What is one impact of globalization on local economies?

Globalization has a significant impact on local economies, particularly by increasing access to wider markets. This expansion allows local businesses to reach more consumers, potentially increasing their sales and growth opportunities. However, with this broader access also comes increased competition from international firms. As businesses engage with global markets, they may face challenges that can lead to job displacement, as some industries may struggle to compete with foreign imports or may outsource jobs to countries where labor is cheaper. Thus, while globalization opens doors to new markets, it can also disrupt local employment in certain sectors, making the notion of increased access to markets and potential job displacement a crucial aspect of its impact on local economies.