Provide a balanced view on the real and potential advantages and disadvantages of globalization. Conclude with a personal, fact-based statement. (about 200 words)

There is much debate about globalization´s benefits and harm. Globalization was a major factor in the global recession and financial crisis. Critics complain that globalization interferes with national sovereignty the ability of a state to govern itself without external intervention. Globalization is associated with offshoring, the relocation of value-chain activities to foreign location where they can be performed at less cost by subsidiaries or independent suppliers. Globalization tends to decrease poverty, but it may also widen the gap between the rich and the poor. Furthermore, unrestricted industrialization may harm the natural environment. Globalization is also associated with the loss of cultural values unique to each nation. Nevertheless, trade and investment can help address many needs of developing countries and the recent wave of globalization has accelerated with the rising power of emerging economies, yet it remains highly volatile. While there is ample evidence in academia that it the benefits of globalization outweigh the cost, but it must be acknowledged that the distribution of wealth and prosperity generated by globalization remains an issue. And so do hardships of individual people or regions suffering from industry changes or climate changes.

(Note: bold print indicate key words of arguments, each worth about 2 points)