The advantages and disadvantages of globalization

As the world becomes more interconnected, globalization has become a daily reality for people in every corner of the globe. But while globalization, described by the Peterson Institute for International Economics as “the growing interdependence of the world’s economies, cultures and populations,” can have positive effects on economies, there are also concerns about its impact on the environment and workers in the world .

Pro: Globalization stimulates the economy

In general, globalization “expands business activity worldwide and is facilitated by communications, technological advances, and socioeconomic, political, and environmental developments,” according to Investopedia. This can help reduce both manufacturing costs and the cost of goods for consumers.