The benefits of globalization

1. Consumers will have a wider choice of goods, and prices are likely to be lower.

2. Globalization gives bigger export markets for domestic manufacturers

3. Globalization enables increased specialization of production. This specialization enables firms to benefit from economies of scale. This leads to lower average costs and increased efficiency.

4. Globalization causes increased competition between different firms and countries. This puts pressure on firms to be increasingly efficient and offer better products for consumers.

5. Increased inward investment. The process of globalization has encouraged firms to invest in other countries. This inward investment benefits developing countries because it creates employment, growth and foreign exchange. Some foreign companies are criticized for exploiting cheap labour. But often the wages are higher than otherwise.

6. Increased labour migration gives advantages to both workers and recipient countries. If a country experiences high unemployment, there are increased opportunities to look for work elsewhere.