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Globalization and its impact

The evidence of globalization is everywhere. But, it is important to recognize that not everyone is in favor of it. Some groups argue that TNCs are responsible for many of the world’s environmental problems. These problems include global warming, the depletion of natural resources and the production of harmful chemicals. Some groups also claim that PMC’s take advantage of developing countries by polluting industries within their borders- logging their tropical forests and exploiting their labor.

Other concerns include the loss of local culture, the tendency for developed countries to interfere in the affairs of developing countries and a reduced power of governments to control economic activity. However, there are people who support globalization and suggest it benefits individuals in the global community.

They claim faster economic growth, quicker access to new technology, cheaper imports and greater competition. Supporters of globalization also argue that globalization will make the world economy more efficient and will continue to create hundreds of millions of jobs mainly in developing countries.

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