Impacts of Globalisation

Impacts of Globalisation

1. Positive impacts

   • Economy
     • Increase in income levels
       • Countries give opportunities to foreign investments and earn more income
         • The income earned and help improve the country's important needs ; education,transportation and health
   • Social
     • Have a vast range of cultures to connect to
       • Become aware of cultures and learn of this through technologies (internet etc)
   • Trade
     • Increase in international trade in cultural products ,ideas and service (music for example)

2. Negative Impacts

   • Economy
     • Widen the gap between rich and poor people
     • Developed countries lose out as they face trade restrictions put up by developed countries..
   • Social
     • Increase the exposure of all societies to foreign cultures.
     • Can bring change to local cultures,values and traditions
     • New generation will become more interested in foreign cultures than the local ones.
   • Trade
     • When large companies/economies falls, it effects are felt all over the world
       • Trade falls and jobs are lost.