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Chapter 2: Problem 2

Identify two costs and two benefits of globalization.

Short Answer

Expert verified
Benefits of globalization include economic growth and cultural exchange. Costs of globalization include inequality and loss of cultural identity.

Step by step solution

01

Identify benefits of Globalization

Globalization has numerous benefits. But let's focus on two significant ones: 1. Economic growth: Globalization fosters economic growth. Countries are able to exchange goods and services, leading to an accelerated economy. Businesses can have a larger market and hence, more potential for profit and growth. 2. Cultural Exchange: Globalization leads to the interaction of different cultures, which boosts understanding and tolerance among people from different backgrounds through exchange of ideas, languages, and traditions.
02

Identify two costs of Globalization

Globalization, while offering benefits, also presents some costs. The two crucial costs are:1. Inequality: The benefits of globalization are not uniformly distributed which leads to increased inequality. Richer, more developed countries and their citizens often derive more benefit from globalization than poorer, less developed countries.2. Loss of cultural identity: Despite the cultural exchange offered by globalization, it can also lead to the loss of cultural identity. Local cultures may get overrun by dominant cultures, leading to loss of languages, traditions and ways of life.

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