Does globalization increase standards of living around the world, or suffocate other cultures under an onslaught...

Does globalization increase standards of living around the world, or suffocate other cultures under an onslaught of Big Macs and Coca Cola?

Expert Solution

Answer-Globalization actually increase the standards of living around the world, Due to globalization, many developing countries are benefitted from the set up of new industries and firms in their own countries which also creates the lots of job opportunities in the developing countries, which helps in the reduction in the rate of poverty as well as the unemployment rate in the country. By globalization, many multinational companies are now able to invest in foreign countries, now multinational companies have the opportunity to expand their business in all over the world which will create lots of jobs opportunities for the citizens of that particular foreign country where multinational companies are going to invest . Due to globalization, now customers have a variety of choices in which they can choose according to the quality as well as price of the product Globalization also create a larger competition for different companies. With competition, the products and services will also improve to satisfy the consumers,hence globalization increase standard of living in around the world and it does not suffocate other cultures under an onslaught of Big Macs and Coca Cola.

Rahul Sunny answered 1 year ago

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