Question

In your opinion is globalization inevitable? Are the overall benefits of globalization positive? What would you consider to be the gains and losses from globalization?

Answer 1

Globalisation is absolutely inevitable as all countries have limited competitive advantage and absolute advantages in producing goods and subsequently rely on foreign firms. Moreover through opening up of FDI, government earns higher revenues and flrex reserves which paves way for globalisation.

However benefits outweighed losses.

Overall benefits of globalisation are:

• Lower prices
• Better choices
• Economies of scale
• Free movement of labor
• Lower unemployment
• Better bilateral relationships

Overall losses:

• Structural unemployment takes place
• Environmental costs
• Tax avoidance
• Brain drain
• Excessive dependence on foreign firms.

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