Answer:
The answer is below
Explanation:
Globalization or specifically, Economic Globalization, is a term that (differs from Political and Cultural Globalization) describes the distribution of products, services, technology, information, and jobs across various countries, continents, and cultures.
The advantages or pros of economic globalization includes the following:
1. Economic Globalization is expected to result in free trade that enhances global economic growth; leads to more jobs, makes firms extra competitive, and reduces the prices of products generally.
2. It promotes technological advancement, whereby developed countries utilizes and transfer capital-intensive production and technological advancement to developing countries, through the transfer of labor-intensive production processes.
3. It enhances the quality of life: this is shown when each country involves in a form of division of labor, production, and trade based on their strength and resources. This, in turn, leads to lesser production costs, increases productivity, and results in a better quality of life.
The disadvantages or cons of economic globalization includes the following:
1. Labor markets are exploited in terms of wages and salaries: this occurs whereby workers in developing regions are paid lesser compared to normal or international standards, thus the gap between the upper class and the lower class keeps increasing.
2. Tax Evasion: this occurs when some multinational firms find ways to exploit the tax and operation system of other countries, mostly the less developed and developing countries, so as to avoid paying the necessary taxes.
3. There is also a form of labor exploitation in terms of working conditions, as convicts and child laborers are sometimes encouraged to work in undesirable situations considered to be inhumane where safety standards are overlooked for the purpose of producing cheaper goods.
