Globalization and Its Impact on Local Economies

To mitigate the downsides, many countries adopt protective policies — such as tariffs, subsidies, or local content requirements — to defend key industries. However, excessive protectionism can lead to trade wars and inefficiency.

The solution lies in balanced globalization — one that promotes fair trade, invests in education and retraining, supports sustainable development, and protects cultural and environmental heritage. When done right, globalization can be a powerful force for good — but it must include everyone, not just the few.