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# Economic Globalization Pros & Cons

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Pros

Promote economic growth, enhance quality of life, promote technological exchange

1 / 8

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Terms in this set (8)

Pros

Promote economic growth, enhance quality of life, promote technological exchange

Pros (Promote economic growth)

Under globalization, countries can engage in division of labour, production and trade according to the advantages they have. This helps reduce the production cost and raises productivity, thereby contributing to the economic growth of the global economy.

Pros (Enhance quality of life)

Globalization facilitates the free flow of economic resources around the world. With international trade, they can then exchange for goods and services they need, thereby enhancing people's quality of life.

Pros (Promote technological exchange)

Through international division of labour, developed countries can specialize in capital-intensive production stages, such as technological research and development. On the other hand, transnational corporations / multi-national corporations are introducing technology into developing countries through transfer of labour-intensive production stages. This facilitates international exchange of technology, which enable countries to learn from each other.

Cons

Exploitation of workers in less developed countries, causing unfair competition in international trades, widening the gap between the rich and the poor

Cons (Exploitation of workers in less developed countries)

Cons (Causing unfair competition in international trades)

Globalization promotes international trade by means of free flow

Cons (Widening the gap between the rich and the poor)

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