Globalization refers to the process that has interconnected countries and markets across the world through trade, investment, and communication. The benefits of globalization include access to a larger market, increased economic growth, and cultural exchange. However, it also has its drawbacks, such as the exploitation of workers in developing countries, economic inequality, and environmental degradation.
For example, outsourcing manufacturing to developing countries has led to the exploitation of workers by paying very low wages and working in poor conditions. This has led to debates about the role of globalization in income inequality. Additionally, the increase in transportation and international trade has also led to an increase in carbon emissions, leading to environmental degradation.
Overall, globalization has been largely beneficial for the global economy and has helped connect countries to share knowledge and resources. However, it is important to address its negative effects and work towards fair trade practices and sustainable development.