Negative Impacts Of Globalization In Canada

In our contemporary world now, modern technologies are spread very quickly and efficiently. In it includes economic globalization which is the spread of trade, transportation and communication systems around the world in the interest of improving the e-commerce. However, there are negative aspects associated with economic globalization such as disparity, economic turmoil and dangers to our sustainable and prosperous planet. Some would argue that economic globalization has provided us with opportunities such as the option to buy and sell from all over the world, jobs and cheaper goods. The perspective in the source should be embraced to a ….. Extent; as the consequences of trade liberalization have led to unsustainability, a decline in economic

Countries are often faced with the challenge of reaching prosperity while keeping the earth sustained and environmentally-friendly. This can be seen in the Kyoto protocol which was created in December of 1997 and was in effect on February 2005. Created during the UN climate change conference, it was a way to reduce greenhouse gas emissions because it was creating dangerous global temperatures. The goals were to call on the countries that signed the protocol and reduce emissions by 5.2% by 2012. Some would say, the federal and provincial governments have adopted strategies to reduce their emissions and some industries have taken action. However, Canada failed to gain any progress and no actions were taken in ensuring that they meet their goals. Consequently, Canada ended up leaving the agreement in December of 2012. Attempts at reducing energy usage and greenhouse gases when separating oil from the tar sands failed to change. It is said that new, more efficient methods of extracting deeper oil are being integrated such as using steam to loosen the oil making it more easier to draw it out. Due to an increasing population and increases in demand of crude oil the energy supply is running out so they are turning to Alberta Tar Sands which is highly toxic for the environment. If left unchanged we could see our planet realizing the effects more

For the full benefit of trade liberalization the health of the economy, environment and the people are all interconnected. When one aspect is unfulfilled we don’t receive all the advantages. Jamaica was faced with terrible consequences when they were in economic turmoil in the 1970s. As a result, the IMF and World bank suggested that they reduce their trade barriers by eliminating their quotas, taxes and tariffs. The IMF, or the International Monetary Fund provides emergency short-term loans to countries. Whereas World Bank tries to increase growth and reduce poverty in developing countries. Instead of bringing in prosperity, it led them into debt. In 2006, Jamaica spent 66% of their budget on paying back debt to the organizations and banks; by 2015 they were in a total debt of 19 billion. Jamaica is paying out more to banks and other countries than it is receiving as profit. As a way to improve, the IMF suggested high interest rates, a rise in credit and wage guidelines (lower labour wages). This negatively impacts their economy as the government is greatly in debt. A weak economy generally means high unemployment, since the government must cut spending rates and thus, decreasing sustainability for the people of