Final answer:
Globalization has led to outsourcing, international division of labor, and global commodity chains, which has affected employment in developed nations and raised concerns over corporate influence. Driven by technological improvements and international agreements, globalization also offers economic development and wealth creation opportunities.
Step-by-step explanation:
As a result of globalization, numerous changes have occurred for both developed and developing nations. The quest for reducing costs and increasing efficiency has led to the outsourcing of manufacturing and service-industry jobs to developing countries, which sometimes results in increased unemployment in developed countries. This can weaken support for globalization if new jobs are not created and if labor forces are not trained for new industries.
Additionally, globalization has introduced an international division of labor, where high-wage workers in developed countries, referred to as core nations, compete with the lower-wage labor pool of developing nations, or peripheral and semi-peripheral nations. This has sometimes led to xenophobia and challenges for companies to localize their products to assuage public sentiment. Moreover, globalization has facilitated the development of global commodity chains and raised concerns over the influence of multinational corporations on local governments and communities.
Despite the challenges, globalization has been driven by technological advancements in transportation and communications, as well as international agreements, leading to increased trade and the potential for accelerated economic development and wealth creation.