Question

How is globalization affecting domestic employment?

Answer 1

• Globalization and its positive and negative effects on the Economy.
• This process has effect on the Environment, on culture, political, Economic development and prosperity.
• Globalization means trade, technology and Economic integration.
• All these factors have linked to higher Economic growth.
• So G D P will be higher because of globalization.
• It has effect on the way that we do business and how the economy works.

With the benefits of globalization there are negatives.

Positive effects:-

• It refers to the mutual dependancy of countries.
• The main cause is that a free trade environment is directing jobs outside of the US to places such as China,India and other countries.
• Where workers are willing to accept lower salaries.
• People prefer on trade in order to keep jobs with in the Economy and reduce the effects of globalization.
• It is applied in order to administer International trade by increasing efficiency in the production and distribution of products as well as to increase Economic productivity.
• Domestic products produce more efficiently due to their International specialization and the pressure that comes from foreign competition.

Negative effects of globalization are:-

Thought by the non economists and general public.

The concerns that come with globalization are the impact on small business around the country.

With globalization increased production and labour cost makes lower skilled workers less effective.

The last negative effect in globalization will be the over use of natural resources.

These things will be more harmful to the Economy than the benefits of globalization.

Natural resources are in high demand around the world and are in a set supply.

Globalization can be viewed as negative or positive.

But all factors are at the same time with ultimate goal of improving the Economy.