Effects of Globalization in Its Correlation with Economic Condition
Many people said that today is the era of globalization. There are many positive and negative effects of globalization. In facing globalization, we need to be ready. Country who hasn’t prepared for the globalization will suffer from disadvantages. In the other hand, well prepared country will be able to survive and make the country much more developed. What is the correlation of the globalization toward the economic condition?
Globalization of economy means entering the global economic world. It is a process of being global. In term of economic, it will cause significant effect. Foreign products are entering and it will be great competitors toward the local market. Usually, the products are available is cheaper price and high quality. Increasing the quality of the local products is a must. It couldn’t be done instantly, but it should be done step by step. In order to save the local market, the government should take action. They need to give a policy that gives advantages to local traders, so that they won’t get bankrupt.
The positive impact of globalization in term of economic is large opportunity to introduce products globally. You are free to trade and compete with other people in global scope. Knowing both the advantages and disadvantages, we need to get prepared before it is too late.