+ve, Expanded markets, FDI, Cost savings
-ve, Contagion effects
+ve, Export oriented industries, Outsourcing
-ve, Structural unemployment, Outsourcing
+ve, Cheaper imports
-ve, Demand/supply shocks
+ve, FDI --> improve financial a/c, Trade --> improve current a/c
-ve, Reverse contagion, Unfair trading practices
New political ideologies introduced
Tyrannical or incapable governments kept in check., E.g. The downfall of the Manchu government in 1911.
Improve international relations between countries., E.g. The formation of interest groups like the WTO, Shanghai Cooperation Organization and NATO.
May cause socio-political instability, E.g. The spread of the Jasmine Revolution in the Middle East.
Radical ideas may become widespread., E.g. The spread of Communism during the Cold War.
Conflicts may arise between nations due to differences in ideas and agendas., E.g. Sino-American trade disputes
cultural exchanges/preservation/heterogeneity, E.g. Chinese wave, J wave and K wave, not solely about westernisation
Propagation of democratic principles and civil liberties, E.g. Clamour of freedom across repressive regimes in the Arab world; China perhaps according more respect to basic rights
Online community of like-minded individuals, Foster bonds across geo boundaries, Effect positive social changes, Fundraising for a devastated Japan
erosion of native culture
McDonaldisation of society, homogenisation
deterioration of social values, e.g. less respect for the elderly in India