The Controversies Of Globalization

Globalization in the economy is known to increase the flow of capital, goods and services as well as labour across the world. There are also three links that bring globalization together which are political, economical and cultural. Corporations get an identity of being entities which focus on making a profit rather than overall well-being of the corporation as shown in the documentary “The Corporation”. The goal of monopolizing and creating more profit has caused the decisions of corporations to have little regard towards economic and overall environmental of business to be unethical. I agree with Stiglitz in where he evaluates and believes that globalization has the ability to create a large number of benefits to both industrial and developing countries but the reason that this assumption has not become a reality is because of the way globalization has been managed. However, the politics in globalization has allowed the industrial countries which are advanced to create rules that have allowed them to

He explains that the benefits for globalization are that everyone will gain from trade being increased. The concerns that he addressed was that in the midst of the 2008-2009 economic crisis, the world trade levels in European countries had fallen by approximately 16% in the year 2008 during the fourth quarter and the global trade had fallen in 2009 by 30%. However 10 years before the economic crisis, international trade was considered to be very high and it has also grown to approximately 7% during the 1990’s, which had caused the international income to be $500 billion. The concern from this was that the industrialized nations had taken most of the wealth and the less industrialized nations did not benefit from this huge global income nearly as much as the industrialized