IB International business Essay Example | Topics and Well Written Essays - 250 words

IB International business - Essay Example Finally, the competition arising from globalization encourages creativity and innovation, in addition to keeping commodity prices, and services in check (Stief 5). However, just like everything else, globalization comes with its demerits. Firstly, the interaction of different world cultures has  eventually  begun to meld, thus fading the  identity  of each. The second negative effect is that while outsourcing provides job opportunities to people in one country, it takes away those opportunities from another country thus leaving most of the population jobless. Finally, globalization has increased the chances of spreading highly contagious diseases worldwide, and it might be an  immense  challenge to  stop  the spread (Stief 6). Globalization also has  various  effects on developing countries such as Honduras, a country rich in natural resources, but like most third world countries, only the wealthy and foreign corporations benefit from this wealth, not the poor.  The first effect is that third world countries can now  improve  their  economic  performance  and their living standards as more money gets channelled to these countries.  Secondly, developing countries have the  privilege  to enjoy the benefits of highly developed technology available in the market without having to  develop  them. Finally, the opening up of trade barriers has made it possible for developing countries to  take  their local resources to the global market (Stief