Improvement in the standard of living, Many globalising countries have enjoyed an increase in the number in income levels, When countries and open their doors to foreign investments, they earn more revenue, Govts. use the revenue earned to improve education,health,housing and transportation for its people., Consumers around the world now enjoy a broader selection of products than ever before
Benefits from mitigration, Short-term economic benefit of emigration is remittances, E.g. Somaliland,receives an estimated $500 million a year in money sent home from abroad, four times more than the income from the main export, livestock, according to a study by the researcher Ismail Ahmed reported in the Financial Times, In Mexico, remittances have become the country's second most important source of foreign exchange, after oil., In Tajikistan, remittances from its cheap unskilled labor force abroad in countries like Russia, Kazakhstan, and Uzbekistan has helped the country rebound from the failures of a planned economy and government instability, contributing around 50percent of Tajikistan’s GDP in recent years, Provides the country with cheap labour
Opportunites for the talented, People are able to move more easily from country to country in search of employment and leisure activities
Improve access to the medicines, medical information, and training that can help treat or cure these diseases, Drug companies and governments now have the ability to ship drugs to remote parts of the world affected by outbreaks of disease
Though globalisation,people have become more aware of the different cultures., They are able to learn about other people around the world through the internet .travelling etc
Increase the availability of foreign-made consumer products, Also increase international trade in cultural products and services, such as movies, music, and publications
Brought about greater awareness of environmental management, Countries want to preserve the environment in order to ensure that the future generations can continue to use the earth's resources to generate income and continue enjoying high standards of living
Globalized economies require a labor force of a size that must include women, Globalisation breaks down cultural barriers, especially in the relationship between women and men within households and communities, impede increased economic participation, or undermine the quality of that participation, E.g.Even women who do work face differential treatment such as wage gaps and segregation into traditionally female industries., Globalization is changing these norms, The new global developing economies demand women in the monetized as well as non-monetized sectors of work, Thus, globalization has the potential to improve women’s economic achievement. Increased employment opportunities for women in non-traditional sectors might enable them to earn and control income, thus providing a source of empowerment and enhancing women’s capacity to negotiate their role and status within the household and society, Also, according to the World Bank’s report Enhancing Women’s Participation in Economic Development, women’s economic development will benefit their households and society as a whole
Trade, When large economies are affected, the effects are felt all over the world, Trade decreases, domestic jobs and businesses are lost.
Increased competition among countries, TNCs will seek out locations which could help them lower their cost of production, Thus countries will compete with one another to attract these corporations to invest in their countries., Competition is intense
Development, Widening gap between the rich and the poor, Eurasian landmass is oriented east-west, much of its area lies in the same climatic region, Enabled events like the rapid spread of cereal cultivation across most of the landmass, Wheares tropical regions like sub-Saharan Africa were bound to develop slowly because it was too hot for people to work during the day at certain times of the year, Developed countries are gaining a lot more revenue from international trade, Able to draw investments,skilled people and resources away from poor areas to places which benefit them., Lead that Eurasian societies had in development gave them further tools to dominate peoples of other regions, Developed countries lose out as they face trade restrictions put up by developed countries, Unable to produce better quality goods that fectch higher prices due to lack of resources, Developed countries lose out
Disrupt traditional producers, Globalisation threatens the viability of locally made products and the people who produce them, E.g The new availability of foreign foods in a market—often at cheaper prices—can displace local farmers who have traditionally earned a living by selling their goods locally.
Loss of local culture, Global brands such as Starbucks and Disney dominate the consumer market in many developing countries, These corporations have standardised methods of operations and have outlets which are identical throughout the world, These creates a homogenous culture all over the world, Increase the exposure of all societies to foreign cultures, Brings about changes in local cultures, values, and traditions, Exposure to foreign culture can lead one to undermine their own cultural identity., Youths become more interested in the foreign culture and less in local culture
Loss of talent, People who are highly skilled are in demand, Countries suffer the loss of trained and educated individuals to emigration, Eg. More African scientists and engineers working in the United States than there are in Africa, according to the International Organization for Migration (IOM), Africa's brain drain has cost nearly $9 billion in lost human capital and growth potential since 1997, Reduction in wages for some jobs due to the cheaper wages the immigrants received
Uncontrolled economic growth, fueled by free trade, harms the environment by causing more pollution and exhaustion of natural resources like timber and oil, Corporations started to produce more and more, because people started to ask for more, To produce the most in the shortest amount of time, the factories would have to break the environmental regulations, Environmental protection laws are weakened under the guise of promoting free trade by corporations and governments unconcerned about the negative environmental effects of commerce, More pollution, leads to environment degradation, Global warming, Movement of goods contribute to global warming as aeroplanes,ships and different modes of transportation produce large quantities of green house gases such as carbon monoxide and nitrogen oxides, Factories too emit large amounts of fumes everyday, The presence of such gases in the atmosphere leads to an increase in he global temperature, Deforestation, Rainforests have to be cut down in many countries to makeway for the development of industries,agriculture,housing, and transportation, What makes it worse is that some governments allow this because it can generate revenue for the country, Eg.Argentina,Brazil,Indonesia, Deforestation cause many environmental problems such as soil erosion,extinction of flora and fauna,increase in flooding and haze.
More people travel farther, more frequently, and come in contact with more people and goods, than at any point in history., This increased movement of both goods and people increases opportunities for the spread of disease around the world, The outbreak of BSE, or “mad cow disease,” in several European countries is only one example