Even though globalization affects the world's economy in a very positive way.It's negative side should not be forgotten.Discuss

Globalization has been one of the most studied economic factors in the last 50 years. Many people hold the opinion that such a process of international integration between markets, products, ideas and cultures may represent a positive step in the world economy. Other, however, disagree with this view, enhancing its negative aspects, such as the loss of the unique features that every local market has, with the resulting homogeneity and monopolization of local businesses.

On one side, global interchange of goods, ideas and people represents the most useful and advantageous characteristic of the world economy. Certainly, the opportunity to cross national and local borders and to improve their incomes is the main positive result of globalization for trading companies. In Italy, for instance, many different industries, such as Ferrero Spa, have been increasing their sales volume in the last decades, by enlarging their sales range towards new country economies.

On the other hand, however, the disadvantages still remain visible to all of us. In particular, the possibility of finding the same shops selling the same variety of items in almost every corner of the world can be alarming. In other words, every country has its own culture with its peculiar foods and specific areas of economic growth, which allow us to identify it among every other. For example, the incipient spreading of international chains in Italy, such as Starbucks, can lead to the disappearance of our unique “caffetterie”, the traditional Italian bars.

Nevertheless, one of the major risks in globalization could be represented by the ascent of few world-leading companies that could monopolize and keep in their hands a big slice of market. As a result, many local factories, or even neighbourhood shops, could be forced to close their activities, due to the fact that their slice of market could be stolen by major companies.

In conclusions, our economy is undoubtedly receiving great advantages from global markets, but, in my opinion, economists should study strategies in order to keep the best from both globalization and local markets. In short, we should not waste this opportunity to improve the world economy.