Globalization refers to the accelerating interdependence of the economies of the world’s as a result of cross-border trade of goods and also services .Opinions differ on when globalization started, but most experts believe that the bulk of what we now term globalization occurred in the nineteenth century, with the agricultural and industrial revolutions. This measure was intended to enhance the marine environment’s long-term sustainability. Countries from all around the globe have banded together to change their business practices in order to achieve better outcomes. Vision 2030, also known as the Sustainable Development Goals (SDGs), has gained popularity in recent years. All of these have an influence on the global economic campus and, the majority of the time, in a favorable manner. The paper espouses several aspects of globalization and how it would benefit the entire community.
Globalization, in the author’s perspective, exists to benefit multinational firms and developed countries. The economic implications of globalization on employees in developed and developing nations are given special attention. The effects of globalization are examined, including privatization, industrialization, and environmental destruction. The worldwide expansion of western influence is also investigated.
General Implications of globalization
Globalization was primarily conceived to suit the interests of global economic powers. It is not an unavoidable or unbiased process. Many pillars of Western society, such as equality, environmental preservation, democracy, and cultural variety, are under threat as a result of globalization. Changes like this have sparked outrage from a global “ant globalization” movement (Graham, 2018). This movement emphasizes the significance of evaluating globalization’s meaning, direction, and consistency with community ideals and long-term objectives. Life has changed as a consequence of these decisions everywhere around the globe, however these changes do not affect everybody in a similar way (Lambrick, 2018). Economic capability empowers multinational firms and the leaders of strong industrial countries to encourage expanded commerce and communication in order to further their own agendas. As a result, it comes to reason that the economic interests will take precedence in the globalization process.
Inevitability of Globalization
Globalization is neither inevitable nor a method of advancement for everybody, as seen by the huge anti-globalization movement throughout the globe. Actors in this movement represent a wide range of socioeconomic levels, ages, and cultures (Graham, 2018). Despite their disagreements, they have come together to raise awareness of globalization’s economic and political concerns. Anti-globalization activities include protesters at the world summits, anti-privatization networks that are political, and worldwide organized labor. Economic globalization is merely one potential future path, and anti-globalization campaigners argue that it is undesirable while proposing alternatives.
People Affected by Globalization
Those who have access to worldwide networks gain from globalization, while everyone else is left out. Inequality rises at both the national and international levels as a result of this practice. Workers with internationally transferable talents, for example, are given high-paying employment inside multinational firms in Canada and the United States (US). Workers in areas such as manufacturing, on the other hand, are losing their employment (Yip & Eaton, 2018). This occurs because multinational firms have the ability to select where their employees come from. Thanks to lower trade obstacles, these firms may transfer manufacturing out of Western nations like Canada and the United States and into countries with no minimum wage legislation or strict labor norms. Because of the low cost of labor, they can create items at a lower cost and earn larger profits. As a consequence, the pay gap between various types of employees is widening.
Income Gap
This economic disparity is also seen across countries. Many developing countries’ economy are being left behind as countries with sophisticated communication and also transportation facilities take advantage of emerging global marketplaces. The United Nations (UN) underlined the consequent growth in worldwide inequality in its 1992 Development Program Report, stating that the wealthiest 20% of the world’s population receives over 82 percent of global income. (Yip & Eaton, 2018).
Effects on Domestic Labor Market in Canada
The flexible labor structure fostered by globalization has a detrimental impact on employees in developed countries like Canada. When employment markets grow more globalized, organized labor becomes less viable. Demands for health and dental insurance, pensions, and holidays are no longer negotiable as workers in emerging countries will demand less. Movement toward the privatization proposes contracting out public-sector work to the lowest bidder (Anderson & Coletto, 2017). This implies that more individuals are working for modest hourly earnings instead of large incomes. As private companies take over community services, public personnel lose their employment. Exploited laborers in developing nations endure long hours for dismal earnings with few or no benefits. Laborers all across the world are set against one another in a fight for work that favors those providing the cheapest (and hence least secure) jobs.
Environmental Aspect of Globalization
Globalization’s economic thrust is just as bad for the environment as it is for equality and labor. Increased production and transportation have evident environmental consequences.For instance climate change has been tied to human industrial activities. This is because globalization depends on ever-increasing quantities of transportation, production, as well as consumption, environmental devastation is simply a question of time. This severe problem is disregarded because commodities that have no price, such as air and water, are not accounted for in the march of globalization, which is propelled by money. Given the continued erosion of the ozone layer, increasing sea levels, and diminishing freshwater sources, it seems that globalization’s economics are colliding with the planet’s environment.
Conclusion.
Globalization is the consequence of a process initiated by liberal capitalist interests, but other interests may be able to initiate other processes. Globalization is fueled by the economic interests of a tiny number of people, yet it has an influence on everyone in the world. This approach jeopardizes equity, the environment, diversity, and democracy while limiting any nation’s capacity to safeguard its people’s interests. Globalization’s homogenizing impacts, on the other hand, are reducing alternative options every day. As a result, the negative consequences of this rapidly increasing issue must be acknowledged right once; action cannot be postponed.
References
Anderson, B., & Coletto, D. (2017). Globalism and Nationalism in Canada. Abacus Data, 101-113.
Graham, J. (2018). Globalization provides a better life for all. Canadian points of view: Globalization, 2-3.
Kis-Katos, K. (2007). Does Globalization Reduce Child Labor? Journal of International Trade and Economic Development, 67-71.
Kolb, M. (2018). What is Globalization. Peterson Institute for International Economics, 4-5.
Lambrick, M. (2018). Globalization benefits powerful businesses at the expense of poor nations. Canadian Points of View: Globalization, 4-5.
Yip, J., & Eaton, S. (2018). Globalization Overview. Canadian Points of View: Globalization, 5-6.
