I believe most people understand the benefits that globalization has brought to us; however, currently in the world, there are some people who want to shift back away from globalization, especially in the US, their current president seems to start a deglobalization process and want to pull America out of the existing global body (at least partially). So I want to discuss some damages that globalization brought to us, at least some of us.
Firstly, globalization reduces many governments' tax incomes, especially corporate taxes. There are multiple reports that claim that in some countries, such as the UK, multinational companies are paying almost nothing to the local governments since they are able to transfer their profits to the countries that have extremely low tax rates. Secondly, globalization increases competitions across countries. Many small producers lose their jobs since the large producers from overseas are much more cost-effective; therefore, they are worse off under globalization. Thirdly, there is a balance between sovereignty and openness. If a country wants more openness, it has to give up some of its sovereignty, as openness includes openness in borders. Fourthly, globalization is a process of resource reallocation. This process is generally believed to improve our efficiency of resource usage; however, since resources are reallocated, those who get fewer resources will be worse off under globalization, they will complain about globalization.
And globalisation has damaged the benefits of some people in other ways and I will continue to discuss it later.
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