Sustaining Economic Development

How far was the economic impact of globalisation an important benefit to the world? Explain your answer. [12]

Issue : What benefit does globalisation brings to the world?
Given Factor: Economic impact of globalisation
Alternative Factor: Social impact

Globalisation is a double-edged sword. The forces of globalisation will bring about several impacts. These impact can produce both benefit and problems.

The economic impact of globalisation can bring about important benefit to the world. With globalisation, it brings about greater amount of trade and industrial development. This would help to create employment opportunities thereby reduce problems caused by unemployment. Many countries can also enjoy increased in their income levels. As countries generate more revenue, the money collected can be channelled to improvement in education, health, defence, housing and transportation for the people in the country. The standard of living for the people would improve. In this heighten competitive world, countries would work to remain competitive in this global world. In the process of improving its competitiveness, the people would also get to enjoy the improvements made in the country.

Apart from producing economic impact,globalisation will also bring about social impact which can also bring about benefit to the world. With increase in globalisation, people become more aware of different cultures. Through the different media, one can learn about the history, culture and way of life of people around the world Globalisation creates opportunities for the world to interact. This helped to create opportunity for greater understanding, appreciation and integration of the different cultures in the world. In the long run, it would helped to encourage world peace where people around the world will see beyond their differences. Therefore the social impact of globalisation can also bring about benefit to the world.

Apart these two impacts, globalisation can also bring about environmental impact. Due to globalisation brought about an increase in environmental degradation. However, due to increase in globalisation has also helped to increase a global awareness of environmental management
More countries are looking at seeking alternative energy sources, such as wind, solar and geothermal energy to provide for the energy it needed. In this was teh environmental impact of globalisation can also benefit the world.

Utimately, it is difficult to seperate the benefit in to economic, socail and environmentl impact. Globalisation will bring important benefit to the world.