**20 POINTS What is one major drawback of globalization?
a) inflation rates have declined significantly because of increased global trade
b) businesses have access to fewer markets when selling their products
c) environmental regulations have gotten in the way of economic growth
d) increased competition can harm businesses in developing countries

d) increased competition can harm businesses in developing countries

Explanation:

Globalization has increased interconnection and interdependence among world economies. International trade has increased due to the relaxation of border restrictions. Due to globalization, many countries, including the developing ones, have liberalized their economies.

For a developing economy, international trade can cause unfair competition to their young industries. Countries with developed economies can produced goods and services in large quantities and with more efficiency. When such goods get to the developing countries, they will be of a higher quality and a lower price. Producers in developing countries will not be able to compete with such imports, which impedes their growth.

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