Globalization is the process by which the world becomes more and more interconnected due to

massively increased trade and culture exchange. So far it has resulted in:

Increasing international trade.

More and more companies are operating globally rather than nationally.

High level of dependence between countries/economies.

Freer movement of capital, goods, services and people.

Despite many well-proven benefits, globalization’s been severely criticized by many for the
following reasons:

Globalization is working mostly in favour of rich countries. They continue to dominate the world
politics and economy at the expense of developing/poor countries, whose role is mostly to
provide the richer countries with cheap labors and cheap raw materials.

There are no guarantees that the wealth created from foreign investment will benefit local
community (even in the form of business income tax) as often most of the profits are sent back
to developed countries where investors are based.

Giant multinational companies have been driving local businesses to the ground cause they
simply cant compete.

The competition to attract foreign investment is so severe, countries sometimes make great
compromises just to ensure steady flow of foreign capital. Putting the environment, safety of
working people as well as their earning potential at high risk. At the same time, there not
enough strict international laws to regulate these aspects.
Globalization has also become a threat to global diversity. Many traditions, practices and
languages are feared to have phased out, replaced by Western ideologies. One can easily see
how Hollywood movies have taken over the world, influencing people’s way of life, overwhelm
even their own culture.

Because it’s cheaper to operate in another country, companies tend to move their operation
oversea which leads to increasing number of people without employment at home. Its
unfortunately that industries in developing countries are thriving at the expense of jobs (mostly
manufacturing jobs) in developed countries.