Aspects of Global Economic Trends - Special Academic Support

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Globalization has affected individuals, groups, and communities all over the world and has had a big impact on sustainable development. Globalization has significantly altered economies, society, and the environment over the last several decades, and it has made our globe more linked than ever before ( Eitzenet al., 2018). This is due to the rapid advancement of technology and the greater mobility of commodities, services, capital, and labor.

Numerous opportunities have been given by these movements. Rapid economic expansion has been accompanied by greater economic interconnection and globalization in many nations and areas. However, there have also been substantial problems brought about by globalization, such as an unequal distribution of its advantages and disadvantages. One example of this is the shifts in labor trends and technology advancements. I have seen these trends in my community, where some of the jobs are being replaced by robots or technology equipment. For example, some fast-food restaurants accept orders via computers instead of having waiters or cashiers. This means that there are fewer jobs on the market, especially entry-level ones.

I see that these global economic trends have a negative effect on the employment and safety of work conditions. Mainly, globalization prompts companies to move their production facilities to countries with cheaper labor. The cost of labor is the effect of less strict regulations regarding the minimum wages, the safety of work conditions, or even the minimum age at which a person can be employed. Thus, although companies can reduce their costs and still provide a good product to their customers, the people in developing countries where these jobs are outsourced have bad work conditions. Additionally, this means that local communities have fewer job opportunities, affecting unemployment rates.

Reference

Eitzen, S., Smith, K., & Zinn, M. B. (2018). Social problems (14th ed.). Pearson.

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