The pros and cons of globalization

As the world becomes more connected, globalization has become a daily reality for people in every corner of Earth. But while globalization — described by Peterson Institute for International Economics as the "growing interdependence of the world's economies, cultures, and populations," can have positive effects on economies, there are also concerns about what it can do to the environment and the world's workers.

Pro: Globalization boosts economies

In general, globalization "expands business operations worldwide and is facilitated by communications, technological advancements, and socioeconomic, political, and environmental developments," said Investopedia. This can help lower both the cost of manufacturing goods as well as the cost of goods to consumers.

This economic boost is "gained via diversification of resources, new investment opportunities, and new raw materials and resources," said Investopedia. This allows companies to take advantage of as many market opportunities as possible.

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Con: Globalization heightens competition

Global free trade is mostly beneficial, but "individual companies, organizations, and workers can be disadvantaged, however, by global competition," said Harvard Business School. This is "similar to how these parties might be disadvantaged by domestic competition: The pool has simply widened."

And as governments work to protect these companies, they may look to do so by implementing tariffs, which can "make it more difficult for a competing nation or business to justify doing business in the country," said Harvard Business School. This can be "detrimental to the overall economic performance of both parties."

Pro: Globalization creates international cooperation

By bringing different sectors of the world together, globalization means people are "becoming increasingly connected" through "telecommunications, the Internet, free trade, air travel and more," said National Geographic.

Beyond just bringing people together, this collaboration can help "developing countries overcome challenges and enhance their global participation," said the World Economic Forum. These countries, many of which continue to face economic hardships, can see that "their unique perspectives and needs are recognized and integrated into global solutions."

Con: Globalization can exploit workers

Laborers, particularly in low-income countries, can be exploited for the economic benefit of globalization, which "weakens global trade networks' integrity and resilience, leaving companies vulnerable to supply chain interruptions and legal liabilities," said the U.S. Department of Homeland Security. Many industries that exploit workers are "part of our daily lives.

Globalization is a "great boon for some of the world's biggest companies, but not for their workers," said Jacobin. It would be "more accurate to describe many" globalized efforts "as global poverty chains."

Pro: Globalization makes goods more accessible

Increasing economic ubiquity "allows companies to find lower-cost ways to produce their products," said Velocity Global. And while increased competition has its drawbacks, it "drives prices down and creates a larger variety of choices for consumers." This can "help people in both developing and already-developed countries live better on less money."

The "way technology spreads across countries is central to how global growth is generated and shared across countries," said the International Monetary Fund.

Con: Globalization has environmental concerns

Globalization has "caused pollution, damaged ecosystems, contributed to climate change, and disproportionately harmed impoverished people and communities of color," said attorney Ben Crump. Many people, particularly in low income areas, have "suffered serious environmental harm because of globalization."

There is a "strong historical relationship between closer global ties and higher greenhouse gas emissions in the atmosphere," said the Cato Institute. But to "reach climate stability is to harness the immense power of globalization for sustainable planetary progress."