Final answer:
Globalization has both positive and negative effects on the world by promoting development and international awareness, but also by creating challenges in employment, political power dynamics, and global competitiveness.
Step-by-step explanation:
The Effect of Globalization:
The impact of globalization is a multifaceted phenomenon affecting economies, cultures, and political structures worldwide. It refers to the process of integrating governments, cultures, and financial markets through international trade into a single world market.
Some benefits of globalization are the accelerated progress of development, creation of international awareness, and increased wealth. Meanwhile, the drawbacks include the potential weakening of countries, the growing influence of multinational corporations, and rising levels of inequality in societies such as the United States.
Globalization also results in an international division of labor, where wealthy workers in core nations compete with low-wage labor pools in peripheral and semi-peripheral nations. This heightened competition can lead to xenophobia, a fear and sometimes hatred of foreigners and foreign goods.
Another significant aspect is the tendency of large corporations to relocate factories to countries with cheaper labor and weaker environmental regulations, which undermines the power of nation-states and can lead to job losses and political controversy.
In summary, while globalization can bring various economic and cultural benefits, it also presents challenges related to employment, corporate influence, and global competitiveness.