Question

negative impact of globalization on growth view

Answer 1

Before understanding the negative impact of globalization on growth view, we need to know a little about globalization, how it affects the development of a country, then we will see its negative effect.
Globalization is the spread of products, technology, information, and jobs across national borders and cultures. In economic terms, it describes an interdependence of nations around the globe fostered through free trade.

On the upside, it can raise the standard of living in poor and less developed countries by providing job opportunity, modernization, and improved access to goods and services. On the downside, it can destroy job opportunities in more developed and high-wage countries as the production of goods moves across borders.
Globalization motives are idealistic, as well as opportunistic, but the development of a global free market has benefited large corporations based in the Western world. Its impact remains mixed for workers, cultures, and small businesses around the globe, in both developed and emerging nations.

Globalization has both positive and negative effects. On an individual level, globalization affects both the standard of life and the quality of life. On a business level, globalization affects an organization's product life cycle and an organization's balance sheet. Globalization also affects how governments throughout the world create policies affecting areas such as monetary regulation and trade.
Globalization motives are idealistic, as well as opportunistic, but the development of a global free market has benefited large corporations based in the Western world. Its impact remains mixed for workers, cultures, and small businesses around the globe, in both developed and emerging nations.
One clear result of globalization is that an economic downturn in one country can create a domino effect through its trade partners. For example, the 2008 financial crisis had a severe impact on Portugal, Ireland, Greece, and Spain. All these countries were members of the European Union, which had to step in to bail out debt-laden nations, which were thereafter known by the acronym PIGS.

Negative Effects of Globalization
It has had a few adverse effects on developed countries. Some adverse consequences of globalization include terrorism, job insecurity, currency fluctuation, and price instability.

Terrorism
It is a significant problem in most developed countries. Due to worldwide integration, people travel a lot. Some of them move abroad for studying, business, visiting relatives, work and access hospitals services. However, not all of them are totally honest. Lots of terrorists came to a foreign country with a worker visa having a hidden goal to perform a terrorist attack. It’s a problem that has posed fear among citizens who can’t trust their neighbors. Unfortunately, terrorists recruit young people, residents of the country and make them believe they are doing the right things. That’s why there are fear, mistrust, and tension in society.

Job Insecurity
Before globalization, skilled people got employment in government sectors and companies where they received high salaries. Job opportunities were waiting for those who completed colleges and earned a degree. People would resign a job and quickly get another. Due to globalization, there are many people seeking employment all over the world. Employers take advantage of cheap labor. One can get a dismissal because of a slight mistake as the employer can find a skilled worker who is ready to be paid less.

Price Instability
Price instability is a significant effect of globalization on business. Some people establish industries overseas where they get cheap raw materials and labor. They can cut production costs and sell their goods at a low price. Due to competition, some high-quality products differ in prices. No matter how the World Trade Organization has tried to control price fluctuation, their efforts are not successful. These companies reach out to consumers using modern technology. Successful businesses are for those who can find a competitive advantage and especially make high-quality products for a low price.

Currency Fluctuation
International trade buys and sells products using the US dollar. The price of dollar fluctuates day-to-day in developing countries, this results in imbalanced economy and unnormal prices for goods and services. National currencies are affected the most by IGOs.