Existing regulations have not worked well. However, more consideration of globalization's social and environmental impacts is necessary, as are improved global governance mechanisms to ensure the benefits are more widely felt. The US and UK situations show the limits of deglobalization. The UK, which previously benefited from a unified market mechanism as a member of the EU, will no longer enjoy the same rights after Brexit. Britons played a key role in promoting deglobalization in the European Union, but discovered the associated costs were huge following the Brexit referendum. Meanwhile, Brexit is in many ways the epitome of deglobalization. Trump wants to reduce the US trade deficit and make domestic consumers happy, but consumers are unhappy about having to pay higher prices as a result of tariffs. Therefore, he has introduced many policies prioritizing US interests and promoting deglobalization. US President Donald Trump believes globalization harms the US economy and is the root cause of many of the country's problems. In part, Sino-US trade tensions are based on competition in the technology sector.Īlthough some kind of truce now seems to be in place, global trade still faces uncertainties and risks in this turbulent international landscape. Global warming, rising carbon emissions and biodiversity loss have led to more doubts over globalization.Īt the same time, digitalization has increased the level of interdependence between countries, which is one of the causes of international trade tensions. Over the past decade, awareness of the relationship between humans and nature has increased rapidly, challenging the notion of economic development at the expense of the environment. This in turn led to populism, unilateralism and protectionism in some countries. Many Western governments, especially in the United States and Europe, tightened fiscal policies to control expenditure and debt expansion, causing much huge social hardship. Some argued that mutual interdependence between different economies helped spread the crisis globally. The 2008 global financial crisis had a great impact on ideologies and technologies underpinning globalization. Mutual trust makes distribution of economic production more efficient. It has also helped establish global supply chains, made access to information easier, and acted as a driving force for economic growth by forging new international connections and fundamentally altering the development of the global economy.Īt the same time, ideology has facilitated open trade and exchange via globalization, engaging countries and companies in win-win partnerships.
Technological progress has altered economic trends, promoted exchange between different countries, and diversified and localized production in regions with comparative advantages. Technology and ideology have been the most significant influences on globalization over the past decade. Some believe globalization is a solution to the world's problems, while others claim that its political, economic and social impact is largely negative. To increase the production of farming many different chemicals and solutions have been thrown into the soil which has caused bad weeds to grow, leading to soil pollution.A protester makes a point at a Greenpeace climate demonstration at Amsterdam Airport Schiphol in the Netherlands on Jan 4, 2020. The gases emitted from the productions and shipping have also caused the ozone layer to deplete and increased the greenhouse effect. The industrial wastes from the productions are then dumped into the ocean which kill many of the underwater organism because of the toxic chemicals they contain and because of the shape which can hurt them physically. Shipping means either using airplanes, boats or trucks to transport the goods. Since goods are now not produced locally anymore this means that they need to be shipped to the different countries of the world. In result, humans are getting their products but the quality is usually incomparable to the goods you would buy in small local companies and the environment is being deteriorated because of all the machines that cause bad gases and use up a lot of resources. Mass production is producing in huge quantities, such big quantities that humans are not able to do without the help of machines, robots. Consuming more goods causes small local companies to not be enough and has forced mass production into our world.
It has caused people to consume more goods and to consume globally when they used to consume only local goods. Globalization has had many environmental impacts, the three major ones being water and soil pollution, and greenhouse effects.