Globalization is nowadays part of the worldwide economy. It is clear that we must adapt to it and this generates pros and cons.
– Globalization exists, it is difficult to escape it and it is a development opportunity for all countries. The problem is that we have a global economy and national policies, which leads to a non-mastered globalization. We need a regulated globalization with international bodies that would have more power.
– Globalization facilitates the exchange of information, information flows
easily and instantly through Internet and new methods of communication.
– It offers more choice to the consumer via the competitive global business. Companies can easier enter new markets.
– Globalization promotes full employment in all countries according to the HOS model
– It promotes education
– Globalization promotes development which causes the installation of democracy
– Globalization increases inequalities, especially in emerging countries. In addition, global crises tend to spread faster all over the world, and have huge impacts on people’s lives.
– it is a powerful tool to roll back social rights, including in the most developed countries. The argument of competitiveness, submission to insatiable economic constraints translate everywhere by social regression that deals with working conditions, employee status, social protection and pensions
– In fact, the HOS theory is not confirmed as we see that the gap between developing countries and develop countries is widening.
– Globalization seems to be a factor of financial instability. The multiplication of crises since the 1970s tends to show (the 1987 crash, bursting of the Internet bubble in 2000…). The liberalization of capital flows has a tendency to promote their mobility, market volatility, the development of bubbles and their bursting.
– Inequality has increased in recent decades. Inequality in wealthy countries or in emerging markets has also increased.