Globalization results to an increase of jobs opportunities and technological development, more commonly, in emerging countries. However, exchanges between countries increase as we can see in the document 1. This map shows the Triad (or Oligopoly) including USA, the European Union, and Japan. Those are the 3 main countries exporting their high-value goods into other countries. It also shows the main sea routes and airways used by the Triad to send their goods and the main metropolises which are the main destinations of the exported products. Due to globalization, there is also an increase of competition between countries therefore an improved quality of goods in order to satisfy the customers and survive in the world's economy.
This process has a number of positive gains, but there are also negative effects associated with it. First, it is one of the main problems we are facing in the world today, and can affect future generations. Even though the created jobs, unemployment rises in developed countries due to the majority of the products made in other countries. Generally, LEDC’s export high value goods, and import low value goods. This leads to a slower growth and bad living conditions.
The WTO (World Trade Organization) was established in 1995, its aim is to bring together countries that belong to different customs unions to allow them to make decisions on multilateral trade agreements. There are, currently, 150 countries members of the WTO, including the G8, 8 countries that make most decisions: Canada, Germany, France, Russia, Japan, Italy, the UK and the USA. Those countries are all MEDC’s so they make most decisions in their favour to maintain their powers. We can see so in document 2. On the top of the tree, there are logos of the G8 major factories, flourishing. In the middle of the tree, there’s the letters WTO formed with the branches of the tree and at the very bottom, there is a map of the world, where the roots are planted. This shows that the WTO is helping the developed countries, the G8, to suck resources from markets all over the world.
Globalization has dangers and risks but strictly controlled, it also brings positive effects that helped some countries becoming richer. Others did not manage to get on the road and this led to an inequality. Globalization can bring great benefits with a fair trade, a balance of trade and a balance of payments.
