What are the pros and cons for the economy from globalisation?
Cons might include possible unemployment in the economy. For example, thanks to outsourcing, many businesses that operated in USA have shut down and are being operated in countries like China and India where costs of production are lower…for example, all your textile goods, or your call centres. These businesses previously contributed to the GDP of USA, but now contribute to other country’s GDPs like India and China. One common feature of globalization is that trade barriers are removed and no country gets any preferential treatment. This is done because eventually the countries that can supply goods and services at the cheapest rates would benefit, and ultimately its the end-users of the product that would benefit. However, for many countries, let’s suppose, Bangladesh and Pakistan, this would cripple all of their international trade because they can’t compete with the lower prices that India and China offer… There could be massive unemployment in these countries. Another issue wi
