Hong kong as well as the positive impact of

Hong Kong

Question: “Economic globalization brings about even more good than harm to the quality of life of folks in Hk. ” Will you agree with this view? Describe your solution.

Economical globalization identifies the integration and interactions among people and nations worldwide through economical activities which will reduces nationwide borders and allows interdependence between countries, and standard of living includes the economic and social elements. To a large extent, I agree with this look at.

First of all, the elevating amount of foreign expenditure and business operations coming from international businesses creates more job possibilities, thus bettering the economic quality of life for folks in Hk. According to Source N, international brands such as the General Electric Company “see Hong Kong as a base to achieve the markets of Mainland China and other Asian regions”, as a result choosing to determine operations. Through this, jobs are created and people will be able to gain income, in return increasing their purchasing power. Because they can now manage more several daily commodities, they are even more financially protected and their financial quality of life is improved.

Likewise, under globalization, advanced technology and skills will be imported to be able to enhance production and government revenue, consequently improving someones social quality lifestyle. Hence, it will have more community fund pertaining to the improvement of public facilities, environmental top quality and social well-being, not merely enhancing peoples’ educational opportunities, but bettering their living environment too. This is due to the increase in foreign purchase, which will enhance local taxes revenue and therefore allow more cash to be put in by the government on wellbeing provision and social reliability assistance, that can then increase people’s health and wellness and their sociable quality of life.

Furthermore, globalization facilitates and promotes trade, which can likewise improve people’s economic quality lifestyle. As monetary globalization entails global trademark labor through which some staff are outsourced and utilized from expanding countries, general production costs will be cheaper, so the last products will likely have a lower price. Combined with the flow of production resources and very good increases, export products will increase as well, consequently enabling Hong Kong people enjoy a greater variety of different products and services with relatively affordable prices, not only expanding their volume of choices and boosting their living standard, but permitting them to dedicate less and save even more as well. In the long run, they will be gained as what this means is they will have more money to shell out on even more products, consequently improving all their economic quality lifestyle.

Yet , I don’t agree with this kind of view into a small level because of just how global economic downturns can directly affect the Hong Kong economy and householder’s livelihood. In accordance to Source A, fashionable of Hong Kong economy is much like a rollercoaster because of its increases and drops due to the three mentioned global financial crises. These kinds of downturns can result in unemployment as well as bankruptcy, both these styles which will mainly reduce peoples’ purchasing electrical power as their cash flow is reduced to a small amount or possibly to actually nothing. Because they can no longer afford daily necessities, items or companies, they are not able to support themselves. As a result, their living common and quality lifestyle will be made worse.

In conclusion, while monetary globalization may adversely affect Hong Kong someones quality of life in the case of unemployment or bankruptcy from an economic economic downturn, it improves their socio-economic quality of life through increasing all their purchasing power and enhancing their social well-being, as well as allowing them to save more money in the long run, that may bring long-term benefits.