Globalisation in the 21st Century: Winners and Losers
Globalisation in the 21st Century
Let's talk about popular introverts. I'm sure you've heard their names: China and Canada. They are so much like frat boys: outgoing and open but only showing you what they want you to see. An economic term for "Popular Introverts" is Closed Economy, though reserved extremely smart. Let's talk about how globalisation affects these once-closed economies.
Starting off with, what is a closed economy? A country that doesn't engage in import-export or financial exchanges with other countries instead aims to be self-sufficient.
Then, how does globalisation in the 21st century affect these countries? Who are the winners and who are the losers.
Globalisation has had both positive and negative impacts on these countries. It helped boost trade, the economy, and technological advancements, but it also created diplomatic tensions and competition in labour-intensive industries, such as Canada. But who are the winners and losers? This topic is pretty controversial. I believe the winners and losers are the citizens of the country, and the government deals with the output produced by these winners and losers. Globalization can create both winners and losers in developed and developing countries.
Who are the winners?
- Consumers: Globalization can increase the variety of goods available in the market because of the import-export relations that have formed.
- Companies- companies that are the best in their field or cheap to run can do well.
- Economy- globalization helps boost the economy and economic relations between countries.
- Tribal and Indigenous people- especially in developing countries it can affect the poor tribals and Indigenous people who might be exploited for their resources.
- Companies that globalize extensively- companies that expand their markets are at risk of losing their home markets.
Globalisation has urged even the most closed economies to adjust and adapt, bringing both opportunities and challenges. While it encourages growth and innovation, it also creates inequality. The real question is whether any economy can remain self-sufficient in today’s interconnected world or if adapting to globalisation is the only way forward.
WOW!! that is really some insightful content. Look forward to reading more. Love your consistent posts!!!
ReplyDelete