GLOBALIZATION
Negative Impacts
Changes consumer buying habits and patterns.
Creates monopoly of large corporate giants (multinational companies) that makes labor and environmental protection difficult to control.
Creates messy issues especially during conflicts and pandemics. Eg. Philippines stopped taking Canada's recycling trash and Canada had to take tons of it back in 2019.
Raises health and safety concerns and creates worker exploitation leading to prison type child labor and extremely poor working conditions.
Undermines local businesses and culture as more and more people start adapting to foreign goods and services.
Positive Impacts
More Variety In Resources and Material
Business can access raw material at inexpensive prices which overall lowers the cost for product manufacturing
Businesses from one nation are able to access materials not found in their country and therefore aren’t limited to their resources
Certain parts of products are also made overseas which allows larger companies to have their products made with either more expertise or at a cheaper cost
During this pandemic, China has now become the largest vaccine exporter, exporting to Central and South-East Asia, South America, and North Africa.
The Bonds and Relationships Between Countries
In order to create fair and effective trade and transactions, trade agreements are made between countries. This enforces rules within their trading relationship that benefits both parties
For example: NAFTA is a trade agreement between the USA, Canada, and Mexico which has the main purpose of eliminating tariffs and barriers between trade
Countries also become interdependent which means they must rely on each other
New Culture and Diversity
Globalization and new information technology make it easier for people of different nations to interact and share parts of their culture
People also travel to follow jobs and job opportunities and therefore populations become more diverse
In our own country we take in around 300,000 immigrants per year, making Canada one of the most diverse countries. Our top 5 countries of immigrant origin are the UK, Italy, India, USA, and China