever more tightly connected with one another than ever before.”

ADVANTAGES OF GLOBALIZATION

1. Economic Growth
It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:

Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.
2. Increased Global Cooperation
For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.

“Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world’s nations will fall back into the catastrophe of war.”

3. Increased Cross-Border Investment
According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.

The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.

DISADVANTAGES OF GLOBALIZATION

1. Increased Competition
When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.

With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.

“Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”

2. Disproportionate Growth
Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.

Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.

“Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”

3. Environmental Concerns
Increased globalization has been linked to various environmental challenges, many of which are serious, including:

Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
The introduction of potentially invasive species into new environments.

MANAGING THE RISKS OF GLOBALIZATION

The world is never going to abandon globalization. While it’s true that individual countries and regions put policies and practices in place that limit globalization, such as tariffs, it’s here to stay. The good news is that businesses and professionals willing to confront and prepare for globalization’s challenges and risks have the potential to benefit immensely.

Whether you’re a business owner, member of executive leadership, or an employee, learning how to identify opportunities related to globalization and the risks it might bring can empower you to be more effective in your role and offer more value to your organization.

Name: Obiora Chidimma Jennifer
Reg no: 2018/241834
Dept: Economics Department
Date: 25th January,2022
Course: Eco 362( Development Economics 2)
Answer
Some praise globalization for opening borders and connecting cultures and politics. Others blame it for disrupting local economies and eliminating jobs. The fact is that globalization has been around since ancient times, and it is fully integrated into different aspects of modern life.
Meaning of globalization?
Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures. Supporters say that this is making countries more interdependent on free trade. But critics maintain that it is also concentrating wealth in the corporate elite, disrupting industries and making local economies more vulnerable.
This process has roots in ancient civilizations that traded for valuable commodities that were unavailable in their homelands. But today, you can also see how large corporations similarly thrive as multinational businesses with offices and supply chains stretching around the globe.
In the recent economy, trade agreements have become the cornerstones of globalization,
creating and expanding networks for trade and infrastructure. This is the case with NAFTA, which was renegotiated by the Trump administration in 2020 as the United States-Mexico-Canada Agreement (USMCA). Initially, NAFTA incentivized U.S. businesses to relocate partially to take advantage of low-cost labor in Mexico. However, the USMCA has added protections for U.S. workers against this type of competition.
Globalization has also come under scrutiny with President Joe Biden’s recent $2.3 trillion infrastructure and jobs plan. Many large multinational companies like Amazon were singled out by Biden for taking advantage of tax loopholes to avoid paying federal income taxes. The President said that he would raise corporate taxes and eliminate these loopholes and foreign tax credits to fund his plan.
While governments focus on removing national barriers to promote global trade, they are also working on protecting local economies that could easily get disrupted.
The Advantages and disadvantages of
globalisation
Advantages:
1. Globalization Broadens Access to Goods and Services:
It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

2. Globalization Can Lift People Out of Poverty:
The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.
Disadvantages:
1. Workers Can Lose Jobs to Countries With Low-Cost Labor:
This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.
Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.
Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest
wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.

In summary: Supporters and opponents of globalization generally agree that the phenomenon has created winners and losers. Supporters argue that the benefits outweigh the drawbacks, while critics want to either improve the conditions of global trade or, in some cases, roll back globalization.

Reference:
Smartasset.com

Name :Onuh Onyinye
Reg number :2018 /241872
Department :Economics department
Email :onuhonyinye7@gmail.com

When Chinese e-commerce giant Alibaba in 2018 announced it had chosen the ancient city of Xi’an as the site for its new regional headquarters, the symbolic value wasn’t lost on the company: it had brought globalization to its ancient birthplace, the start of the old Silk Road. It named its new offices aptly: “Silk Road Headquarters”. The city where globalization had started more than 2,000 years ago would also have a stake in globalization’s future.

Alibaba shouldn’t be alone in looking back. As we are entering a new, digital-driven era of globalization – we call it “Globalization 4.0” – it is worthwhile that we do the same. When did globalization start? What were its major phases? And where is it headed tomorrow?

People have been trading goods for almost as long as they’ve been around. But as of the 1st century BC, a remarkable phenomenon occurred. For the first time in history, luxury products from China started to appear on the other edge of the Eurasian continent – in Rome. They got there after being hauled for thousands of miles along the Silk Road. Trade had stopped being a local or regional affair and started to become global.

Globalization is primarily an economic process of interaction and integration that is associated with social and cultural aspects.

Economically, globalization involves goods, services, data, technology, and the economic resources of capital. The expansion of global markets liberalizes the economic action vities of the exchange of goods and funds.

Globalization is the spread of products, technology, information, and jobs across national borders and cultures. In economic terms, it describes an interdependence of nations around the globe fostered through free trade.

ADVANTAGES OF GLOBALIZATION
1. Economic Growth
It’s widely believed that increased globalization leads to greater economic growth for all parties. There are several reasons why this might be the case, including:

a. Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kickstart industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
b. Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
c. Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.

2. Increased Global Cooperation
For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.
“Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world’s nations will fall back into the catastrophe of war.”

3. Increased Cross-Border Investment
According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation.
The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.

DISADVANTAGES OF GLOBALIZATION
1. Increased Competition
When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened.

With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties.

“Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”

2. Disproportionate Growth
Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally.

Within countries, globalization often has the effect of increasing immigration. Macroeconomically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country.

Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia.

“Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”

3. Environmental Concerns
Increased globalization has been linked to various environmental challenges, many of which are serious, including:

Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
The introduction of potentially invasive species into new environments.

The world is never going to abandon globalization. While it’s true that individual countries and regions put policies and practices in place that limit globalization, such as tariffs, it’s here to stay. The good news is that businesses and professionals willing to confront and prepare for globalization’s challenges and risks have the potential to benefit immensely.

Whether you’re a business owner, member of executive leadership, or an employee, learning how to identify opportunities related to globalization and the risks it might bring can empower you to be more effective in your role and offer more value to your organization.

EYA Samson Nnaemeka
2018/249599
Economics major

What Is Globalization?

Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures. Supporters say that this is making countries more interdependent on free trade. But critics maintain that it is also concentrating wealth in the corporate elite, disrupting industries and making local economies more vulnerable.

This process has roots in ancient civilizations that traded for valuable commodities that were unavailable in their homelands. But today, you can also see how large corporations similarly thrive as multinational businesses with offices and supply chains stretching around the globe.

In the recent economy, trade agreements have become the cornerstones of globalization, creating and expanding networks for trade and infrastructure. This is the case with NAFTA, which was renegotiated by the Trump administration in 2020 as the United States-Mexico-Canada Agreement (USMCA). Initially, NAFTA incentivized U.S. businesses to relocate partially to take advantage of low-cost labor in Mexico. However, the USMCA has added protections for U.S. workers against this type of competition.

Globalization has also come under scrutiny with President Joe Biden’s recent $2.3 trillion infrastructure and jobs plan. Many large multinational companies like Amazon were singled out by Biden for taking advantage of tax loopholes to avoid paying federal income taxes. The President said that he would raise corporate taxes and eliminate these loopholes and foreign tax credits to fund his plan.

While governments focus on removing national barriers to promote global trade, they are also working on protecting local economies that could easily get disrupted. Let’s break down the advantages and disadvantages of globalization.

Advantages of Globalization

The Pros and Cons of Globalization

1. Globalization Broadens Access to Goods and Services

It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

2. Globalization Can Lift People Out of Poverty

The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

3. Globalization Increases Cultural Awareness

Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

4. Information and Technology Spread More Easily With Globalization

Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

Disadvantages of Globalization

The Pros and Cons of Globalization

1. Workers Can Lose Jobs to Countries With Low-Cost Labor

This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.

Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

2. Globalization Hasn’t Protected Labor, Environmental or Human Rights

In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.

Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.

3. Globalization Can Contribute to Cultural Homogeneity

Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

4. Globalization Empowers Multinational Corporations

Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements (this was an argument invoked against the TPP).

5. High Investment

‍
Globalization and international expansion are generally very expensive endeavours. This is one of the most deterring disadvantages of globalization. It requires businesses to invest a lot of their resources into designing and implementing an effective globalization strategy. Setting up a company or presence elsewhere, paying taxes, hiring, signing contracts with new partners, scouring the customer base – all these things require mountains of research, capital, and time. Not all companies will feel comfortable doing this, especially smaller businesses or those just scaling up globally.

Let us see How Globalization Affect Your Life as a Business?
‍
All businesses can use globalization to their advantage. What you need is the right approach. Running a global business with employees all over the world can be extremely rewarding, but also requires foresight and appropriate processes in place to make sure you stay compliant. As always, compliance is key. When expanding globally, you may need to consider:

Having a legal presence in the countries you are operating in / where your employees are based
Paying corporate taxes the right way, on time, and to the right authority
Who you hire (look for the right traits and watch out for your own hiring bias)
Compliant employment contracts and payroll
Offering progressive benefits
Managing intellectual property rights compliantly
Creating a smooth, standardized onboarding process
Building a solid communication and collaboration strategy across your teams
Creating a sustainable, inclusive, and supportive workplace culture
As a company navigating the effects of globalization, you will need to respond to all its challenges while also finding the best path for your business. The first step is always to find the right people and employ them the right way so they can get your business up and running.

Bottom Line

Supporters and opponents of globalization generally agree that the phenomenon has created winners and losers. Supporters argue that the benefits outweigh the drawbacks, while critics want to either improve the conditions of global trade or, in some cases, roll back globalization.

ODO RUTH SOMTOCHI
2018/242445

the pros and cons of globalization as it affects our local economy and the global economy at large are
The pros
1. According to supporters globalization and democracy should go hand in hand. It should be pure business with no colonialist designs.
2. There is now a worldwide market for companies and consumers who have access to products of different countries. True
3. Gradually there is a world power that is being created instead of compartmentalized power sectors. Politics is merging and decisions that are being taken are actually beneficial for people all over the world. This is simply a romanticized view of what is actually happening.
4. There is more influx of information between two countries, which do not have anything in common between them.
5. There is cultural intermingling and each country is learning more about other cultures.
6. Since we share financial interests, corporations and governments are trying to sort out ecological problems for each other. – True, they are talking more than trying.
7. Socially we have become more open and tolerant towards each other and people who live in the other part of the world are not considered aliens. True in many cases.
8. Most people see speedy travel, mass communications and quick dissemination of information through the Internet as benefits of globalization. True
9. Labor can move from country to country to market their skills. True, but this can cause problems with the existing labor and downward pressure on wages.

The Cons
1. The biggest problem for developed countries is that jobs are lost and transferred to lower cost countries.” According to conservative estimates by Robert Scott of the Economic Policy Institute, granting China most favored nation status drained away 3.2 million jobs, including 2.4 million manufacturing jobs. He pegs the net losses due to our trade deficit with Japan ($78.3 billion in 2013) at 896,000 jobs, as well as an additional 682,900 jobs from the Mexico –U.S. trade-deficit run-up from 1994 through 2010.”
2. Workers in developed countries like the US face pay-cut demands from employers who threaten to export jobs. This has created a culture of fear for many middle class workers who have little leverage in this global game
3. Large multi-national corporations have the ability to exploit tax havens in other countries to avoid paying taxes.
4. Multinational corporations are accused of social injustice, unfair working conditions (including slave labor wages, living and working conditions), as well as lack of concern for environment, mismanagement of natural resources, and ecological damage.
5. Multinational corporations, which were previously restricted to commercial activities, are increasingly influencing political decisions. Many think there is a threat of corporations ruling the world because they are gaining power, due to globalization.
6. Building products overseas in countries like China puts our technologies at risk of being copied or stolen, which is in fact happening rapidly
6. The anti-globalists also claim that globalization is not working for the majority of the world. “During the most recent period of rapid growth in global trade and investment, 1960 to 1998, inequality worsened both internationally and within countries. The UN Development Program reports that the richest 20 percent of the world’s population consume 86 percent of the world’s resources while the poorest 80 percent consume just 14 percent. “
8. Some experts think that globalization is also leading to the incursion of communicable

clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

Globalization has led to increases in standards of living around the world, but not all of its effects are positive for everyone.
Effects of Economic Globalization
Globalization has led to increases in standards of living around the world, but not all of its effects are positive for everyone. Simply, globalization is the connection of different parts of the world. In economics, globalization can be defined as the process in which businesses, organizations, and countries begin operating on an international scale. Globalization is most often used in an economic context, but it also affects and is affected by politics and culture. In general, globalization has been shown to increase the standard of living in developing countries, but some analysts warn that globalization can have a negative effect on local or emerging economies and individual workers.
A Historical View
Globalization is not new. Since the start of civilization, people have traded goods with their neighbors. As cultures advanced, they were able to travel farther afield to trade their own goods for desirable products found elsewhere. The Silk Road, an ancient network of trade routes used between Europe, North Africa, East Africa, Central Asia, South Asia, and the Far East, is an example of early globalization. For more than 1,500 years, Europeans traded glass and manufactured goods for Chinese silk and spices, contributing to a global economy in which both Europe and Asia became accustomed to goods from far away. Following the European exploration of the New World, globalization occurred on a grand scale; the widespread transfer of plants, animals, foods, cultures and ideas became known as the Columbian Exchange. The Triangular Trade network in which ships carried manufactured goods from Europe to Africa, enslaved Africans to the Americas, and sent raw materials back to Europe is another example of globalization. The resulting spread of slavery demonstrates that globalization can hurt people just as easily as it can connect people.

The rate of globalization has increased in recent years, a result of rapid advancements in communication and transportation. Advances in communication enable businesses to identify opportunities for investment. At the same time, innovations in information technology enable immediate communication and the rapid transfer of financial assets across national borders. Improved fiscal policies within countries and international trade agreements between them also facilitate globalization. Political and economic stability facilitate globalization as well. The relative instability of many African nations is cited by experts as one of the reasons why Africa has not benefited from globalization as much as countries in Asia and Latin America.

Pros of Globalization

Globalization provides businesses with a competitive advantage by allowing them to source raw materials where they are inexpensive. Globalization also gives organizations the opportunity to take advantage of lower labor costs in developing countries, while leveraging the technical expertise and experience of more developed economies.

With globalization, different parts of a product may be made in different regions of the world. Globalization has long been used by the automotive industry, for instance, where different parts of a car may be manufactured in different countries. Businesses in several different countries may be involved in producing even seemingly simple products such as cotton T-shirts.

Globalization affects services too. Many businesses located in the United States have outsourced their call centers or information technology services to companies in India. As part of the North American Free Trade Agreement (NAFTA), U.S. automobile companies relocated their operations to Mexico, where labor costs are lower. The result is more jobs in countries where jobs are needed, which can have a positive effect on the national economy and result in a higher standard of living. China is a prime example of a country that has benefited immensely from globalization. Another example is Vietnam, where globalization has contributed to an increase in the prices for rice, lifting many poor rice farmers out of poverty. As the standard of living increased, more children of poor families left work and attended school.

Consumers benefit too. In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods. In some cases, this may contribute to improved health by enabling a more varied and healthier diet; in others, it is blamed for increases in unhealthy food consumption and diabetes.
Cons
Not everything about globalization is beneficial. Any change has winners and losers, and the people living in communities that had been dependent on jobs outsourced elsewhere often suffer. Effectively, this means that workers in the developed world must compete with lower-cost markets for jobs; unions and workers may be unable to defend against the threat of corporations that offer the alternative between lower pay or losing jobs to a supplier in a less-expensive labor market.

The situation is more complex in the developing world, where economies are undergoing rapid change. Indeed, the working conditions of people at some points in the supply chain are deplorable. The garment industry in Bangladesh, for instance, employs an estimated four million people, but the average worker earns less in a month than a U.S. worker earns in a day. In 2013, a textile factory building collapsed, killing more than 1,100 workers. Critics also suggest that employment opportunities for children in poor countries may increase the negative impacts of child labor and lure children of poor families away from school. In general, critics blame the pressures of globalization for encouraging an environment that exploits workers in countries that do not offer sufficient protections.

Studies also suggest that globalization may contribute to income disparity and inequality between the more-educated and less-educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization.

Into the Future
Regardless of the downsides, globalization is here to stay. The result is a smaller, more connected world. Socially, globalization has facilitated the exchange of ideas and cultures, contributing to a world view in which people are more open and tolerant of one another

Name: Onyeabo Michael Chukwuebuka
Reg N0: 2018/248280
Department: Economics

Globalization constitutes the process by which businesses or other organizations develop international influence or start operating on an international scale. In as much as it looks beneficial, it has also been the source of many troubles in Nigeria and Africa at large.

While globalization may mean different things to different people, the positives and disadvantages of globalization that influence individuals, corporations, and governments are all the same. Globalization’s benefits and drawbacks are severe, and it can lead to a country’s growth or backwardness.

PRONS
One great importance of Globalization is that it widens markets – Globalization has aided countries like Nigeria in gaining access to new markets. Firms have benefited from access to these markets not only in terms of revenue but also in terms of specialized potential. As a result, economic growth and the creation of new jobs have been boosted.
Increased access to labor – Increased labor access is one of the most well-known benefits of globalization. Organizations are no longer restricted to obtaining workers from a single city. Globalization has increased the number of places where companies can look for and hire talent.

Encourages collaboration – When countries join forces to trade and invest in a global financial market, they become increasingly interconnected and reliant on one another for specific goods and services.
Makes production more affordable – A global market provides countries with greater access to manufacturing opportunities and consumers, resulting in more goods being accessible at a wider range of prices.
Increased innovation and technology advancement – As firms collaborate and venture into new markets, they are learning and adopting creative ways of doing things. This has helped in increasing the innovative element across borders. Individuals are also learning how to use various technological devices, which they are later adopting in their home countries. As a result, this has led to faster transmission of both innovation and technology.

CONS

Unemployment – Globalization has been cited as one of the factors contributing to many countries’ high unemployment rates. This is because, as people learn to outsource labor from other regions of the world, they are substituting inexpensive labor from other countries for labor from their own country. Individuals and businesses alike are adopting new technologies to replace human work. As a result, the majority of individuals are either jobless or have low-paying occupations.
Unequal economic growth –  While globalization tends to increase economic growth for many countries, the growth isn’t equal richer countries often benefit more than developing countries.

Inequity in society – The majority of multinational corporations have been held responsible for social injustice. Pollution issues, terrible working environments, exploitation of natural resources, and slave labor rates have all been placed on them for their disdain for the environment.
Increases the likelihood of worldwide recessions-  When the economies of numerous countries become intertwined, the risk of a global recession rises dramatically because if one country’s economy begins to falter, it might set off a chain reaction that affects many other countries at the same time, resulting in a global financial crisis.
Confusing Local Systems – Multinational corporations also face the challenge of contending with different laws in different countries. Sometimes they must contend with different types of legal and banking systems entirely. Difficulty navigating these systems may lead to impediments in expanding to new countries and severe repercussions for missteps made.
Immigration Challenges – Immigrants and refugees are becoming more common, posing a challenge to developed countries. Even if governments want to help, an influx of this magnitude imposes a strain on resources and social structures. Countries are limited in the amount of aid they can provide without harming their own citizens.

NAME : OGENYI, CHUKWUEBUKA FREDERICK

DEPARTMENT : ECONOMICS

REG. NO : 2018/241864

COURSE : ECO 362 ( DEVELOPMENT ECONOMICS II)

ASSIGNMENT :
In view of this, you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

ANSWERS :

Meaning of Globalization : lobalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. This guide uses the term more narrowly to refer to international trade and some of the investment flows among advanced economies, mostly focusing on the United States.

The wide-ranging effects of globalization are complex and politically charged. As with major technological advances, globalization benefits society as a whole, while harming certain groups. Understanding the relative costs and benefits can pave the way for alleviating problems while sustaining the wider payoffs.
lobalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. Countries have built economic partnerships to facilitate these movements over many centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative arrangements shaped modern everyday life. This guide uses the term more narrowly to refer to international trade and some of the investment flows among advanced economies, mostly focusing on the United States.

The wide-ranging effects of globalization are complex and politically charged. As with major technological advances, globalization benefits society as a whole, while harming certain groups. Understanding the relative costs and benefits can pave the way for alleviating problems while sustaining the wider payoffs.Globalization means the speedup of movements and exchanges (of human beings, goods, and services, capital, technologies or cultural practices) all over the planet. One of the effects of globalization is that it promotes and increases interactions between different regions and populations around the globe.

History of Globalization :

For some people, this global phenomenon is inherent to human nature. Because of this, some say globalization begun about 60,000 years ago, at the beginning of human history. Throughout time, human societies’ exchanging trade has been growing. Since the old times, different civilizations have developed commercial trade routes and experienced cultural exchanges. And as well, the migratory phenomenon has also been contributing to these populational exchanges. Especially nowadays, since traveling became quicker, more comfortable, and more affordable.

This phenomenon has continued throughout history, notably through military conquests and exploration expeditions. But it wasn’t until technological advances in transportation and communication that globalization speeded up. It was particularly after the second half of the 20th century that world trades accelerated in such a dimension and speed that the term “globalization” started to be commonly used.

Examples of Globalization (Concept Map)
Because of trade developments and financial exchanges, we often think of globalization as an economic and financial phenomenon. Nonetheless, it includes a much wider field than just flowing of goods, services or capital. Often referred to as the globalization concept map, some examples of globalization are:

1. Economic globalization: is the development of trade systems within transnational actors such as corporations or NGOs;
2. Financial globalization: can be linked with the rise of a global financial system with international financial exchanges and monetary exchanges. Stock markets, for instance, are a great example of the financially connected global world since when one stock market has a decline, it affects other markets negatively as well as the economy as a whole.
3. Cultural globalization: refers to the interpenetration of cultures which, as a consequence, means nations adopt principles, beliefs, and costumes of other nations, losing their unique culture to a unique, globalized supra-culture;
4. Political globalization: the development and growing influence of international organizations such as the UN or WHO means governmental action takes place at an international level. There are other bodies operating a global level such as NGOs like Doctors without borders or Oxfam;
5. Sociological globalization: information moves almost in real-time, together with the interconnection and interdependence of events and their consequences. People move all the time too, mixing and integrating different societies;
6. Technological globalization: the phenomenon by which millions of people are interconnected thanks to the power of the digital world via platforms such as Facebook, Instagram, Skype or Youtube.
7. Geographic globalization: is the new organization and hierarchy of different regions of the world that is constantly changing. Moreover, with transportation and flying made so easy and affordable, apart from a few countries with demanding visas, it is possible to travel the world without barely any restrictions;
8. Ecological globalization: accounts for the idea of considering planet Earth as a single global entity – a common good all societies should protect since the weather affects everyone and we are all protected by the same atmosphere. To this regard, it is often said that the poorest countries that have been polluting the least will suffer the most from climate change.

The Benefits of Globalization (advantages) :

Globalization has benefits that cover many different areas. It reciprocally developed economies all over the world and increased cultural exchanges. It also allowed financial exchanges between companies, changing the paradigm of work. Many people are nowadays citizens of the world. The origin of goods became secondary and geographic distance is no longer a barrier for many services to happen. Let’s dig deeper.

1. The Engine of Globalization – An Economic Example
The most visible impacts of globalization are definitely the ones affecting the economic world. Globalization has led to a sharp increase in trade and economic exchanges, but also to a multiplication of financial exchanges.

In the 1970s world economies opened up and the development of free trade policies accelerated the globalization phenomenon. Between 1950 and 2010, world exports increased 33-fold. This significantly contributed to increasing the interactions between different regions of the world.

This acceleration of economic exchanges has led to strong global economic growth. It fostered as well a rapid global industrial development that allowed the rapid development of many of the technologies and commodities we have available nowadays.

Knowledge became easily shared and international cooperation among the brightest minds speeded things up. According to some analysts, globalization has also contributed to improving global economic conditions, creating much economic wealth (thas was, nevertheless, unequally distributed – more information ahead).

2. Globalization Benefits – A Financial Example
At the same time, finance also became globalized. From the 1980s, driven by neo-liberal policies, the world of finance gradually opened. Many states, particularly the US under Ronald Reagan and the UK under Margaret Thatcher introduced the famous “3D Policy”: Disintermediation, Decommissioning, Deregulation.

The idea was to simplify finance regulations, eliminate mediators and break down the barriers between the world’s financial centers. And the goal was to make it easier to exchange capital between the world’s financial players. This financial globalization has contributed to the rise of a global financial market in which contracts and capital exchanges have multiplied.

3. Globalization – A Cultural Example

Together with economic and financial globalization, there has obviously also been cultural globalization. Indeed, the multiplication of economic and financial exchanges has been followed by an increase in human exchanges such as migration, expatriation or traveling. These human exchanges have contributed to the development of cultural exchanges. This means that different customs and habits shared among local communities have been shared among communities that (used to) have different procedures and even different beliefs.

Good examples of cultural globalization are, for instance, the trading of commodities such as coffee or avocados. Coffee is said to be originally from Ethiopia and consumed in the Arabid region. Nonetheless, due to commercial trades after the 11th century, it is nowadays known as a globally consumed commodity. Avocados, for instance, grown mostly under the tropical temperatures of Mexico, the Dominican Republic or Peru. They started by being produced in small quantities to supply the local populations but today guacamole or avocado toasts are common in meals all over the world.

At the same time, books, movies, and music are now instantaneously available all around the world thanks to the development of the digital world and the power of the internet. These are perhaps the greatest contributors to the speed at which cultural exchanges and globalization are happening. There are also other examples of globalization regarding traditions like Black Friday in the US, the Brazilian Carnival or the Indian Holi Festival. They all were originally created following their countries’ local traditions and beliefs but as the world got to know them, they are now common traditions in other countries too.

The Negative Effects of Globalization (disadvantages) :

Globalization is a complex phenomenon. As such, it has a considerable influence on several areas of contemporary societies. Let’s take a look at some of the main negative effects globalization has had so far.

1. The Negative Effects of Globalization on Cultural Loss.

Apart from all the benefits globalization has had on allowing cultural exchanges it also homogenized the world’s cultures. That’s why specific cultural characteristics from some countries are disappearing. From languages to traditions or even specific industries. That’s why according to UNESCO, the mix between the benefits of globalization and the protection of local culture’s uniqueness requires a careful approach.

2. The Economic Negative Effects of Globalization.

Despite its benefits, the economic growth driven by globalization has not been done without awakening criticism. The consequences of globalization are far from homogeneous: income inequalities, disproportional wealth and trades that benefit parties differently. In the end, one of the criticisms is that some actors (countries, companies, individuals) benefit more from the phenomena of globalization, while others are sometimes perceived as the “losers” of globalization. As a matter of fact, a recent report from Oxfam says that 82% of the world’s generated wealth goes to 1% of the population.

3. The Negative Effects of Globalization on the Environment.

Many critics have also pointed out that globalization has negative effects on the environment. Thus, the massive development of transport that has been the basis of globalization is also responsible for serious environmental problems such as greenhouse gas emissions, global warming or air pollution.

At the same time, global economic growth and industrial productivity are both the driving force and the major consequences of globalization. They also have big environmental consequences as they contribute to the depletion of natural resources, deforestation and the destruction of ecosystems and loss of biodiversity. The worldwide distribution of goods is also creating a big garbage problem, especially on what concerns plastic pollution.

Molokwu Chiamaka Goodness
Economics
2018/242393

ASSIGNMENT
Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures.
PROS OF GLOBALISATION
1. Globalization Broadens Access to Goods and Services
It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

2. Globalization Can Lift People Out of Poverty
The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

3. Globalization Increases Cultural Awareness
Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

4. Information and Technology Spread More Easily With Globalization
Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.
THE CONS OF GLOBALISATION

1. Workers Can Lose Jobs to Countries With Low-Cost Labor
This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor. Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected. Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.

3. Globalization Can Contribute to Cultural Homogeneity
Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

4. Globalization Empowers Multinational Corporations
Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements (this was an argument invoked against the TPP).

Name: Ogbuewu Cosmos Nnachetam
Reg no: 2018/243754
Department: Economics

According to Wikipedia, Globalization is the process of interaction and integration among people, companies, and governments worldwide. Globalization has accelerated since the 18th century due to advances in transportation and communication technology. This increase in global interactions has caused a growth in international trade and the exchange of ideas, beliefs, and culture. Globalization is primarily an economic process of interaction and integration that is associated with social and cultural aspects.
Economically, globalization involves goods, services, data, technology, and the economic resources of capital. The expansion of global markets liberalizes the economic activities of the exchange of goods and funds. Removal of cross-border trade barriers has made the formation of global markets more feasible. Advances in transportation, like the steam locomotive, steamship, jet engine, and container ships, and developments in telecommunication infrastructure, like the telegraph, Internet, and mobile phones, have been major factors in globalization and have generated further interdependence of economic and cultural activities around the globe.
Proponents of economic growth, expansion and development, in general, view globalizing processes as desirable or necessary to the well-being of human society.

However, some people view globalization as detrimental to social well-being on a global or local scale; this includes those who focus on social or natural sustainability of long-term and continuous economic expansion, the social structural inequality caused by these processes, and the colonial, imperialistic, or hegemonic ethnocentrism, cultural assimilation and cultural appropriation that underlie such processes.

Globalization tends to bring people into contact with foreign people and cultures. Xenophobia is the fear of that which is perceived to be foreign or strange. Xenophobia can manifest itself in many ways involving the relations and perceptions of an ingroup towards an outgroup, including a fear of losing identity, suspicion of its activities, aggression, and desire to eliminate its presence to secure a presumed purity.

Critiques of globalization generally stem from discussions surrounding the impact of such processes on the planet as well as the human costs. They challenge directly traditional metrics, such as GDP, and look to other measures, such as the Gini coefficient or the Happy Planet Index, and point to a “multitude of interconnected fatal consequences–social disintegration, a breakdown of democracy, more rapid and extensive deterioration of the environment, the spread of new diseases, increasing poverty and alienation” which they claim are the unintended consequences of globalization. Others point out that, while the forces of globalization have led to the spread of western-style democracy, this has been accompanied by an increase in inter-ethnic tension and violence as free market economic policies combine with democratic processes of universal suffrage as well as an escalation in militarization to impose democratic principles and as a means to conflict resolution.

Name: Owoh Chiamaka Philia
Reg No: 2019/247552 (2/3)
Course Code: Eco 362
Course Title: Development Economics II
Secound Quiz on Eco 362
Answer:
Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures. Supporters say that this is making countries more interdependent on free trade. But critics maintain that it is also concentrating wealth in the corporate elite, disrupting industries and making local economies more vulnerable. There are three dimensions of globalization namely
a. Economic Globalization:
This refers to the widespread of international movement of goods, capital, services, technology and information. It is the increasing economic integration and interdependence of national, regional, and local economies across the world through an intensification of cross-border movement of goods, services, technologies and capital. Economic globalization primarily comprises the globalization of production, finance, markets, technology, organizational regimes, institutions, corporations, and people.
b. Political Globalization:
This refers to the growth of the worldwide political system, both in size and complexity. That system includes national governments, their governmental and intergovernmental organizations as well as government-independent elements of global civil society such as international non-governmental organizations and social movement organizations. One of the key aspects of the political globalization is the declining importance of the nation-state and the rise of other actors on the political scene. The creation and existence of the United Nations is called one of the classic examples of political globalization.
c. Cultural Globalization:
This refers to the transmission of ideas, meanings and values around the world in such a way as to extend and intensify social relations. This process is marked by the common consumption of cultures that have been diffused by the Internet, popular culture media, and international travel. This has added to processes of commodity exchange and colonization which have a longer history of carrying cultural meaning around the globe. The circulation of cultures enables individuals to partake in extended social relations that cross national and regional borders The creation and expansion of such social relations is not merely observed on a material level. Cultural globalization involves the formation of shared norms and knowledge with which people associate their individual and collective cultural identities. It brings increasing interconnectedness among different populations and cultures.
The Pros/Advantages Of Globalization to Our Local Economy include:
1. Globalization Broadens Access to Goods and Services :
It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.
2. Globalization Can Lift People Out of Poverty:
The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.
3. Globalization Increases Cultural Awareness:
Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.
4. Information and Technology spread more easily with Globalization:
Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.
The Cons/Disadvantages of Globalization to our Local Economy Include;
1. Workers Can Lose Jobs to Countries With Low-Cost Labor:
This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor. Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.
2. Globalization Hasn’t Protected Labor, Environmental or Human Rights:
In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.
3. Globalization Can Contribute to Cultural Homogeneity:
Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.
4. Globalization Empowers Multinational Corporations:
Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements (this was an argument invoked against the TPP).
Bottom Line:
Supporters and opponents of globalization generally agree that the phenomenon has created winners and losers. Supporters argue that the benefits outweigh the drawbacks, while critics want to either improve the conditions of global trade or, in some cases, roll back globalization

Name: obodoike Faith Oluchi
Reg no:2018/245387
Department: Education Economics
Email address: oluchifaith093@gmail.com
Course code: Eco 362
Course tittle: Economics Development
Assignment
Clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

Answer

Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures.
The Pros and Cons of Globalization

Advantages of globalization
1. Globalization Broadens Access to Goods and Services
It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices.globalization makes goods and services to be easily accessible to individual at large

2. Globalization Increases Cultural Awareness:
A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries.

3. Globalization Lift People Out of Poverty
The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity and quality of the jobs created by globalization.
4. Information and Technology Spread More Easily With Globalization
Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. 5. Globalization enhances employment opportunities for people:it makes employment opportunities easily accessible to people who are seeking for job or employment
6. Globalization enhances or encourage specialisation.

Disadvantages of globalization
1. Workers Can Lose Jobs to Countries With Low-Cost Labor
globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

2. Globalization Hasn’t Protected Labor, Environmental or Human Rights
In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.

3. Globalization Can Contribute to Cultural Homogeneity
Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.
4. Globalization Empowers Multinational Corporations
Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries.
5. Globalization leads to too much dependent,it makes underdeveloped countries to depend on developed countries for most of their needs.

Name: Isiguzo Purity Ezinne.
Reg.no: 2018/242353
Course Code: Eco 362
ANSWER
Globalization refers to the ease in which businesses conduct operations in different countries other than their own. Some look at this subject as a way to create a world without national borders. Globalization is the spread of products, technology, information, and jobs across national borders and cultures. In economic terms, it describes an interdependence of nations around the globe fostered through free trade.

PROS (ADVANTAGES) OF GLOBALIZATION.
1) Globalization Broadens Access to Goods and Services –
It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

2) Globalization would also reduce labor exploitation issues-
When borders become less restrictive around the world, people tend to move to locations where their best opportunities exist. Under the current structure of our planet, impoverished nations with a lower standard of living offer wages that the developed world would find abysmal.

3) Globalization would help the developing world progress faster-
Most of the world today is not developed. Outside of about 40 countries which have gone through their own version of the Industrial Revolution, the rest of the population still struggles as a primarily agricultural society. By reducing border restrictions, creating common payment formats, and opening product access by reducing export barriers, more people could improve their way of life. Higher incomes often lead to lower maternal and infant mortality rates too, which means we’d be saving lives with this effort.

4) Globalization would reduce currency manipulation problems-
There are three primary currencies traded in the world today: the Dollar, the Euro, and the Pound Sterling. When a nation offers access to a weaker currency, those with stronger currencies buy and sell more often with them. It offers better value than spending at home. Globalization would reduce the efforts made to build weakness or strength into these currencies to influence local markets. We’d be working toward a society where economic growth occurs on a global scale instead of in only local economies.

5) Globalization Can Lift People Out of Poverty-
The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

6) Globalization reduces the prospects of tyranny-
As the world moved slowly toward globalization in the 20th century, the nations realized that having a concentrated power with one administration reduced the likelihood of tyranny in pockets around the globe. Although there have still be issues with government oppression, including the chemical attacks on populace centers in Syria, the number of incidents is slowly declining. When we’re able to move toward a global-centric society instead of a nation-centric one, these issues will continue to decline over time.

7) Globalization Increases Cultural Awareness-
Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

8) Information and Technology Spread More Easily With Globalization-
Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

CONS (DISADVANTAGES) OF GLOBALIZATION
1) Workers Can Lose Jobs to Countries With Low-Cost Labor-
This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.
Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

2) Globalization benefits the wealthy more than the poor-
Value-added taxes above 25% exist in some nations. Tariffs above 70% exist for some products. Unless borders are completely removed, the advantages of globalization are challenging to achieve. The people who have the power to dictate policy would reap the most significant rewards. Those with money to invest would see their bank accounts continue to rise. At the same time, households living paycheck-to-paycheck would struggle to access what they require, suppressing their ability to pursue a better job.

3) Globalization would encourage disease transfer-
The outcome of the Columbian Exchange was profound at the time. Over 90% of some population centers died because of their exposure to smallpox, chickenpox, and other diseases that the Europeans were somewhat immune to at the time. The Europeans brought back syphilis and other diseases as well. If global travel restricts eased, then issues with malaria and tropical disease could spread to portions of the world where exposures are minimal. Tuberculosis, certain influenza strains, and other communicable disease could produce outbreaks at epidemic levels.

4) Globalization Hasn’t Protected Labor, Environmental or Human Rights-
In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.
Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.

5) Globalization Can Contribute to Cultural Homogeneity-
Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

6) Globalization Empowers Multinational Corporations-
Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like.

7) Globalization could reduce social safety net programs-
Most nations today offer those in extreme poverty access to safety net programs for basic supplies. Even in the United States, programs like WIC and SNAP offer food and care access to those who cannot afford it on their own for whatever reason. When we reduce or eliminate borders, there would be a likely shift in social programs to benefit those earning less than $2 per day while ignoring the needs of those at home. Households living in poverty in the U.S. or United Kingdom fit into a different definition when compared to global poverty.

8) Globalization would create a new system of politics-
We’ve already received a sneak peek of what a global society would be like from a political perspective. The individuals and organizations who spend the most to lobby politicians would receive the best chance of having their needs met first. We’ve seen billions spent in U.S. elections lately to influence legislation and policy to become favorable toward specific outcomes. This issue would translate to a global economy, where only the richest and most influential would influence laws which would impact everyone.

9) Globalization would not prevent resource consumption-
The goal of globalization is to equalize patterns of consumption for populations around the world. Even though there would be movement toward doing so, there is no getting around the fact that the wealthiest nations will still consume the most resources. The 20 richest countries in the world today consume almost 90% of the planet’s resources each year. The United States constitutes 5% of the global population right now, but it consumes 24% of the world’s energy as a country..

Globalization has several advantages:

1.Infrastructure development: Globalization offers great opportunities for nations to work together and achieve great things together. When nations come together, they pool resources together that would otherwise be too high for a single nation to manage. Through cooperation, these nations can handle any problem they face. Infrastructure development has also been contributed by the advancement of technology. Advanced technology like modern buildings and roads have been spread all over the world and this has played a significant role in the improvement of infrastructures.
2. Affordable products: Through the latest technology, different countries are now able to provide their citizens with products at a reasonable and affordable rate. Globalization encourages and promotes competition in local economies. In their attempt to compete against the competition, companies reduce the prices of their products; which is an added advantage to consumers.
3. Economic Growth: Increased globalization brings economic growth for all participating nations.
4. Resources accessibility: Resources are one of the major reasons why countries trade. Countries trade in order to have access to resources that they do not have. The resources could be petrol, gold, coffee, tea, etc. When these resources fail to flow across the nations, it becomes difficult to produce goods and offer other key services vital in a nation’s economic growth.
5. Globalization has contributed significantly to the growth of technology industries compared to other industries. Through globalization, the world has become a global village. Through major inventions like mobile phones, the internet, and other communication channels, people are able to communicate easily and freely from any corner of the world without meeting face to face. This has allowed the flow of information to be easy, less costly, and timely.
6. There is now a worldwide market for companies and consumers who have access to products of different countries. True

7. Gradually there is a world power that is being created instead of compartmentalized power sectors. Politics is merging and decisions that are being taken are actually beneficial for people all over the world. This is simply a romanticized view of what is actually happening. True

8. There is more influx of information between two countries, which do not have anything in common between them. True

9. There is cultural intermingling and each country is learning more about other cultures. True

10. Since we share financial interests, corporations and governments are trying to sort out ecological problems for each other. – True, they are talking more than trying.

11. Socially we have become more open and tolerant towards each other and people who live in the other part of the world are not considered aliens. True in many cases.

Modern inventions like planes, vehicles, ships, and rails have eased the transportation of goods and services among nations. It is now possible for a business person to leave China and be in America within a short period of time.

Downside of globalization
1. Unequal economic growth. While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.
2. Lack of local businesses. The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.
Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
3. Exploits cheaper labor markets. Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.
4. Causes job displacement. Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.

These are the major pros and cons of globalization in the current local and global economy.

NAME: Ugwuoke Godwin Izuchukwu
REG NO: 2018/249529
DEPARTMENT: Economics

The pros(Advantages or benefits) of Globalization.
1. Access to New Cultures
Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art. This free flow of people, goods, art, and information is the reason you can have Thai food delivered to your apartment as you listen to your favorite UK-based artist or stream a Bollywood movie.

2. The Spread of Technology and Innovation
Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly. Because knowledge also transfers so fast, this means that scientific advances made in Asia can be at work in the United States in a matter of days.

3. Lower Costs for Products
Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.

4. Higher Standards of Living Across the Globe
Developing nations experience an improved standard of living—thanks to globalization. According to the World Bank, extreme poverty decreased by 35% since 1990. Further, the target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule, in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.

5. Access to New Markets
Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas. International Professional Employer Organizations (PEOs) make it easier than ever to employ workers in other countries quickly and compliantly. This means that, for many companies, there is no longer the need to establish a foreign entity to expand overseas.

The cons( challenges or problems) of Globalization
1. Exploitation of the developing countries.
The developing countries becomes a place where the developed countries acquire cheap raw materials. However,they export their industrialized goods to them at a high rate. This leads to excessive exploitation of the developing countries by the developed ones.
2. Managing Employee Immigration
Immigration challenges cause a lot of headaches internally, which is why 28% of U.S. and UK tech leaders agreed it was one of their top challenges. Immigration laws change often, and in some countries, it is extremely difficult to secure visas for employees that are foreign nationals. The U.S., for example, is getting stricter with granting H-1B visas, and Brexit makes the future of immigration to the UK uncertain.

3. Incurring Tariffs and Export Fees
Another challenge both U.S and UK tech leaders said they face in the report is incurring tariffs and export fees—29% agreed this is a challenge for their global businesses. For companies looking to sell products abroad, getting those items overseas can be expensive, depending on the market.

4. Payroll and Compliance Challenges
Another common global expansion obstacle is managing overseas payroll and maintaining compliance with changing employment and tax laws. This management task gets even more difficult if you’re trying to manage operations in multiple markets.

5. Loss of Cultural Identity
While globalization has made foreign countries easier to access, it has also begun to meld unique societies together. The success of certain cultures throughout the world caused other countries to emulate them. But when cultures begin to lose their distinctive features, we lose our global diversity.

6. Foreign Worker Exploitation
Lower costs do benefit many consumers, but it also creates tough competition that leads some companies to search for cheap labor sources. Some western companies ship their production overseas to countries like China and Malaysia, where lax regulations make it easier to exploit workers.

UKWUMA IFUNANYA CLARA
2018/243088
ECONOMICS DEPARTMENT
ECO 362 ASSIGNMENT
ANSWER:
Some praise globalization for opening borders and connecting cultures and politics. Others blame it for disrupting local economies and eliminating jobs. The fact is that globalization has been around since ancient times, and it is fully integrated into different aspects of modern life. As a consumer, your clothing, foods and electronic gadgets are often produced by multinational companies located around the world. And as an investor, a financial advisor could help you diversify your portfolio with emerging market funds and other foreign investments.

Globalization is defined as a process that moves businesses, organizations, workers, technology, products, ideas and information beyond national borders and cultures. Supporters say that this is making countries more interdependent on free trade. But critics maintain that it is also concentratinOog wealth in the corporate elite, disrupting industries and making local economies more vulnerable.

Advantages of Globalization

1. Globalization Broadens Access to Goods and Services.
It’s hard to argue with the point that globalization makes more goods and services available to more people, often at lower prices. If you have disposable income and you’re buying a product that comes from abroad, you’re benefiting from globalization to some extent. Business owners also benefit by having access to a bigger market for their goods and services.

2. Globalization Can Lift People Out of Poverty.
The argument that globalization has lifted people in developing countries out of poverty is somewhat controversial because opinions differ as to the quantity – and quality – of the jobs created by globalization. But the general wisdom is that globalization has increased job opportunities in capital-scarce, labor-rich countries, i.e. developing countries.

3. Globalization Increases Cultural Awareness.
Globalization’s defenders say it has increased cross-cultural understanding and sharing. A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries. That exposure can inspire artists, strengthen ties between nations and dampen xenophobia.

4. Information and Technology Spread More Easily With Globalization.
Art and culture aren’t the only things that spread more easily in a globalized society. The same goes for information and technology. As examples, see the rise of mobile banking in Kenya or the practice of micro-lending. Civil society groups can look to other countries for inspiration and good ideas can spread more easily.

Disadvantages of Globalization

1. Workers Can Lose Jobs to Countries With Low-Cost Labor.
This first argument against globalization is the one that surfaces most frequently in U.S. political discussions about NAFTA and other trade deals. When the U.S. competes with less-developed countries, its big advantage is its access to capital, whereas less-developed countries’ big advantage is their cheap labor.
Generally speaking, globalization increases the returns to capital in rich countries like the U.S. and decreases the returns to labor in those same countries. That’s a fancy way of saying that low-skill jobs in the U.S. can disappear as a result of globalization (though technology plays a big role in this change, too). The result may be a decrease in the inequality between countries but an increase in the inequality within countries.

2. Globalization Hasn’t Protected Labor, Environmental or Human Rights.
In theory, globalization can be an opportunity to spread values and practices like environmentalism and labor rights throughout the world. In practice, that spread has been slow and imperfect. For example, rather than exporting the labor protections that a company might have to abide by in the U.S., it might follow lower standards in another country where labor is not protected.
Some argue that globalization has caused a “race to the bottom” in which companies actively seek the countries with the weakest labor and environmental protections and the lowest wages. And while globalization has increased the flow of goods, services and capital, there are still plenty of tax havens, meaning that much of the value added by globalization is not captured and redistributed by governments.

3. Globalization Can Contribute to Culrural Homogeneity.
Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot compete with cheaper multinational ones. If everyone wears jeans, learns English and watches Hollywood movies we may lose precious cultural practices and languages. Some critics of globalization worry that it’s creating a mainstream monoculture while driving other diverse cultures underground.

4. Globalization Empowers Multinational Corporations.
Another criticism leveled at globalization is that it has empowered multinational corporations at the expense of governments and citizens. This reduces state sovereignty and citizens’ ability to hold their leaders accountable for conditions in their countries. It’s another reason that labor and environmental protections are harder to enforce than many critics of globalization would like. Multinational corporations may also lobby for favorable provisions in trade agreements.

Globalization has several advantages:

1.Infrastructure development: Globalization offers great opportunities for nations to work together and achieve great things together. When nations come together, they pool resources together that would otherwise be too high for a single nation to manage. Through cooperation, these nations can handle any problem they face. Infrastructure development has also been contributed by the advancement of technology. Advanced technology like modern buildings and roads have been spread all over the world and this has played a significant role in the improvement of infrastructures.
2. Affordable products: Through the latest technology, different countries are now able to provide their citizens with products at a reasonable and affordable rate. Globalization encourages and promotes competition in local economies. In their attempt to compete against the competition, companies reduce the prices of their products; which is an added advantage to consumers.
3. Economic Growth: Increased globalization brings economic growth for all participating nations.
4. Resources accessibility: Resources are one of the major reasons why countries trade. Countries trade in order to have access to resources that they do not have. The resources could be petrol, gold, coffee, tea, etc. When these resources fail to flow across the nations, it becomes difficult to produce goods and offer other key services vital in a nation’s economic growth.
5. Globalization has contributed significantly to the growth of technology industries compared to other industries. Through globalization, the world has become a global village. Through major inventions like mobile phones, the internet, and other communication channels, people are able to communicate easily and freely from any corner of the world without meeting face to face. This has allowed the flow of information to be easy, less costly, and timely.
6. There is now a worldwide market for companies and consumers who have access to products of different countries. True

7. Gradually there is a world power that is being created instead of compartmentalized power sectors. Politics is merging and decisions that are being taken are actually beneficial for people all over the world. This is simply a romanticized view of what is actually happening. True

8. There is more influx of information between two countries, which do not have anything in common between them. True

9. There is cultural intermingling and each country is learning more about other cultures. True

10. Since we share financial interests, corporations and governments are trying to sort out ecological problems for each other. – True, they are talking more than trying.

11. Socially we have become more open and tolerant towards each other and people who live in the other part of the world are not considered aliens. True in many cases.

Modern inventions like planes, vehicles, ships, and rails have eased the transportation of goods and services among nations. It is now possible for a business person to leave China and be in America within a short period of time.

Downside of globalization
1. Unequal economic growth. While globalization tends to increase economic growth for many countries, the growth isn’t equal—richer countries often benefit more than developing countries.
2. Lack of local businesses. The policies permitting globalization tend to advantage companies that have the resources and infrastructure to operate their supply chains or distribution in many different countries, which can hedge out small local businesses—for instance, a local New York hamburger joint may struggle to compete with the prices of a multinational burger-making corporation.
Increases potential global recessions. When many nations’ economic systems become interdependent, the likelihood of a global recession increases dramatically—because if one country’s economy starts to struggle, this can set off a chain reaction that can affect many other countries simultaneously, causing a worldwide financial crisis.
3. Exploits cheaper labor markets. Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.
4. Causes job displacement. Globalization doesn’t result in an increased number of jobs; rather, it redistributes jobs by moving production from high-cost countries to lower-cost ones. This means that high-cost countries often lose jobs due to globalization, as production goes overseas.

NAME: ABONYI AMAKA MARY
REG NO: 2018/241874
DEPARTMENT: ECONOMICS

Many countries have been affected by globalization and whether positively or negatively, the economies of these countries have improved under the influence of globalization. Also, globalization has brought many drawbacks to these economies as well. The following are the pros and cons of globalization:
PROS
1. Increases economic growth. By increasing the international exchange of goods, technological advances, and information, globalization increases economic development for any country participating in the global economy. An increase in economic growth means better living standards, higher incomes, more wealth in a country, and, often, less poverty—in short, the overall well-being of a country.

2. Promotes working together. When different countries come together to engage in trade and investments in a global financial market, they become interdependent and often come to rely on one another for certain goods and services. This can lead to national unity and cooperation.

3. Brings opportunities to poorer countries. Globalization allows companies to move their production from high-cost locations to lower-cost locations abroad—this means bringing jobs, information technology, and other economic opportunities to countries with fewer resources.

4. Labour and goods mobility: Goods and people are transported easily as a result of free trade between countries. Globalisation makes production more affordable. A global market allows businesses wider access to production opportunities and consumers, meaning that there are more goods available at a wider range of price points.

5. Increase in Health and Education: The health and educational systems in developing countries has benefited in a positive way due to the contribution of globalization. Education has increased in the recent years because globalization has created jobs that require a higher education.Health and Education are basic objectives to improve any nation, and there are strong relationships between economic growth and health and educational systems. Standard of living and life expectancy of developing countries increased through economic gains from globalization.

CONS
1. Economic Inequality: Globalization increases the Inequality between the rich and the poor, the benefits of globalization is not universal; the rich are getting richer and the poor are getting poorer. Developed countries set up their companies and industries to the developing nations to take advantage of low wages and this causing pollution in countries with poor regulations of pollution.

2.Increase in global competition: This has forced many skilled workers that are highly educated and qualified professionals, such as scientists, doctors, engineers and IT specialists, migrate to developed countries because the higher wages and greater lifestyle prospects for themselves and their children. This led to decrease in skilled labour in developing countries.

3. Spread of diseases: An increase in trade and travel can lead to spread of diseases, for example HIV/AIDS.

4. Exploits cheaper labor markets. Globalization allows businesses to increase jobs and economic opportunities in developing countries, where the cost of labor is often cheaper. However, overall economic growth in these countries may be slow or stagnant.

5. Globalization also brings about intellectual theft.

6. Globalization leads to neglect of people’s culture: Globalization has led to the neglect of many cultures as people tend to abandon their culture and adopt another people’s culture.

Name: Nnamani Chidimma Esther
Reg no: 2018/243795
Department: Economics
Assignment on ECO 362

Question
you are required to clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.

Answer
The pro or advantage of globalization
1) Access to labor: Globalization gives all nations access to a wider labor pool. Developing nations with a shortage of knowledge workers might, for example, “import” labor to kick start industry. Wealthier nations, on the other hand, might outsource low-skill work to developing nations with a lower cost of living to reduce the cost of goods sold and pass those savings on to the customer.
Access to jobs: This point is directly related to labor. Through globalization, developing nations often gain access to jobs in the form of work that’s been outsourced by wealthier nations. While there are potential pitfalls to this (see “Disproportionate Growth” below), this work can significantly contribute to the local economy.
2) Access to resources: One of the primary reasons nations trade is to gain access to resources they otherwise wouldn’t have. Without this flow of resources across borders, many modern luxuries would be impossible to manufacture or produce. Smartphones, for example, are dependent on rare earth metals found in limited areas around the world.
3) The ability for nations to “specialize”: Global and regional cooperation allow nations to heavily lean into their economic strengths, knowing they can trade products for other resources. An example is a tropical nation that specializes in exporting a certain fruit. It’s been shown that when nations specialize in the production of goods or services in which they have an advantage, trade benefits both parties.

4) Increased Global Cooperation
For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction—though not an elimination—of conflict.
“Of course, as long as there have been nations, they’ve been connected with each other through the exchange of lethal force—through war and conquest—and this threat has never gone away,” Reinhardt says in Global Business. “The conventional wisdom has been that the increased intensity of these other flows—goods, services, capital, people, and so on—have reduced the probability that the world’s nations will fall back into the catastrophe of war.”
5. Increased Cross-Border Investment
According to the course Global Business, globalization has led to an increase in cross-border investment. At the macroeconomic level, this international investment has been shown to enhance welfare on both sides of the equation. The country that’s the source of the capital benefits because it can often earn a higher return abroad than domestically. The country that receives the inflow of capital benefits because that capital contributes to investment and, therefore, to productivity. Foreign investment also often comes with, or in the form of, technology, know-how, or access to distribution channels that can help the recipient nation.
The con or disadvantages of globalization
1. Increased Competition
When viewed as a whole, global free trade is beneficial to the entire system. Individual companies, organizations, and workers can be disadvantaged, however, by global competition. This is similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened. With this in mind, some firms, industries, and citizens may elect governments to pursue protectionist policies designed to buffer domestic firms or workers from foreign competition. Protectionism often takes the form of tariffs, quotas, or non-tariff barriers, such as quality or sanitation requirements that make it more difficult for a competing nation or business to justify doing business in the country. These efforts can often be detrimental to the overall economic performance of both parties. “Although we live in an age of globalization, we also seem to be living in an age of anti-globalization,” Reinhardt says in Global Business. “Dissatisfaction with the results of freer trade, concern about foreign investment, and polarized views about immigration all seem to be playing important roles in rich-country politics in the United States and Europe. The threats in Western democracy to the post-war globalist consensus have never been stronger.”
2. Disproportionate Growth
Globalization can introduce disproportionate growth both between and within nations. These effects must be carefully managed economically and morally. Within countries, globalization often has the effect of increasing immigration. Macro economically, immigration increases gross domestic product (GDP), which can be an economic boon to the recipient nation. Immigration may, however, reduce GDP per capita in the short run if immigrants’ income is lower than the average income of those already living in the country. Additionally, as with competition, immigration can benefit the country as a whole while imposing costs on people who may want their government to restrict immigration to protect them from those costs. These sentiments are often tied to and motivated—at least in part—by racism and xenophobia. “Meanwhile, outside the rich world, hundreds of millions of people remain mired in poverty,” Reinhardt says in Global Business. “We don’t seem to be able to agree about whether this is because of too much globalization or not enough.”
3. Environmental Concerns
Increased globalization has been linked to various environmental challenges, many of which are serious, including:
• Deforestation and loss of biodiversity caused by economic specialization and infrastructure development
• Greenhouse gas emissions and other forms of pollution caused by increased transportation of goods
• The introduction of potentially invasive species into new environments
While such issues are governed by existing or proposed laws and regulations, businesses have made environmental concerns and sustainability a priority by, for example, embracing the tenets of the triple bottom line and the idea of corporate social responsibility.

NAME: OKPUZOR EMMANUEL CHIDERA
DEPARTMENT: ECONOMICS.
REG.NUMBER: 2018/242433
ECO 362 ASSIGNMENT
TOPIC :THE PROS AND CONS OF GLOBALIZATION

According to the online course Global business taught by Harvard business school professor Forest Reinhardt, Globalization is defined as the increase in the flow of goods, services, capital, people and ideas across international boundaries. Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. It is the process of interaction and integration among people, companies, and governments worldwide. It can also be said to be the process by which businesses or other organizations develop international influence or start operating on an international scale.
THE PROS AND CONS OF GLOBALIZATION
Some of the pros of globalization include:
1.) Globalization leads to greater economic growth for all parties; It gives all nations access to a wider labor pool.
2.)Increased Global corporation: For a globalized economy to exist, nations must be willing to put their differences aside and work together. Due to this, increased globalization has been linked to a reduction though not an elimination of conflict.
3.) Globalization Increases cross-border investment.
4.) It gives access to new cultures.
5.) Globalization lower costs for products.
6.) It increases standard of living across the globe.
7.) Globalization allows many goods to be more affordable and available to more parts of the world.
8.) It helps improve productivity, cut back gender wage determination, give more opportunities to women and improve working conditions and quality of management, especially in developing countries.
9.) Globalization promotes working together: When different countries come together to engage in trade and investments in a global financial market, they become interdependent and often come to rely on one another for certain goods and services.
The Cons of globalization include the following:
1.) Workers can lose jobs to countries with low cost labour: Globalization increases the returns to capital in rich countries and decreases the returns to labour in those same countries. The result may be an increase in the inequality within countries.
2.) Globalization might lead to more cultural homogeneity as people’s preferences converge and products cannot complete with cheaper multinational ones.
3.) It empowers multinational corporations at the expense of governments and citizens.
4.)Unequal economic growth: While globalization tends to increase economic growth for many countries, the growth isn’t equal. Richer countries often benefit more than developing countries.
5.) Globalization increases global recessions.
6.) It exploits cheaper labor markets.

Name: Ugwueze Martha Chioma
Reg No:2018/247847
Dept: Economics
Course code:Eco 362
Date:23/01/2022
Assignment
Clearly discuss the pros and cons of globalization as it affects our local economy and the global economy at large.
Answer:
6 PROS AND CONS OF GLOBALIZATION IN BUSINESS TO CONSIDER
6 Pros and Cons of Globalization:
Throughout history, commerce and business have been limited by certain geographic constraints. In its earliest days, trade happened between neighboring tribes and city-states. As humans domesticated the horse and other beasts of burden, the distances they could travel to trade increased. These distances increased further with the development of seafaring capabilities.

Although humans have been using ships for centuries to transport goods, cargo, people, and ideas around the world, it wasn’t until the development of the airplane that the blueprint of a “globalized economy” was laid. This was for a simple reason: It allowed us to travel greater distances faster than ever before.

The development of the internet and easier means of communication and collaboration propelled us from those early days of globalization to where we are today: A few taps or clicks away from a co-worker, business partner, customer, or friend.