Globalization has negative consequences for local economies from "summary" of Deep Economy by Bill McKibben
In many ways, globalization has brought about more harm than good to local economies. The interconnectedness of the global economy has resulted in a shift towards large-scale production and distribution, often at the expense of local businesses. This has led to the decline of small-scale industries and family farms that once formed the backbone of many local economies. Moreover, the emphasis on efficiency and cost-effectiveness in a globalized economy has led to a race to the bottom in terms of wages and labor standards. In order to compete with cheaper labor overseas, local businesses are forced to cut costs and reduce wages, leading to a decline in the quality of jobs and living standards for many workers. This has created a cycle of economic insecurity and inequality in many communities. Additionally, the reliance on global supply chains has m...
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