Essay on Globalization : The Good, Bad, The Ugly

763 Words Nov 9th, 2014 4 Pages
Globalization: The Good, the Bad, the Ugly
As a beginning business student, I have yet to determine whether or not globalization can be considered positive or negative for the world markets. To me the idea of something being good for business would be simply something that increases the profitability of the business. However, when talking about large concepts such as globalization, it is hard to definitively say that it is good or bad. By understanding the pros and cons of globalization, I hope to shed a better light on globalizations role in the greater scheme of world economics. Globalization has impacted the world greatly, the aspects of national autonomy most greatly influenced by globalization are financial, industrial, technological, political and cultural.
The Bad and Ugly
In the 1980’s, when the World Bank and the International Monetary Fund (IMF) made structural policy changes, many countries began to liberalize their trade dogmas. There are those that would argue that this liberalization would help economic growth, which in turn would lower poverty levels in the countries that moved away from traditional protectionist strategies (Ades & Glaeser, 1999). Others argue that unregulated free trade, driven solely by market forces, while it may result in an increase in the standard of living for some, primarily in already developed countries, it has and will not do so for the poorest (Precious, 2010). (Conclusion 1) After nearly 30 years of “free-trade”, poverty in many…

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