Submitted By congphap
Words: 1041
Pages: 5

Is Economic Globalisation beneficial? Regarding the world in which we are living, questions about whether there have been major changes of the world over the past 20 years have emerged. Both developed countries and developing countries have had major changes not only in theirs economics but also in their societies. People have had more job opportunities; that has led to poverty reduction. In addition, the quality of life has also been improved due to many policies of governments such as increasing focus on social security and health care. These big changes are visible in developing countries such as Vietnam and other Southeast Asian countries. For instance, Vietnam, a poor country, has had a big change in the economic; a country in which most people primarily engaged in agriculture previously now has many industrial factories. Besides, there have also been other major changes in society, and human life has been greatly improved. Thus, what the causes of those changes are, one of which is Economic Globalisation (EG). EG is a worldwide trend of economic situation in which a country can depend significantly on other countries (EG 2014, P.1). Many partnered countries would supply resources to each other that the other countries do not have. These resources include imported products, technologies, and even human labour. This leads to countries will help mutually to develop. Therefore, EG is beneficial as a result of its advantages being greater than its disadvantages. To begin with, EG brings several disadvantages. First of all, human rights are reduced due to the fact that multinational corporations (MNs) put pressure on poor country governments (EG 2014, P.2). In fact, MNs often look for developing countries where labour is cheap to build their factories in so that they can have high profits (EG 2014, P.2). Nonetheless, as a consequence of both the economic benefits and the strong impact of MNs, those country governments accept some requirements of MNs. For example, these requirements can be reducing taxes, and allow both exploitation of labour and child labour, bad working conditions (EG 2014, P.2). As a result, governments do not have enough money to spend on social security such as health and education (EG 2014, P.2). Thus, the workers not only work in environment health threat but also receive lower wages. However, whether governments attempt to aid their workers, MNs intimidate to go away and build their factories in other countries (EG 2014, P.2). Human rights are virtually unprotected. Next, the environment is effected so seriously that human health is threatened (Collins 2014, P.1). Indeed, when there are many factories rising, environmental pollution is obvious. Also, MNs are likely to cause damages to environmental habitats. For instance, accessing to land and resources at the cost of destroyed forests, mining induced polluting ground water and possible oil spills, or mismanagement of natural resources (EG 2014, P.3). In addition, EG makes natural resources dwindling, deforestation, air and water pollution. On the other hand, there are many advantages that EG makes. The first advantage is that EG fosters economic growth since EG creates not only thousands of jobs but also a competitive market (Collins 2014, P.2). Indeed, EG will decrease the amount of poverty by providing jobs for poor people; it will also result in cheaper prices for everyday items (EG 2014, P.3). Moreover, whenever multiple producers compete for a hold of the economy, that’s a good sign for consumers. For example, the quality of goods and services often goes up as a result; consequently, consumers had more options to choose from. Similarly, with more competitors to fight over market share, each company has to constantly look to improve their goods or services or create more value for their customers. It means better products and sometimes lower prices, which is always a good thing