Globalization - 1 Name Date Course Globalization Globalization has the potential to affect each and every individual\u2019s life in a positive or

Globalization - 1 Name Date Course Globalization...

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1 Name Date Course Globalization Globalization has the potential to affect each and every individual’s life in a positive or negative manner depending on a country’s trade policies, regulations, ease of doing business index, its economy, regional politics, and international trade policies. It has the potential to significantly improve the livelihood of individuals consequently improving a country’s economy and at the same time it has the potential to significantly lead to losses of jobs, and reduction in income among citizens of a particular country consequently leading to depression of the economy[ CITATION Pin17 \l 1033 ]. Recent economic regressions of a couple of country’s economy and massive job losses in some sectors of world economies have been blamed on globalization, leading to an emerging trend among world economies favoring protectionism. Leaders are blaming globalization for the depreciating economy, and job losses in their countries, hence there is a rising trend in protectionism through enacting laws and tariffs that greatly hinder globalization. Protectionism has the potential to significantly reduce the gains made since the 1930’s on international trade leading to greater job losses worldwide and an increased economic regression in the long run. Protectionism can lead to trade wars that would greatly hurt world economies predisposing countries to economic regression[ CITATION Ghe16 \l 1033 ].

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