"There is no doubt that globalization affects the world's economies in a very positive way, its negative side should not be forgotten. Discuss"
It is true that globalization has affected all of us in so many ways. Today world is changing into single economy and culture society through the effective use of the latest technological advances. Although, globalization has been projected mostly as a positive event, the obvious negative consequences must be given proper attention.
Globalization has made the international goods accessible around the world. Multinational companies like Apple have been manufacturing their products especially in China and India because of relatively cheap labor. Moreover, this business strategy has created many employment opportunities in these poor nations. The residents have upgraded their lifestyle to the extent which was not possible in general otherwise. Thus, globalization has benefited both the giant companies as well as talented and ambitious folks of the these underdeveloped countries.
Despite the advantages references above, globalization has produced negative consequences as well. While globalization has helped the economy in poor nations with investments and jobs, there are fewer employment opportunities in Western countries. The most of the graduates of these nations who managed to complete their higher education couldn't find better paying jobs of their choice; consequently, they are unable to pay their school loans which hurt the economy both at the individual and national level.
Furthermore, globalization has damaged the local businesses in underdeveloped countries. With their limited financial resources, these small businesses could not compete with the multinational firms. To sell their products, they have to reduce their prices to such extent that they hardly make any profit. They either go out of business or big companies buy them at bargain prices.
In Summary, globalization has proved to be a blessing for some especially the giant companies while it has damaged the local businesses.