Assignment 2: Final Summary of "Assessing Globalization - Benefits and Drawbacks of Trade and Integration"

Kohut and Wike (2008) state that globalization continues to generate opposing views from the rich and poor nations. Economic globalization resulting in strong growth generally receives global backing. However, a declining trend is seen in the developed nations since 2007 as more people think negatively of economic globalization due to its repercussions, one of which is the rising wealth disparity within nations. Besides that, for the developed and developing nations alike, the concern over the phenomenon of Americanization resulting in the loss of local cultures is also increasing. Transmigration of people in search of better job opportunities also generates rejection of globalization. Most importantly, the detrimental environmental effects have caused the world to prioritize environmental conservation over economic growth. All in all, globalization may still be considered as a benefitting process. However, if the disadvantages spread to the developing countries, it may become more of a bane than a boon.

(150 words)