In 3-5 sentences, review the costs and benefits of globalization and critique where the benefits outweigh the costs. ( 4 points )

Answer 1

Globalization has significantly lowered trade barriers, allowing countries to specialize and access a wider array of goods and services at reduced prices, which can enhance economic growth and efficiency. However, it also leads to job losses in certain industries and can exacerbate income inequality within and between countries. While the economic benefits, such as increased market access and innovation, often outweigh the costs, particularly in developing nations that gain access to capital and technology, the challenge lies in addressing the negative impacts on marginalized workers. To fully realize globalization's potential, it is crucial to implement policies that protect those adversely affected while fostering inclusive growth.