The pros and cons of globalization and international trade

THE PROS AND CONS OF GLOBALIZATION AND INTERNATIONAL TRADE
Siddikjon Raufjonov
Student of TIF
Uzakov Shokhzamon
Student of TIF


Abstract. For the past few decades, economic progress and expansion have been driven mostly by globalization and international commerce. The opportunities they have created for companies to grow, people to have access to a greater variety of goods and services, and nations to specialize in producing goods and services in which they have a comparative advantage have revolutionized economies and cultures throughout the world. Policymakers must carefully weigh the challenges and disadvantages that come along with these opportunities. The advantages and disadvantages of globalization and international commerce will be covered in this essay.
Keywords: globalization, international trade, economic growth, competition, innovation, job creation, job displacement, inequality, environmental degradation, cultural identity, supply chain dependence.


Introduction:
Throughout the past few decades, the concept of globalization has had a significant influence on the whole world. By the growing movement of commodities, services, information, and technology across borders, it alludes to the interconnection of nations, people, and economies. Contrarily, international trade is the interchange of products and services between nations.
Technology, transportation, and communication developments have facilitated globalization and international trade by facilitating faster and easier cross-border commercial transactions. Companies may thereby get access to bigger markets, cut expenses, and take use of new resources and possibilities. Globalization has, however, also brought about certain unfavorable outcomes, like the loss of jobs, income disparity, and environmental deterioration.


Challenges for Economic Development
The increasing interconnection and interdependence of economies and cultures throughout the world are referred to as globalization and international commerce. Depending on the viewpoint from which they are seen, this procedure offers both benefits and drawbacks. Here are only a handful of the major benefits and drawbacks of globalization and international commerce.