Question

What are the merits of Globalization? What are the pitfalls? Please cite the course textbook in developing your response. (Textbook: Global Business Today - 10th Edition) Also cite the Barack Obama speech and Economist article within this discussion. (Read article "An Open and Shut Case" from The Economist: https://www.economist.com/special-report/2016/10/01/an-open-and-shut-case)

Answer 1

Merits or advantages of globalization are as follows:

1.Increased Employment and better living standards.

2.Improved Wages for Local Community.

3.Globalization would remove tax havens for wealthy individuals and businesses.

4.Globalization would help the developing world progress faster.

5.Globalization encourages free trade.

Disadvantages or pitfalls of Globalization:

1. Globalization can ruin the environment. Moving things from one area to another wastes oil, etc.

2. Globalization can ruin local economies. There is a movement that wants to buy local - especially organic foods.

3. Globalization can lead to hyper-specialization, which can be good, but also negative. There is something great about being a generalist. Also what if something goes wrong. To know things generally give an incredible perspective that specialists do not have.

4. Globalization can be driven by people with "know how" and power and they can systematically fleece the world.