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Globalization Essay

1549 words - 7 pages

Introduction:
What is Globalization?:
According to Merriam Webster the dictionary definition of globalization states that it is, "the act or process of globalizing," but what does it mean to globalize? Once more, looking back at the Merriam Webster dictionary it refers to it as, "to make (something) cover , involve, or affect the entire world. So what does it all mean, and how does, 'involving or affecting the entire world," relate to our economy as a whole? Think of globalization as international trade. International trade helps connect itself to the process of both interaction and integration among us throughout the world. It similar to what one unanimous culture would be. Even this ...view middle of the document...

Yet what does globalization mean to the US in a pro or con manner. According to an article in Business week the pros can be viewed as, a place open to an economy spurs with innovation filled with fresh ideas, jobs in export may pay more than compared to other jobs. In addition to those includes, "unfettered capital flows," which "give the US access to foreign investment and keep interest rates low." These pros in all for globalization show that the not only the US, but the world will see that prices will be kept at one set price, and from this money will be quickly made by all. In addition, foreign countries could also speed up the technology spread, and this could help underdeveloped countries as well as the overall economy. So sure we may never afford a computer or tablet that had came out years ago, but we will still quickly make money.
The pros however do hold cons which includes, millions of Americans losing their jobs due to imports or production shifts abroad and even if a new job is found you would be paid less than you've expected to be paid. This can lead to millions of other Americans the fear of losing their jobs, and looking at this in a broad manner the US overall, would lose their comparative advantage when other companies build advanced factories in low-wage countries, making them as productive than to those at home. In short, the cons clearly show the effects of small business being put out by large business as stated before. But, this also shows some shadowing of the white-collar or richer people who will be making a benefit in the changes.
What are some economic benefits of globalization?
If you have read what was mentioned before with the pros and cons of what globalization means in the United States. The economic benefits can automatically be seen from the pro mentioned preceding this, and because of that I will not repeat the what I've mentioned.
What are the issues and concerns associated with Globalization? Do some countries benefit more than others?:
Danaher viewed globalization as, "The restructuring of our political and economic life which may lead to a resurrection to the next industrial revolution," while others view it as "the destruction of creativity in business's." Many of the anti-globalist groups are the source of who give us the issues and concerns associated with globalization and they stand hard against the changes in their countries to make sure this does not become a reality. As mentioned before with the pro and cons of globalization the issues and concerns can be most harsh if one doesn't know what they are doing. Such as other countries showing more of a comparative advantage from having labor with low wage under advanced factory conditions. This not only shows both a concern and an issue but it also shows how other countries can benefit more than others. Examples of this includes China dominating the global scale of exports for the goods that they create are not only similarly identical to other...

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