Writing Task 2 Revision – Globalization and Its Impacts
Globalization has brought about more positive economic impacts than negative ones. To what extent do you agree with this statement?
Globalization is the process in which economic activities of countries across the world become connected to each other. While globalization benefits export and transportation industries, it widens the world’s income gap. In this essay, I will discuss the extent to which the economic advantages of globalization outweigh its disadvantages.
Globalization is beneficial for businesses worldwide in a number of ways. First, thanks to free trade agreements, such as NAFTA, products manufactured in a country can be sold in other countries without taxes. Second, global transportation systems allow businesses to deliver their goods to other parts of the world quickly and efficiently. Third, because the Internet, a product of globalization, is widely accessible, managing operations across continents is no longer a difficult task for multi-national companies.
However, the first negative effect of globalization is that it does not economically benefit members of the lower-class in developing countries. For example, although the rate of economic growth of China has increased significantly over the past few decades, due to its global exports, the income gap of China shows no sign of being shortened. Furthermore, despite its positive effects on the economy, globalization can cause detrimental consequences on the natural environment. Air pollution, for instance, is currently severe in Beijing due to China’s dream of catching up with developed economies in the world.
In conclusion, based on the analyses above, globalization poses both economic threats and opportunities. In my opinion, however, the economic advantages outweigh the disadvantages, because the monetary benefits can be used to effectively solve economic and environmental problems caused by globalization.
If you were to answer the topic above, how would your essay look like? Please share it by leaving a comment.
Watch this video, produced by the Financial Times, to understand the impacts of Brexit on globalization.