Mixed opinions exist among people in relation to how globalisation influences the economies of the world

Mixed opinions exist among people in relation to how globalisation influences the economies of the world. Some argue that it is evident that globalisation has brought dramatic economic growths and more employment opportunities around the world, particularly in the developing countries. However, there are criticisms raised to remind people of negative impacts that are caused by globalisation.

Economy and employment have been thriving in some developing countries for the last 30 years since globalisation first formed its concept. Countries, such as China, India, and South Africa, which had once struggled with economic developments, are largely affected when most giant international corporations moved to nations where tax rates are lower and labour rates are cheaper. This particular wave has created enormous new businesses in less developed countries. Therefore, both economics and employments have been promoted significantly by globalisation.

However, some economists and sociologists believe that globalisation has not created jobs globally; rather, it simply shifted employment opportunities from developed countries to developing countries. As a result, when China is experiencing high job growth, The United States, on the other hand, is suffering from the high unemployment rate.

They also claim that globalisation encourages dependency on other countries so that if one country’s economy collapses, it is very likely that other countries’ economies will be damaged as well. The 2008 global economic crisis had well demonstrated how this dependent relationship worked very negatively among countries during the crisis.

In conclusion, globalisation plays a major role in pushing economic and employment developments forward in developing countries; however, evidence has suggested that it has negative impacts on industrialised countries in terms of economic and labour market growths. Moreover, the unhealthy dependence among countries is another concern in relation to globalisation.