Globalization

Increasing job loss

Globalization does not create more jobs. it redistributes them by reallocating production from high-cost countries to low-cost countries.

Example: China Trade Shock- many American manufactures have been shut down due to the china trade shock. Due to the cheaper expenses, most business tend to have their products made from China. Factory workers tend to be those who are in the lower class. Those who don't have the education or access too middle class jobs. With the closing of many manufacturers they are forced to find new jobs but with the lack of the job requirements they are unable to do so.

Exploiting Cheaper Labor Markets

Globalization has  resulted in labor exploitation.

Example: Shein- shein is a newly developed afforable online shopping site. exploit child labour laws and underpay their workers.

Unequal Economic Growth

Although globalization continues to boost economic growth in many countries, the benefits aren't distributed evenly: richer countries benefit more than poorer countries.

Example: Increasing Economy in the U.S vs India.

Economical growth thought free trade agreement

Many counties around the world have engaged in treaties or trade policies in order to make international trade & investments easier. This increases economic growth and can lower taxes for both the consumers & business.

Example: NAFTA (North American Free Trade Agreement), Agreement between Canada, United States & Mexico since Jan 1, 1994

Access to different cultures and your own.

Globalization has made possible to access different culture's movies, art, music, foods, products and so much more from around the world.

Example: BTS (Korean pop group) Through the process of globalisation & technology this group of singers were able to expand their popularity to the western world. Now they do world tours, have merchandise and their music is played everywhere.

Strong relationship with other counties

Receiving & helping others because we are interdependent on each other

Example: India covid crisis. The government of Canada is sending PPE and ventilators to the country, as well as donating $10 million to the Indian Red Cross. India has been very generous to other countries by supplying vaccines.