It has had a few adverse effects on developed countries. Some adverse consequences of globalization include terrorism, job insecurity, currency fluctuation, and price instability.

Beyond the world of work, the social dimension encompasses security, culture and identity, inclusion or exclusion and the cohesiveness of families and communities. Globalization brings new potentials for development and wealth creation.

Globalization allows many goods to be more affordable and available to more parts of the world. It helps improve productivity, cut back gender wage discrimination, give more opportunities to women and improve working conditions and quality of management, especially in developing countries.

Many critics have also pointed out that globalization has negative effects on the environment. Thus, the massive development of transport that has been the basis of globalization is also responsible for serious environmental problems such as greenhouse gas emissions, global warming or air pollution.

Globalization has made it easier to travel the world. There are cheaper flights, interpreting companies are opening offices everywhere, there are international credit card companies across the world, and changing currencies is easier and more convenient than during any other time in history.

In general, globalization has been shown to increase the standard of living in developing countries, but some analysts warn that globalization can have a negative effect on local or emerging economies and individual workers.

The traditional macromarketing model holds that international trade leads to increased eco- nomic development, which in turn results in an improved quality of life (Mullen 1993; Mullen, Doney, and Becker 1996).

Our joint study with the ILO said that the efficiency gains from trade lead to positive overall employment effects in numbers of jobs and the level of wages. We also know that jobs tied to exports pay better, 6 per cent better on average in the United States and 18 per cent better in Minnesota.

Key Findings. Trade barriers such as tariffs raise prices and reduce available quantities of goods and services for U.S. businesses and consumers, which results in lower income, reduced employment, and lower economic output. The effects of each tariff will be lower GDP, wages, and employment in the long run.