Home > Economics essays > Impacts of Globalisation on the Economy

Essay: Impacts of Globalisation on the Economy

Essay details and download:

  • Subject area(s): Economics essays
  • Reading time: 4 minutes
  • Price: Free download
  • Published: 15 September 2019*
  • Last Modified: 22 July 2024
  • File format: Text
  • Words: 954 (approx)
  • Number of pages: 4 (approx)
  • Tags: Globalisation essays

Text preview of this essay:

This page of the essay has 954 words.

Globalization has numerous extensive effects on our lives. It inevitably produces simultaneous benefits and setbacks for humanity. The emission of carbon dioxide has rapidly increased, ever since the global market was made. In regard to the negatives, globalisation leads to the destruction of natural land and the resources it provides us with. Pollution is a major factor which putting many species of organisms into danger. Nevertheless, the nature of competition between companies ensures better products for consumers. The interdependence between countries, regarding trade, maximises global security. Last but not least, Negative characters such as prejudice is eliminated through the pluralised societies.

Globalisation has negatively impacted our Earth as it has brought about the destruction of our land and resources. There are various parts of the world where mountains, forests and other natural monuments are being cut to make room for a tunnel or possibly a highway. Vast areas of land have been encroached upon, to make way for buildings, roads, etc. Due to deforestation, our own native animals are suffering. Deforestation, also known as the ‘modern day plague’ has led to the damage of the food chain, loss of habitat, loss of warmth and many more reasons, for these animals. Oxygen, a vital gas needed by humans to live, will soon be rare as a result of deforestation. Cutting down of trees, results in cutting down of the supply of oxygen. While humans rejoice on these innovations, they little know and realise the long-term radical effects on the environment.

As a result of the global market, our own homes and countries are being polluted. Countless studies have proven, that plastic is a major toxic pollutant, as it isn’t a biodegradable product. To the industrial world, plastic is of immense importance, as we use it for many causes such as preserving of goods and packaging. This escalation in production of plastic has led to a widespread in environmental pollution. The industrial waste which is being loaded on ships and dumped in oceans. This build-up of rubbish has led to the loss of life of numerous underwater organisms. To produce plastic we use many natural resources which give off harmful and unwanted gases. Some of these gases have led to the diminution of the ozone layer. Globalisation has made so many changes to our lives and the world that, it is becoming almost impossible to revert. Also, due to globalisation the world’s carbon dioxide emission have increased by an outstanding amount. Ever since major industrial countries like China, India and the United States have stepped into the global market, the consumption of coal and other natural resources has increased rapidly. Prices for natural goods such as coal and oil are increasing, as the availability of these products are diminishing.

The natural competition between companies ensures customers get the best products. The positive factors outweigh, the negative impacts globalisation brings upon this Earth. Through things liked increased competition and sharing of wealth and equality, there is a more stabilized security. Companies which supply and produce similar products compete with one another to make a better and cheaper product to attract demanding buyers. The quality of the goods is increased, and service is often better. Although companies struggle to strive and attend to everyone’s needs, the consumers are very pleased with the products. As companies increase in size, they are able to venture over international borders. Through this global market people are able to choose from a variety of things, rather than a small local amount.

Global security is maximised through the interdependence between nations regarding trade and resources. When the status of your economy relies on another country, it is unlikely that you would go and attack that country, Therefore, globalisation heightens the world’s security. Although there are many incidents which already occur, the fact remains that globalisation has prevented many feuds, which could have occurred. Countries are able to receive important goods such as medications, resources and materials which would otherwise, without the global trade, be scarce and almost impossible to get hands on. Research has shown that developing countries are benefiting heavily through the global market as they are able to treat diseases, open businesses and survive.

Pluralised societies eliminate negative characteristics such as prejudice. Countries which get together through globalization will remove the cultural barriers between them, making the rest of the world a global village. Cultures and traditions are spread vastly over the Earth with the help of globalisation, and people have a wide range of religions and traditions to choose from and be accustomed to. People who have to go far from home due to work or in seek of a better life, can nowadays find societies of their religion and traditions in many countries and areas near them. For example, as many people come to Australia in seek of a better future and stable job, they also find many societies which have similar customs to themselves such as: Chinatown, Little India, Islamic societies and many more. Through the global market and travel, more and more people are being able to speak similar languages such as English, which helps businesses and common people to communicate with each other, regardless of their mother tongue.

The global market has brought about many negative impacts; pollution, destruction, deforestation and many more. However, there have also been many advantages brought to the human race through this global market such as better and cheaper products for consumers, a more secure world for us to live and grow in and a closer relation between people and societies. Globalisation is something which is inevitable, it can be influenced by many natural and artificial factors, however will always remain, and will continue to shape our Earth.

Discover more:

About this essay:

If you use part of this page in your own work, you need to provide a citation, as follows:

Essay Sauce, Impacts of Globalisation on the Economy. Available from:<https://www.essaysauce.com/economics-essays/2018-5-23-1527118401/> [Accessed 03-10-24].

These Economics essays have been submitted to us by students in order to help you with your studies.

* This essay may have been previously published on EssaySauce.com and/or Essay.uk.com at an earlier date than indicated.