Globalization

Exploitation: Workers are exploited by employers since there aren't established rights and unions in developing countries. Large corporations can get away with having poor working conditions because of their ability to leverage opportunities to their advantage. Employers can outsource work for cheaper prices which contributes to child labour. Consequently, there is an increase in criminal activity such as human trafficking to further decrease costs.

Income inequality: There are polarized ends of those that profit from globalization. The current economic structure benefits those who are managers and investors rather than the labour force. Studies have shown that absolute inequality has increased over time as the summative wages of the poor and the rich widen. In terms of relative inequality which emphasizes the difference of multiples in wages has slightly decreased. However, the fact that the rich are getting richer and the poor stay poor still remains. An example would be wealth inequality in South Africa where the top 0.1% earners which consist of owners and politicians account for 30% of the country's wealth.

Domestic job loss: Jobs become more scarce as companies source their work to developing countries. These include dense sectors such as manufacturing and technical support. For example, the United States has lost more than 5 million manufacturing jobs from 1998-2021 as trade grew with China. This decreases job availability and induces structural unemployment.

Environmental damages: As worldwide production and consumption increase, there is a damaging effect on the environment. Globalization relies on the unsustainable use of resources such as fossil fuels, clean water, and raw materials. As more humans become entitled to the atrophic use of energy which accelerates climate change. Consumerism also fuels a vicious cycle of increasing efficiency which leads to cheaper prices and more consumption of stock.

Increased competition: While large corporations venture into new markets to sell goods, local businesses suffer. Brands and franchise make their way into countries that take away customers to support local stalls and businesses. They must compete with newer products that are much more efficient to produce and advertised.

Economic growth: Globalization is one of the greatest factors for economic growth. This is because it gives access to labor by giving nations access to labor pools. With this labor pool available for all nations, wealthier nations might outsource lower skill work in developing nations with lower labor costs of living to reduce the cost for goods sold. When there is more access to labor then there will be more access to more and new resources because without globalization there won't be a flow of resources across the borders, access to many modern luxuries won't be possible to manufacture and produce.

Access to knowledge and technology: Globalization has increased access to technology and knowledge across the world by allowing nations to have easier access to foreign knowledge. Also, it increases international competition because of the rise of emerging market firms. Strengthen firms will be motive to learn and adapt to foreign technologies. Which help make an increased use of the available foreign knowledge and technology to help boost their innovation capacity and labor productivity grow. The increase of transfer of knowledge and technology to emerging markets economies has affected the recent slowdown in novation at the technological frontier has increased transfer of knowledge and technology to emerging markets economics, which helps in driving income convergence for a lot of developing nations. As a result, technology slowdown at the frontier has a greater impact on advanced economies.

Access to new culture: Globalization helps the economies of emerging nations, which improves the quality of life for families and individuals residing in those nations. Through the economic freedom of emerging nations, the globalization of culture breaks down cultural barriers that divide us as a race and unlocks previously closed trade barriers. Additionally, cultural globalization makes people more integrated globally and promotes the flow of ideas and values. Through cooperation with international organizations, it advances national political initiatives towards a global level. We wouldn't be able to understand what is happening in underdeveloped nations without globalization. We wouldn't be familiar with the customs and civilizations that exist outside of our own country. Also, the impact it has on food choices. As countries become more connected, people have access to a wider variety of food options from around the world. However, this increased access can also lead to the erosion of traditional food cultures.

Affect politics: Globalization gives availability of information makes political type decisions more clearer. Globalization also ensures that smaller developing countries can unite and work together for their better good. Furthermore, increased interdependency encourages there to be peace and can reduce the risk of invasions. Moreover, the rise of technology and the internet has given the oppressed a voice so that people around the globe know what's happening and can lobby for changes.

Increased trade and investment opportunities: Globalization is tied up with international investment, and leads to another as companies act internationally by increasing their international investment out of mutual interest but still staying internationally competitive. Companies benefit from pricing differences, or arbitrage, in different markets of labor and supplies. Globalization compels economies to continue to invest in each other to protect their economic health, and acquire new profits. International investments have increased as a result of globalization and continue to do so. It's pulling more economies into globalization, further increasing international investment.