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Globalization Negatives (Also Made By Ryan) - Coggle Diagram
Globalization Negatives (Also Made By Ryan)
Environmental Damage
Air pollution
Pollution of chemicals into rivers
Deforestation/natural resource loss
Fracking/mining ruins natural habitats
Social and Cultural Damage
Obesity and health problems from fast food/damaging foreign businesses
Foreign companies are economically dominant, which give them cultural dominance over local businesses as well. This may lead to locals adopting foreign cultural practices over their own.
For example, people in India eating hamburgers and drinking coke.
For example, Japanese people now eat KFC on Christmas as a tradition.
For example, people in the UAE celebrating Christmas
Higher immigration from globalization may also lead to more racial and ethnic tension between locals and immigrants
Economic Damage
Foreign companies which come into poorer countries tend to be stronger than local businesses. This means that local businesses do not get a fair chance to compete against them and will lose profits, leading to more economic damage to the local economy.
For countries to attract foreign investment and companies, they have to incentivise them with lower minimum wages, lower labor regulations, and lower taxation.
Worse workers' rights
Lower pay/exploitation
More dangerous working conditions
Tax income may not actually be so high then
Foreign entities like governments and companies now have more power to influence the local economy - loss of economic sovereignty, the country also now heavily depend on foreign entities/corporations to run their economy.