Globalization is the interaction of different countries which results in interdependence growth of economies of these countries. It brings about the diversity of cultures which results in negative impacts on the economies of these countries. Globalization, therefore, has been criticized due to its negative effects such as national sovereignty, social imbalance and a threat to domestic industries.

Globalization denies a country its freedom to control its economy because it mainly focuses on the use of common organizations in carrying out a trade.  Therefore the economic policies formulated under these organizations are adopted by every nation which may conflict with that of a country. This, in turn, limits the ability of a government to control its economic goals and welfare of its citizens.

Globalization also widens the gap between the rich and the poor. This is where those who own factors of production gain the powers to control the global trade while the poor continue to suffer. In  most developed countries globalization has also failed to reach the poor people thus creating a class division in these countries.

Globalization has also set a threat to domestic industries by setting up of foreign corporations. These corporations dominate the global market and therefore pauses a danger to the development of domestic products produced by these industries. Therefore local businesses purchases from these corporations due to the dominance of the global brands.

In conclusion, globalization, therefore, does not consider equity in economic growth and social welfare of society. Any economic growth must consider investment and the welfare of its people of that nation as a whole. Globalization as much as it has promoted trade it does not put into consideration aspects of economic growth.

Do you need high quality Custom Essay Writing Services?