Globalization and Free Trade Quiz

Globalization and Its Effects

• Globalization has brought cultures and economies together, increasing interdependence and interconnectedness among people, corporations, and brands.
• Advances in technology and communication have enabled easier travel across borders, facilitating global connectivity.

Positive Effects of Globalization

• Improved efficiency and competition due to ease of communication and freer global trade.
• Companies can respond quickly to economic changes and market demands.
• New technologies are shared and developed through cooperation and competition.
• Many countries have experienced improvements in their standard of living.
• Increased imports and exports have led to an increase in income for many people.
• Consumers enjoy a wider variety of choices when they shop.
• Increased prosperity has enabled investment in new infrastructure, such as roads, bridges, and buildings.

Negative Effects of Globalization

• Widening gap between rich and poor, with critics citing evidence of increased inequality.
• Outsourcing of manufacturing and customer service jobs from developed countries to developing countries, where labor costs are lower.
• Benefit to Indian economy from establishment of call centers, but job loss in other countries.
• Increased child labor and slavery in manufacturing to fill demands for gold and textiles.
• Flourishing of criminal activities, such as corruption and drug cartels, due to increased competitiveness.
• Unhealthy eating traditions replacing local eating habits due to expansion of fast-food chains.
• Homogenization of culture, with local traditions being replaced by imported ones.
• Increased pollution and environmental degradation, with developing countries becoming dumping grounds for hazardous waste.
• Uncontrolled pollution in countries like China, threatening public health and contributing to global warming.
• Strain on the environment due to the tapping of natural resources for manufacturing.