The impact of global markets on local economies is a recurring theme in IELTS Writing Task 2, appearing approximately every 3-4 months in actual tests. Based on analysis of past papers from 2020-2023, this topic has appeared in various forms, particularly focusing on economic globalization, international trade, and local business development.
Let’s analyze one common question type on this topic that frequently appears in IELTS examinations:
Some people believe that global markets have a negative impact on local businesses and traditions. To what extent do you agree or disagree with this statement?
Analysis of the Question
This question requires candidates to express their opinion about how global markets influence local economies. The key aspects to address are:
- Effects on local businesses
- Impact on traditional practices
- Both positive and negative consequences
- Personal stance with supporting evidence
Sample Essay 1 (Band 8.0)
The integration of global markets into local economies has sparked considerable debate regarding its effects on indigenous businesses and cultural practices. While some argue that globalization poses threats to local enterprises, I firmly believe that the benefits of global market integration significantly outweigh its drawbacks.
Global markets undeniably create opportunities for local businesses to expand and innovate. When international companies enter local markets, they bring advanced technologies and management practices that local businesses can learn from and adapt. For instance, how global markets affect investment strategies has transformed how small businesses in Vietnam and Indonesia approach digital marketing and e-commerce platforms, enabling them to reach wider audiences.
Moreover, the presence of global markets often stimulates local economic growth through increased competition and diversification. Local businesses are motivated to improve their products and services, leading to higher quality standards and better consumer options. Studies have shown that regions with strong international market presence often experience increased employment rates and technological advancement.
However, it is crucial to acknowledge that some traditional businesses may face challenges adapting to global competition. Small family-owned shops might struggle against large multinational corporations, and certain traditional crafts could become less profitable. Nevertheless, many communities have successfully preserved their cultural identity while embracing global market opportunities, as seen in how global trade impacts financial markets in countries like Japan and South Korea.
In conclusion, while global market integration presents certain challenges, its positive impact on local economies substantially outweighs potential drawbacks. The key lies in finding a balance between embracing global opportunities and preserving local traditions.
Sample Essay 2 (Band 6.5)
In today’s world, global markets are becoming more important in our daily life. Some people think this is bad for local businesses and traditions, but I partly agree with this idea.
First, global markets can make problems for local businesses. Big international companies have more money and better technology, making it hard for small local shops to compete. For example, many small shops in my city closed when big supermarkets opened. Also, young people prefer modern products from global brands instead of traditional items.
However, global markets also bring good things. Local businesses can learn new ways to work and sell their products to more customers. Impact of globalization on banking systems shows how local banks became stronger after working with international partners. Sometimes, traditional products become popular with foreign customers, helping local businesses grow.
The internet and technology from global markets help local businesses sell their products online. Many traditional craftsmen now sell their items to customers in other countries. This helps keep traditions alive while making money.
In conclusion, while global markets can cause some problems for local businesses, they also create new opportunities. The best solution is to help local businesses use global market advantages while protecting important traditions.
Band Score Analysis
Band 8.0 Essay:
- Strong cohesion and clear progression
- Wide range of vocabulary: “indigenous,” “integration,” “undeniably”
- Complex sentence structures
- Well-developed arguments with specific examples
- Clear position throughout
Band 6.5 Essay:
- Basic cohesion with simple linking
- Limited but adequate vocabulary
- Mix of simple and complex sentences
- Some examples but less detailed
- Position is visible but less consistently supported
Key Vocabulary
- Indigenous (adj) /ɪnˈdɪdʒɪnəs/ – native to a particular place
- Integration (n) /ˌɪntɪˈɡreɪʃn/ – the process of combining with another
- Diversification (n) /daɪˌvɜːsɪfɪˈkeɪʃn/ – the process of varying products/services
- Multinational (adj) /ˌmʌltaɪˈnæʃnəl/ – operating in multiple countries
- Innovation (n) /ˌɪnəˈveɪʃn/ – new method, idea, or product
For practice, try writing your own essay on this topic and share it in the comments. Consider also exploring related topics like “impact of cryptocurrency regulations on global markets” or the effects of e-commerce on traditional retail.