what are the social problems of globalization of economies?

Answer 1

mass poverty, failure of education

Answer 2

Problems with globalisation is that:

1) Local firms (especially smaller firms) would face more competition from firms of other countries (this can sometimes be good for us because firms may improve their product's quality or reduce prices to gain a competitive advantage).

However this can cause smaller firms to go out of business.

2) There would be political issues as well that could discourage trade with particular countries.

I think globalisation is a good thing.

1) We could outsource goods and services from other countries that we can't produce or harvest which we need and vice versa.

2) We could create more jobs for local firms because we'd reach a greater market, markets overseas.

3) Countries could share economic resources.

Overall, I personally think that the pro's of globalisation outweigh the cons.