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Introduction

The flexibility of financial and production components has risen in recent years as transportation, communication, and technological connections across nations have enhanced. Globalization has accelerated as a result of this growth. The process of integrating goods and capital markets in global commerce is commonly referred to as globalisation. As a result, globalisation may be characterised as the process of integrating international markets and civilizations, which is prompted by advances in communication and technology. Globalization is the process of building intra- or multi-continental networks of linkages between entities, mediated by a range of flows such as people, information and ideas, capital, and products. There are also negative consequences, such as degradation of global capital market stability, loss of cultural integrity, weakened national financial independence, greater impoverishment of nations lacking skills and capital, and failure of impoverished countries to handle openness successfully (Mutascu and Fleischer, 2011. p. 1691-1692).

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The ways are globalization good and harm to the firms and consumers. (linkable)

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Economic globalization will also lead to many more deep-rooted problems, such as unfair trade. With the integration of raw material markets, another feature of economic globalization, multinational companies will engage in global sourcing. This means that multinational companies that have the ability to do so can go around the world to seek the cheapest raw materials, thus reducing costs, rather than being limited by geography. Therefore, the production of raw materials in order to be able to win the orders of multinational companies, have to carry out the so-called "race to the bottom", significantly reduce the selling price, in order to seek the favor of multinational enterprises. The result is that those who have no choice, local workers in the primary industry, in order to maintain the price advantage, can only work desperately, in the extremely low price of the fruits of labor sold to those who monopolize the trade in raw materials of the multinational giants. One very famous example is the story of Ethiopian coffee farmers. Just look
up "coffee beans", "unfair trade" and other keywords on the Internet and you will find it. In the 1990s, when the totalitarian government fell and Nestle first entered the country, coffee beans were sold for three dollars per kilo, but by 2007, they were sold in cents. This unfair trade, which is called "free trade" but is in fact exploitation, is precisely the product of the integration of raw material markets, that is, economic globalization. This has seriously reduced the real income and material standard of living of the local people, and lowered their quality of life.

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References
1- KUEPPER, J. (2021, 10 8). thebalance. Retrieved from The Impact of Globalization on Economic Growth: https://www.thebalance.com/globalization-and-its-impact-on- economic-growth-1978843

2- AMADEO, K. (2021, october 24). thebalance. Retrieved from Economies of Scale Explained: https://www.thebalance.com/economies-of-scale-3305926
3- Stobierski, T. (2021, April 1). online.hbs.edu. Retrieved from 6 PROS AND CONS OF GLOBALIZATION IN BUSINESS TO CONSIDER: https://online.hbs.edu/blog/post/pros-and-cons- of-globalization

4- society . (2019, December 23). Retrieved from Effects of Economic Globalization: https://www.nationalgeographic.org/article/effects-economic- globalization/10th-grade/

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6- velocityglobal. (2020, March 30). Retrieved from Globalization Benets and Challenges: https://velocityglobal.com/blog/globalization-benets-and- challenges/