私醫聯招 英文歷屆試題｜第 243 題

Globalization is the integration of international trades, products, business ties, cultures and etc. Since the 1970s, more and more countries have opened their markets for each other and helped transform the world economy into a free global market. Based on the World Bank's report, one of its major proponents, economic globalization has reaped many benefits and helped reduce poverty in many developing countries. Globalization advocates claim that economies in developing countries have received many benefits from new opportunities that they can promote their goods worldwide through the internet. Research also shows that with the integration of local economies into the world economy, there has been a great income increase in twenty four countries with more than three billion people of their population.

However, critics suggest that economic globalization is actually harming the local economy and is widening the gap between the rich and the poor. For instance, with large-scale manufacturers begin to produce the same goods in a more efficient way or when big companies like COSTCO or Carrefour get in the local areas, home-based businesses and small businesses will be crowded out for sure. Moreover, the poor people, the illiterate, unskilled workers, and aboriginal peoples in the developing countries never benefit from the integration of world economy.

Despite the pros and cons of globalization, there seem to be no turning back on this issue. With the advances in technology, we are already living in an interconnected world that allows us to exchange goods and ideas. The real challenge now is to figure out a way to create a fair global market that benefit all.