Explanation:

Globalisation is a complex phenomenon that has both positive and negative effects on various aspects of society. While it is true that globalisation has brought about significant changes in the world economy, it is incorrect to say that it has led to improvement in the living conditions of all people.

Effects of Globalisation:

1. Unequal Distribution of Benefits: Globalisation has led to an unequal distribution of benefits, where certain groups and regions have benefited more than others. This is largely due to the concentration of economic power in the hands of multinational corporations (MNCs) and the exploitation of cheap labor in developing countries. As a result, income inequality has increased, and many people have been left behind without access to basic necessities and opportunities for growth.

2. Environmental Degradation: Globalisation has also contributed to environmental degradation, as MNCs often prioritize profit over sustainable practices. The increasing demand for goods and services has led to overconsumption, depletion of natural resources, and pollution. This has adversely affected the living conditions of people, particularly in developing countries where environmental regulations may be weak.

3. Loss of Cultural Identity: Globalisation has also resulted in the loss of cultural identity as Western values and norms are often imposed on other cultures. This can lead to a homogenization of cultures and the erosion of traditional practices and knowledge systems.

4. Exploitation of Labor: MNCs often take advantage of low wages and lax labor laws in developing countries to maximize their profits. This can result in poor working conditions, long hours, and little job security for workers. These conditions are not conducive to improving living conditions for all people.

5. Economic Instability: Globalisation has also contributed to economic instability, as demonstrated by the 2008 financial crisis. The interconnectedness of the global economy means that economic shocks in one country can quickly spread to others, leading to recessions and job losses.

Conclusion:

While globalisation has undoubtedly brought about economic growth and increased interconnectedness, it is important to recognize that its benefits have not been evenly distributed. It is crucial to strive for fair globalisation that creates opportunities for all and addresses the negative effects mentioned above. This can be achieved through policies that promote inclusive growth, protect workers' rights, and prioritize sustainable development.