Globalization
Negative Effects
Job Insecurity
It is cheaper to manufacture in other countries because they have lower wages which means people in developed countries lose their jobs.
Canadian companies move their factories to different countries
for cheaper labour but then the Canadians are left without jobs.
Exploitation of Labour
Many companies move their factories to other countries for the cheaper labour but in those countries the people work in inhumane conditions and the safety rules are ignored to make the cheap goods. This has increased human trafficking.
Apple has been accused of exploiting the workers in China
Domino Effect
With globalization, countries depend on other countries for
things and if that countries fails to provide these things for whatever reason it has a domino effect on the other countries.
The domino effect was one of the main reasons for the recession in 2009.
Positive Effects
Eliminates currency manipulation
Many countries today manipulate their currencies to benefit their local economy.
Free trades
Having no restrictions or crazy taxes to buy and sell goods all over the world would help to grow the struggling economy.
Culture
A globalized society boosts the rate at which people are exposed to the culture, attitudes and values of people in other countries.