Final answer:
Globalization has both helped and hindered economies in various ways.
Step-by-step explanation:
Globalization has both helped and hindered economies in various ways.
Ways globalization has helped economically:
Increased access to global markets has expanded opportunities for businesses to sell their products and services worldwide.
Lower production costs through outsourcing and offshoring have allowed companies to reduce expenses and offer products at lower prices.
Foreign direct investment has brought capital and technological advancements to developing countries, stimulating economic growth.
Ways globalization has not helped economically:
Job losses and wage stagnation due to competition from low-wage countries have negatively affected workers in some sectors.
Unequal distribution of benefits, where corporations and the wealthy disproportionately benefit from globalization compared to workers and marginalized communities.
- Environmental degradation due to increased industrialization and exploitation of natural resources in pursuit of economic growth.