Economic globalization is an inevitable process due to many reasons, but many people argue that it has a detrimental effect on the development of many countries or even the entire world. Nevertheless, globalization positively influences the evolution of human society at large, although some adverse effects are apparent (Wade, 2004). First, it is essential to understand the benefits of economic globalization to embrace it rather than try to oppose it.
Undoubtedly, economic globalization enables people to trade more efficiently and effectively as they have access to diverse resources and markets. An entrepreneur in every part of the world can offer products and services to people from other continents with the help of technology. The abundance of ideas contributes to the creation of new products making people’s lives more comfortable (Sen, 2012). Individuals, companies, and countries can collaborate to conduct complex projects.
However, such aspects as inequality are often raised in relation to economic globalization. It is argued that globalization is a manifestation of western imperialism as rich countries exploit the resources of developing countries (Sen, 2012). As a result, the opponents of globalization argue poor countries become even poorer. However, it is found that globalization is not directly linked to poverty and equality (Wade, 2004). Poor countries’ governments’ inability to cope with corruption and the lack of flexibility to adapt to new technological and cultural realms leads to inequality. Moreover, Sen (2012) stresses that emerging countries can and will also benefit from economic globalization if specific measures are undertaken. Thus, technologically advanced countries must be responsible in terms of using resources (supplied by developing countries), and developing countries must be committed to change and social stability within their boundaries (eliminating corruption and other issues). All in all, globalization can make all societies better and even contribute to the decrease in inequality globally.