Question

what are some advantages and disadvantages of being part of a global economy?

Answer 1

Advantages:
Companies can benefit from the largest and cheapest workforces.

Smaller companies have the opportunity to expand globally: this gives everyone a chance.

Companies can target a larger customer base.

It promotes peace. If countries are dependent upon one another's economic success then armed conflict would be less likely.


Disadvantages

If countries are not involved in global trade then it may cause hostility towards neighboring countries who are involved.

Some companies may become so large that they could
influence governments.

Each company has to fight to get Customers as there are so many of them. To attract custom they have to lower the price. How? Cheap labour and poor working conditions.


Loss of domestic jobs. Certain labour-intensive industries (like textile) tend to shift their
production from developed countries to developing countries where wages are lower.

Answer 2

Thank you so much!

Answer 3

my pleasure :)