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Globalization represents the practice through which integration and relations of nations, corporations, and people around the world are effectively realized. It is mainly supported by investment, international trade, and outsourced expertise, to mention a few (Berggren & Nilsson, 2015). This is facilitated by technological advancement, which plays a crucial role in strengthening interrelations across the globe. Technology is an imperative force behind globalization. Globalization ensures that commodities, services, and people move without restraint around the globe in a manner that is smooth and interlocked. It has promoted international trade hence enabling different nations to attain competitive benefit with respect to production (Broner & Ventura, 2016). This signifies that if two countries, X and Y, are manufacturing the same item but Y produces it at a lesser cost when compared to X, then Y will be selling the items locally and exporting some to country X.
To enhance economic globalization, all forms of trade and markets ought to be reinforced and existing barriers either lessened or eradicated to make sure that different countries enjoy the flow of products and services. Some of the negative effects of globalization include environmental destruction and job insecurity (Berggren & Nilsson, 2015). Overproduction of goods results in the overutilization of natural resources, which translates to increased pollution and negative climatic changes that pose serious threats to humankind and the advancement of the world. In addition, globalization has led to some high-profile jobs across the globe, either being insecure or temporary (Vadlamannati, 2015). The effect is mainly felt in developed nations because they have a great ability to outsource cheap production and white-collar jobs hence sacking or replacing local professionals when they deem fit.
References
Berggren, N., & Nilsson, T. (2015). Globalization and the transmission of social values: The case of tolerance. Journal of Comparative Economics, 43(2), 371-389. Web.
Broner, F., & Ventura, J. (2016). Rethinking the effects of financial globalization. The Quarterly Journal of Economics, 131(3), 1497-1542. Web.
Vadlamannati, K. C. (2015). Rewards of (dis) integration: Economic, social, and political globalization and freedom of association and collective bargaining rights of workers in developing countries. Industrial and Labor Relations Review, 68(1), 3-27. Web.
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