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The Benefits Of Globalization Essay

894 words - 4 pages

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The socially polarizing movement of globalization can be viewed as a way of the future, but also as the source of current global discontent. However, globalization is not just a recent idea. In the 11th century of the Venetian Republic prosperity was based on regional trade. Then, many centuries later during the second half of the 19th century, a boost to globalization occurred with the harnessing of electricity and the establishment of railways (Kohler.) Although there is also a negative side to the subject, benefits include better health care, less restricted international trade, and the spread of job availability. Today, globalization is shaping the 21st century of many countries, and the United States is helping lead the way.
Globalization has altered the growth in flows of international trade. Just in 2004, international trade grew by nine percent with merchandising trade growing even faster than services ("The Globalization Index.") The profits of such trade are shared with both developed and developing countries. Statistics say, in round numbers, the international trade of goods and services had doubled in about fourty years (Taylor.) Trade allows countries to speacialize in the products they have the greatest advantage in producing, causing the world's resources of labor and time to be used more efficiently. This type of trade also allows consumers to find the best deal in a global market, causing producers to compete (Wynne.) The flows of international financial capital allow more productive investment opportunities for each country. The indirect benefit of trade on smaller economies helps them sustain a degree of speacialization. Since they are not as advanced as other countries, they would have a hard time producing goods with such technological innovations. Trade also carries a wealth of skills and institutions such as technology, training, and environmental protection (Taylor.)
Globalization has become a vital factor in the economic growth of the United States, benefitting workers in many ways. Creating jobs for all social classes, globalization seems to leave many content with the hiring of wages and income (Taylor.) The average productivity of workers determines the average level of wages, and since globalization contributes to productivity, wages are left increasing. The advances that are brought through trade allow skilled workers to recieve a higher premium when using the new technologies (Abdelal.) With the globalized, unrestricted borders, workers are allowed to travel anywhere in search for job opportunities or a place to live. Free trade is responsible for vast improvements in the lifestyles and job opportunities of both developing and developed countries.
Freer trade also reduces poverty and increases wealth, making globalization economically sound. For example, when Nike opened a manufacturing plant in Vietnam ten years ago,...

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