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- It brings drastic increase of income and economic growth in
developing countries.
- It lowers consumer prices in developed countries.
- It alters the location of production of goods and creates jobs in
developing countries.
- It narrows the revenue gap per capita between developed and
developing countries (China, India, Bangladesh and others).
Disadvantages of globalization:
- Developed countries lose manufacturing jobs because capital is
transferred into developing countries that offer cheap labor force.
- It has produced negative effects and created discontent among
affected individuals and groups in developing countries.
- The discontent created in the democratic political systems,
predominant in the world, has brought to power right wing
parties, which are essentially against globalization.
To sum up, globalization has had positive but also negative
effects. In order to understand this and to find a solution that will
sustain social development in the right direction, here is an
example.
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