Group 6@Paris IMBD: Pros and Cons of Globalization

Summary of the term Globalization:

The phenomenon of globalization thus characterized by the gradual disappearance of national borders, whether productive or financial. Indeed, international trade barriers have been reduced, it is not just about tariffs, but also the costs of transport and communication facilities especially with the advent of the Internet.
Globalization is it an unavoidable? What are its benefits and limitations?

Pros:

–        Producing specific goods and services at a low marginal and opportunity cost

–        Countries benefits from competitive advantages

–        Cheaper and easier access to information, knowledge, technologies and health

–        Opening of new markets

–        Integration of developing countries by sharing information and technologies

–        More competition in all markets: cheaper prices and better quality

–        Mobility: people are mobile and go abroad to improve their skills

Cons:

–        Uniformization of cultures

–        Unfair competitiveness

–        Distorted growth process between and within countries

–        Too interconnected economies (a failure in one country can lead to bad things in others)

–        Small businesses are being eaten by big businesses

–        Outsourcing, job losses in developed countries (manufacturing sector)

–        Health (contagions can occurs more easily)

–        Illegal immigration

–        Global warming: destruction of the environment

 

Conclusion:

As globalization has progressed, living standards have improved significantly in almost all countries. However, the developed countries and a few developing countries obtained the best results.
How globalization can reduce inequalities?

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