Group4 LFM Suzhou@ The Pros and Cons of Globalization

PROS
– Globalization allows the spreading and sharing of knowledge and information all around the word. It is a democratization of information.
– Globalization has allowed the poor countries to get wealthier really fast thanks to the transfer of technologies and to the offshoring of FDI
– Free trade and liberalism allows the spread of democracy and liberty and more tolérance between different cultures
– Globalization has allowed an access to a worldwide market allowing the consumers to have access to an unlimited range of goods.
– Globalization allows the companies to get international and to increase their market shares.

CONS
– Globalization brings versatility to the market and allows systemic financial crisis because of the hyperfinancialization of economy.
– Social inequalities between poor and rich countries have skyrocketed
– Offshoring is profitable for the companies but not for the countries
– A higher GDP doesn’t mean development because of corruption
– Cultural uniformization jeopardizes local cultures, customs and traditions

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