Table of contentsIntroductionPositive and negative impactsConclusionIntroductionSeveral aspects define globalization, and it has a broad meaning that mainly focuses on the changes occurring across the social, economic and political lines of today's world. According to Sassen (2015), globalization has made the world a single nation. In business, globalization has transformed the global economy by making the world resemble a single village. Transactions are easy to make and goods can also be purchased very easily. However, globalization has had negative consequences in different critical sectors of the world. This article seeks to explore the negative and positive impacts of globalization on the world economy. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”?Get the original essayPositive and Negative ImpactsPositiveResearchers have found that globalization has created efficient markets for investors while improving living standards for consumers (Crane and Matten, 2016). Markets have been opened to investors around the world to provide customers with what they are willing to sell. This has enabled the expansion of business globally since greater sales guarantee profits which are returned to the company to increase investments. Thanks to globalization, investors have also outsourced goods and services, allowing them to reduce production costs. As a result, they have increased their sales and consumers have a wide range of goods and services at an affordable price. According to Crane and Matten (2016), globalization has increased competition among producers. Producers compete for control of the economy. Venturing across international borders requires investors to adhere to the norms of the global goods market. The fight for market share and compliance with global standards have forced companies to improve the quality of their products. The availability of high-quality products has allowed consumers to choose from a wide range of options. The existence of competition has also led to a fall in the prices of goods and hence an improvement in the standard of living of people living in third world countries. Negative A critic of globalization has pointed out that it has negative impacts that are detrimental to third world countries in various ways (Clark, 2014). They argue that the rise of globalization has exacerbated income inequality. Income inequality has created a divide between industrialized and less industrialized countries. Income inequality has increased since industrialized countries are the main investors and therefore the main beneficiaries while third world countries will simply have the opportunity to buy cheap goods and still make a profit. are taken to develop the homelands of investors. The domination of global trade by transnational corporations aggravates poor development in their area of ​​development as they maximize their profits. Keep in mind: this is just a sample. Get a personalized article from our expert writers now. Get a Custom Essay Conclusion: From a superficial analysis, globalization has brought greatness to the world economy and brought down developing countries. Although accompanied by weaknesses, globalization has succeeded in liberating and further changing the world economy. The weakness of globalization can be managed by..