![]() ![]() An example of this would be US cars being sold in the European Union. Developed countries, by having access to foreign markets, can sell their products to a different market. Globalisation offers increased business opportunities for both for developed and developing countries (Kuepper, 2013). ![]() The positive impact of economic globalisation – the winners In addition, the initial prescription of this paper is that it is more reasonable to alter globalisation than to terminate it which is seldom, if ever, possible. As previously mentioned, classifying globalisation as either a ‘blessing’ or ‘curse’ might be misleading, because the issue is multifaceted. After this, a summary is given to assess whether or not economic globalisation is a curse of blessing. This paper critically evaluates the merits and controversies of globalisation and how economic integration either benefits or disadvantages different stakeholders. The central question is, what is the optimal balance of economic globalisation? One obvious benefit is reduced consumer prices, but has it ever been considered what the costs are? One rudimentary example is the American workers’ fear of moving production to Mexico – in this case, consumers have the benefit of more competitive prices, but at the same time, people lose their jobs. On the other hand, economic globalisation not only disrupts developing economies, but developed countries as well. The entire practice of outsourcing to the Far East (or to countries where production costs are significantly lower than those in the home country) is a consequence of economic globalisation. ![]() ![]() It also causes domestic issues in developed countries. On one hand, the most popular argument against economic globalisation has to do with unfair advantage and the exploitation of developing countries. However, opponents of economic globalisation view it as a more multifaceted issue (Sheldon, 2012). In theory, the reduction of tariffs, quotas and virtually all trade restrictions are a mutually beneficial practice. Transnational or global trade is encouraged by a number of international organizations, such as the WTO (World Trade Organization) and GATT (General Agreements on Tariffs and Trade) and also financial institutions’ increasingly lax practices regarding the international movement of money. Some parts of the world are more interconnected and interdependent, while some less-developed parts of the world are lagging behind however, it is just a matter of time before they shall also be fully integrated into international economic circulation.Įconomic globalisation is a highly debated subject and it is apparent that both supporters and detractors can substantiate their argument, offering evidence to prove the legitimacy of their own viewpoints. Economic globalisation has not finished yet it is more of an ongoing tendency and therefore, from a conservative perspective, economic globalisation can be said to be a matter of degree (Vujakovic, 2009). The phenomenon of economic globalisation has accelerated in an unprecedented way as the development of technology has facilitated connections regardless of time and physical location. Over time, our world has become more and more interconnected and interdependent. Until the great conquests of America and distant continents, the world consisted of separate entities. Then the world became increasingly separated. Long ago, in the era of Pangea, there was one single land mass and each point was reachable without having to cross oceans. ![]()
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