Globalization: Benefits and Drawbacks in the Goods and Services Sector
Classified in Geography
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Benefits of Globalization
- Increased Quality: Companies must provide better goods and services to attract consumers.
- Lower Prices: Producers must price competitively to remain in the market.
- Reduced Cultural Barriers: Movement between countries fosters tolerance and openness.
Drawbacks of Globalization
- Exploitation: Companies may relocate factories to countries with cheaper labor, leading to exploitation (e.g., Adidas factory in Cambodia).
- Job Insecurity: Globalization increases competition for jobs, leading to job insecurity and lower wages.
- Dominance of Rich Countries: Globalization primarily benefits developed countries at the expense of developing countries.
Conclusion
Globalization can be beneficial if human rights are respected and product quality... Continue reading "Globalization: Benefits and Drawbacks in the Goods and Services Sector" »