Even though globalization affects the world’s economies in a positive way, its negative side should not be forgotten. Discuss.

The world's economies has always been affected by globalisation. Some people argue that globalisation has affected the world positively, while others believe that at the same time it also has its downside effect to the world's economies.

Firstly, globalisation has made the world smaller which means that information can be shared faster and more accurate. Moreover, with this ease of information sharing, whenever there is a favourable information, such as fall in oil price or new trading agreement between countries, it will have a global impact. However, in the same way, when there is a news about war declaration or terrorism, the downside effect will also be shared globally.

Secondly, globalisation has created more opportunities for entrepreneur and businesses, because their market is not limited to the locals, but also the world. This opportunity will increase product range, diversity and with more competition, consumers will be able to purchase products with lower prices. This effect seems favourable to both customers and businesses, nevertheless there is always a downside. With more competition, small businesses who have minimal capital are unable to compete and they will be forced to close down their business, which then lead to the local market being dominated by international businesses.

In summary, globalisation has truly brought positive impacts to the world's economies from wider opportunities to faster information sharing. However, we should not ignore its downside that might affect the economy locally or even globally.