The Impact of Globalization on World Economy Essay 700 Words

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The Impact of Globalization on World Economy Essay 700 Words


The term “globalization” is used to describe how societies, economies, and cultures of other countries are connected and linked. Advancements in technology have helped the world in such a great way, express transport of goods, treatment, and the medical field has also improved, and the connectivity of the world has changed altogether.  Globalization has made and strengthened more businesses around the world. 

The positive and negative impacts of globalization 

On different facets of society and economies, globalization has had both beneficial and bad effects.

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Positive Effects

  1. Globalization has changed to the world forever. With globalization the world market has become one big market, anyone and everybody can access this market easily. Globalization has changed the world and it’s economy, it has brought about economic development. It has first driven economic development and expansion by promoting international trade and investment. Businesses can easily access the world market and produce and showcase their products to a large variety of audience. This enables the businesses to connect with other businesses and collaborate with them and the audience. Globalization has brought about world connectivity.
  2. Secondly, globalization has helped in gaining knowledge and sharing knowledge. During the pandemic Globalization helped in sharing and gaining knowledge from all over the world as the world connected as one. It has increased the communication and the technicalities that come with communication. No we can connect with everyone around the world let it be our loved ones or the entire world we can connect with them through social media platforms. Me too girl PlayStation the whole world can connect with each other. 
  1. Globalization has pushed innovations as well as technical advancements on every corner of the world.  We can share ideas knowledge, resources and technology and well as research assistance. It has helped in research and development areas of the whole world in the first step it has helped in various treatments of disorders and diseases. In short globalization has made things easier. But whenever there is a good thing that is always a bad side to it.
The Impact of Globalization on World Economy Essay 700 Words
The Impact of Globalization on World Economy Essay 700 Words

Negative effects include:

  1. Economic inequality is a very best side effects globalization. The economic inequality between and rich countries has only increased because of globalization. The economic gap within the nations is getting bigger and bigger. The rich countries keep getting richer and the poor countries keep getting poorer.  
  2. Secondly, cultural homogenization. With the rise of global cultures and languages the specific cultural and religious or traditional values of different communities and countries have started to dissolve in globalization. The western culture is being accepted by most of the people in the world no matter where they are from. 
  3. Deterioration of the environment Global trade and resource flow have increased, which has led to rising carbon emissions and environmental damage. 
Globalization’s impact on world population

Globalization has had a variety of consequences on world population, affecting demographics, migratory patterns, and cultural dynamics in different ways:

  1. Population Growth and Decline: Birth rates and fertility patterns have changed as a result of globalization. Birth rates may be impacted by the dissemination of gender-related beliefs and behaviors as a result of increased international connectivity. Due to better access to education, urbanization, and employment options, some nations have dropping birth rates.
  2. Migration and Mobility:  People nowadays cross borders to other countries both which can cause a huge demographic change. It can also stay up a multi cultural society within the countries. And these societies may create problems when in comes to living together in harmony. 
  3. Urbanization: Urbanization frequently accelerates as economies become more linked. In the quest for employment and higher living standards, people move from rural to urban areas, resulting in the development of megacities and changes in population distribution.
  4. Wellness and Good Health: The dissemination of information and medical procedures due to globalization has improved health outcomes throughout various regions of the world. Due to increasing travel and trade, has, however, also aided the quick spread of diseases and health concerns.
Globalization’s effects on the international economy

By promoting international trade, investment, and technology exchange, globalization has significantly changed the global economy. Increased economic interdependence as a result has made it possible for nations to access international markets and specialize in production. Globalization hit the world in the best way possible, but within a few weeks of being established, it has showed its bad sides. Job inequalities and wealth gap between countries are among those bad effects. 


In conclusion, by promoting greater international connectivity, trade, and cultural interchange between states, globalization has fundamentally changed the global economy. As globalization develops, it is essential for countries to strike a balance between utilizing its benefits and resolving its downsides through deliberate policies and cross-border collaboration.

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