GLOBALIZATION: Pros vs. Cons

Globalization

"The growing interdependence of countries through the increasing variety and volume of cross-boarder transactions in goods and services and international capital flows and through the rapid and widespread diffusion of technology." 

Pros

• Globalization allows countries to focus more on producing their main source of income and less on products that are not their forté when it comes to production. According to the Food and Agriculture Organization, The People's Republic of China is the top exporter of rice in 2012 with 204.3 million metric tons per year. Since they get a large amount of income from rice, this country can focus less on the production of steel for example because they can afford beef from another exporting country like Brazil, the top beef exporter with 1,940,000 metric tons of Carcass-Weight Equivalent annually.
• Globalization creates more jobs due to the amount of workers needed for an international market. An increase in production is required therefore allowing opportunity for additions in the workforce
• Countries can learn how to become more efficient with handling issues pertaining to trade, finances, economics and communications through the policies that other countries may impose their land. The Philippines, known as being the texting capital of the world, could help teach countries who aren't as well-equipped how to use telecommunications as an effective tool of communication. Switzerland, known for its trusted bankers, could shed some knowledge to other countries on how to maximize financial security of bank accounts.

Cons

• Companies face much greater competition. This can put smaller companies, at a disadvantage as they do not have resources to compete at global scale. Trans-national corporations, the architects of globalization, can put local stores out of business mainly because these corporations are so well-known for their quality goods that they do not even bother with experimenting with lesser known brands. This can be seen in companies such as Nikes with their shoes and McDonald's with their fast food. 
• Developed countries like the USA can deter the development of developing countries such as the Philippines. In 2005, the Philippines is the 9th largest sugar producer in the world and 2nd largest sugar producer among the ASEAN countries second to Thailand according to Food and Agriculture Organization of the United Nations Statistics Division. Although the country produces a large amount of sugar, a certain percentage goes to the US without any sort of profit due to the 1965 U.S.Sugar Act.