Globalization can be defined as the integration of the world economies.
Industry may begin to thrive in LEDCs at the expense of jobs in manufacturing in the UK and other MEDCs, especially in textiles. Positive and Negative impact of Globalization on economy essay for students.An example of this is that a Hollywood film is far more likely to be successful worldwide than one made in India or China, which also have thriving film industries. It is feared it might drown out local economies, traditions and languages and simply re-cast the whole world in the mould of the capitalist North and West. Globalisation is viewed by many as a threat to the world's cultural diversity.They may pollute the environment, run risks with safety or impose poor working conditions and low wages on local workers. An absence of strictly enforced international laws means that TNCs may operate in LEDCs in a way that would not be allowed in an MEDC.However, what people say by globalization is often confusing and contradictory. It has also become a key thought for economic theory and practice, and entered academic argues. If it becomes cheaper to operate in another country, the TNC might close down the factory and make local people redundant. THE IMPACT OF GLOBALISATION IN SOUTH AFRICA Globalization is always a popular word in news and TV. To be clear, post mans are now jobless and only two options available is to become a criminal or a prostitute as a survival stratagem.Although there are some positive impacts of globalization there are being outweighed. Transnational companies, with their massive economies of scale, may drive local companies out of business. Economic wise technology have swallowed our jobs here in Africa adding another intake to the available thieves and prostitutes. Often, profits are sent back to the MEDC where the TNC is based. There are no guarantees that the wealth from inward investment will benefit the local community.The role of LEDCs in the world market is mostly to provide the North and West with cheap labour and raw materials. Globalisation operates mostly in the interests of the richest countries, which continue to dominate world trade at the expense of developing countries.Globalisation means that the world is becoming interconnected by trade and culture exchange. Globalisation has had major consequences for high-, middle- and low-income countries. Critics of globalisation include groups such as environmentalists, anti-poverty campaigners and trade unionists. What are the positive and negative impacts of globalization on culture Levels of development are dependent on physical, economic, environmental and political factors.