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Step 5 final draft

My family is from Tungurahua a province of Ecuador, a city that has been completely

transformed since our country began a great change based on globalization that was
dollarization in the 2000s. This phenomenal growth has had two major positive and negative

effects economically.
One effect of dollarization was a great economical advance. Before 2000s Ecuador was

a country unindustrialized where people lived comfortable but they did not have a progress in

many years. When the dollarization phenomenon happened in this country it brought many
good things. It brought a change to improve Ecuadorians’ lives. For example, in the past

there was not technology. For that reason, Ecuador signed a contract with USA to be like a
direct exporter country. When Ecuador became a part of United States everything was

cheaper.
Another effect of dollarization in Ecuador meant poverty in the society. Even though,

dollarization brought many benefits it also brought a negative effect that was poverty.

Ecuadorians used “sucres” to buy something. This money had a better value than a dollar. For
example, if someone had 25.000 sucres it would represent $1.00. Many people saved a lot of

money in banks at that time because nobody knew what was going on in that century. For
that reason, many families became homeless people. They had to start again and try to

survive in that problem.

In conclusion, when dollarization came to Ecuador caused many positive and negative
changes. This great advance allowed society to start a new life. Even though, it was difficult

for people to face up this problem they survived and changed their society. On the other hand,
this change caused poverty in Ecuadorians which was difficult to overcome for them.