Table of contentsIntroductionAdvantages of globalization Disadvantages of globalization ConclusionReferencesIntroductionWhat is globalization in reality and is it important for us? Globalization is a capability that enhances the growing interdependence of the world's economies, cultures and people, brought about by cross-border trade in goods and services, technologies and flows of investments, people and information. Since ancient times, humans have sought places to settle, produce and trade goods thanks to advances in technology and transportation. For example, many countries have grown through globalization, such as China, whose rise to power has been one of the most dominant forces in the global economy. Over the past 40 years, China has achieved high and sustained economic growth rates after implementing the policy of reform and opening-up. In 1980, China's exports accounted for only 5.9 percent of GDP and its overseas foreign investment was just over $1.6 billion; by 2013, the latter figure had risen to $290 billion. It cannot therefore be denied that globalization has many advantages and disadvantages, which are discussed in this essay. The benefits of globalization are no less than its drawbacks, although some argue that globalization will encourage the transmission of diseases. Say no to plagiarism. Get Custom Essay on “Why Violent Video Games Should Not Be Banned”?Get the original essayBenefits of Globalization Firstly, there are more benefits to globalization as it would reduce labor exploitation. The imperfect integration of labor markets places us very far from the global labor market, as evidenced by a large income disparity. One study found that the median salary for jobs in advanced countries is two and a half times higher than for jobs with similar skill levels in the most advanced developing countries, and five times higher than in low-income countries. income. Throughout 2008, a Chinese manufacturing worker earned about one-twentieth the wage of an American manufacturing worker; a Mexican worker, a sixth. Next, the global forces behind wage convergence. Migration, trade, foreign investment and diffusion of technology. Increased migration is likely to play only a limited role in wage convergence. Some studies have also shown that immigration has had only marginal long-term effects on income in advanced countries. Trade can promote wage convergence even if workers don't move. Developing countries have abundant exports of labor-intensive goods, so trade leads to an increase in their wages compared to rich countries with less labor and capital. Foreign direct investment (FDI) in capital-poor developing countries can increase worker productivity and wages by transferring management skills, capital and technology, and sometimes outsourcing jobs from advanced countries. Finally, the globalization of the labor market and the distribution of income. These globalization factors were correlated with a rise in living standards as well as a deterioration in income distribution in advanced countries: the wages of low-skilled workers remained stable or even fell, while the wages of high-skilled workers increased. strongly. Labor income fell by 3.5 percentage pointspercentage as a percentage of GDP between 1993 and 2009. Globalization can improve our communication channels. With the advancement of technology, the world is getting bigger and bigger. There are many ways to communicate with people around the world. In the past, people always thought that globalization or communication between countries was impossible. With the advent of new technologies, global communication and learning problems have been solved. The increase in internet usage has brought us a lot of convenience to improve the way we connect with each other. Thanks to Internet technology, we can view a variety of perspectives that were previously beyond our reach and the ability to connect in real time with people thousands of miles away. People still feel unable to communicate with people with cultural differences. Initially, people used body language to communicate with people with cultural differences. With the rise of globalized communication, communication between people and cultural differences is no longer a difficult task. For example: one person in Malaysia and one person in China. The two people can share not only business content, but also their cultural perspectives. This communication opens your sense of where it is accessible in the world, thus laying the foundation for a developing worldview. Global communication is a major force in changing and improving the world's environment, culture, politics and economy. Most companies now use communication tools such as video calls to hire employees from other countries and quickly communicate with peers around the world. With technology, we can speed up deliveries, monitor shipments and much more. Most importantly, the company can promote and strengthen partnerships with multinational suppliers and consumers. Apart from this, communication technology helps other businesses to exploit opportunities to improve the global economic environment of different countries or cities. Thanks to global communication, everyone's life becomes modern and more efficient, wherever they are. Disadvantages of globalization However, some argue that globalization has certain disadvantages, notably by encouraging the transmission of diseases (Mirski T., Bartoszcze M. & Bielawska-Drozd A., 2011). As we can see today, a new coronavirus named COVID-19 appeared in Wuhan, China in early December and in 2 months there were 71,000 confirmed cases and 1,773 deaths worldwide (Wetsman N ., 2020). Unfortunately, one of the reasons this virus is spreading quickly is due to globalization, as everyone infects others easily and is highly transmissible. Additionally, an infected person showing no symptoms of the virus will bring it back to their own country. So the coronavirus will break out in other countries like China. Moreover, the economic aspects of globalization mainly concern the development of trade, including food trade, which has an impact on the spread of food-borne diseases (Mirski T., Bartoszcze M. & Bielawska-Drozd A., 2011). The migration of people between countries and rural and urban areas, which will also promote the global spread of many infectious diseases. However, this argument is weak in that globalization would encourage disease transfer, but this would be prevented in that globalization has improved health care technology