The pros and cons of globalization and international trade

Cons of globalization and international trade
Displacement of jobs: While trade may lead to employment growth, it can also result in job losses in sectors of the economy that can't compete with imports. Businesses may decide to import products rather than create them domestically when they can produce goods and services at a lower cost overseas. This may result in the closing of domestic companies and the loss of jobs for persons employed in such sectors. Workers who have lost their employment might not have the skills or expertise needed to shift into such jobs, even though new opportunities in export-oriented businesses might be created.
Benefits are not spread fairly among nations and people, which has created inequality. This is a result of globalization and international commerce. Uneven economic growth and development have resulted from the fact that some nations and firms have been better equipped to benefit from globalization and international commerce than others. Likewise, although some people would profit from trade's better earnings and more employment options, others might lose their jobs or see their pay decline. Increased income disparity between various worker groups and within nations may result from this.
Environmental deterioration, with greater global mobility of goods and services, globalization and international commerce have led to environmental degradation. Burning fossil fuels is necessary for the movement of goods and services, which contributes to climate change and air pollution. Moreover, certain nations may have laxer environmental laws than others, which would be harmful to the environment in such nations. To benefit from decreased costs, certain companies, for instance, may migrate to nations with laxer environmental standards.
Loss of cultural identity, when businesses and consumers increasingly adopt a globalized culture, globalization and international commerce may cause a loss of cultural identity. If local traditions and practices are supplanted by more globally influenced forms of entertainment, fashion, and cuisine, this may result in the homogeneity of culture. The cultural legacy of a nation or area may suffer as a result of this.
Dependency on imported goods and services, when a nation becomes more reliant on imported goods and services, it may be more susceptible to supply chain breakdowns, political unrest, and other outside forces that may restrict access to such imports. Significant economic and social repercussions may result from this, particularly for emerging nations that may be more reliant on imports.