Positive and Negative Effect of Globalization - 744 Words

Topic: Discuss the positive and negative effects of globalization on the world today. The term globalization is the process of transformation of local phenomena into global ones. It is when different countries start to connect together as a whole, when people around the world are more linked to each other than ever before, when information and money flow more speedily and when goods and services produced in one part of the world are increasingly obtainable in all parts of the world. And it has brought both positive and negative impacts to the world. Therefore, in this essay, both the positive and negative effects of globalization on the world will be discussed. First of all, let us look at the impacts that globalization brought to†¦show more content†¦However, the effects of globalization are not all positive. Globalization connected the global economy together. For the negative impacts, since the markets are all globally connected together when one market falls, the world’s economy collapses. Let us take the United State financial crisis that is currently happening for an example. The US market turned into a disaster because of sub-primary mortgages and the products derived from them. Financial companies started to give out mortgages without checking people’s credibility. Therefore, people who could not afford mortgages also got mortgages. Eventually, the crisis started because people could not pay for the mortgages anymore. Banks and financial companies have all these houses that people would not buy because no one has the money to afford a new house. Finally, banks and financial companies went bankrupt. US stock ma rkets collapsed. Other countries got affected because the world’s biggest buyer, United State, suddenly stopped buying. World’s economy slowed down and, eventually, the market collapsed. The second negative effect is an environmental effect. After global economy rose, corporations started to produce more and more, because people started to ask for more. However, in order to produce the most in the shorted amount of time, the factories would have to break the environmental regulations and, of course, care lessShow MoreRelatedThe Positive and Negative Effects of Globalization1570 Words   |  7 PagesThe Positive and Negative Effects of Globalization Is Globalization ultimately positive or negative, or somewhere in between? I believe it depends on who you ask the question, and how it affects their life. For myself, I can’t get passed the negative way it has impacted my life and others around me in the same situation. 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