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the benefits of globalization
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Globalization benefits society as a whole because it expands markets, increases profits, creates new jobs and has also lifted people in poor countries out of poverty.
According to Robert O’ Brien and Marc Williams globalization in terms of liberalization is:
“the removal of restrictions to cross border flows, such as the elimination of trade or investment barriers” (O’Brien and Williams:27).
Globalization has also transformed the way the world is viewed today. As technology has improved the production of goods are made faster and cheaper as well as the transportation of goods. As you can see in the global division of labor, certain countries specialize in different things. For example, in the automotive industry, different parts are made in other countries like tires might be made in China, where the electronic components might be made in India and the assembly of the vehicle might be constructed in Mexico. This is done because either the product might be produced cheaper or in higher quality.
Even though globalization benefits society as a whole, it also has negative effects. According to Scheve and Slaughter the United States is becoming more protectionist because, workers in the manufacturing industry have lost their jobs due to free trade and technological advancements. Kenneth Scheve and Matthew Slaughter said
“The first is that a narrow set of industries, such as agriculture and apparel manufacturing have been harmed by freer trade and, in response, have lobbied hard to turn against liberalization” (Scheve and Slaughter 2007).
This argument is only made for the job loss in the manufacturing industry in the United States. In general, globalization has had many positive outcomes in the United States as well as in other develo...
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...nal governments enforce them? Drezner also argues that there is no evidence that corporations move to developing countries that have the lowest labor standards.
Even though that “race the bottom” has decreased labor wages across developing countries due to competition, it has come into conclusion that the workers that have worked under these conditions are satisfied with the wages they have earned. Drezner states that:
“A recent World Bank survey of 3,800 workers in 12 Nike factories in Thailand and Vietnam found that 72 percent of Thai workers were satisfied with their overall income levels, while a majority of Vietnamese workers preferred factory employment over lower wage jobs in their country’s agricultural sector” (Drezner:65).
If these worker’s in developing countries are benefiting from their wages, why is the free movement of trade and capital so dreadful?
Large corporations such as Nike, Gap, and Reebok and many others from the United States have moved their factories to undeveloped nations; barely pay their employees enough to live on. Countries such as China, Indonesia, and Haiti have readily abundant cheap labor. There should be labor laws or an obligation of respecting workers to provide decent working conditions, fair wages, and safety standards.
“Globalization contributes to sustainable prosperity for all people”. This quote contains mostly truth but there are also many arguments towards how globalization really does contribute to sustainable prosperity for people all around the world. This can be supported by three main points. How the rise of Japan’s economy effected the lives of millions of people. How shipwrecking effects the lives of both the ship companies and the workers in Bangladesh, and how economic growth contributes to the sustainable prosperity of the population in a specific nation. Sustainable prosperity can be defined differently from different individuals because of people’s personal opinions and their perspective is also effected by the people who influence their lives the most, but the main definition of prosperity is to have good fortune, or growth in an economic way. Globalization creates a gateway for sustainable prosperity to all people and gives people all around the world the opportunity to gain prosperity.
Globalization is the process of people of different cultures or countries integrating through interacting through trade or the use of social media. In “Point: Globalization Provides a Better Life for All” By Jennifer Graham, she provides a valid point of view of how globalization has benefited society. “Globalization enriches the human experience through increased cultural and economic integration, which promotes diversity by opening society to new technology, communication and ideas...Moreover, globalization helps to break down discrimination against people on the basis of religious beliefs or race” (Para, 11,13). Globalization has an impact on my lifestyle because I am currently surrounded by technology and different cultural food. With globalization I have access to different foods that I would normally never get to try, also technology has allowed me to gain knowledge about different culture I would normally not know. This results in me being more informed and benefited about the world as a whole because of globalization bringing the different culture of the world so much closer
Globalization has already provided us with numerous examples of how beneficial it can be. Small impacts such as providing cold regions with access to fruits in vegetables, as well as larger ones like providing vaccines to developing countries Asia and Africa are examples of the positive nature of globalization. Many countries now find themselves with access to products once reserved for only the wealthiest nations. Furthermore, countries are now more aware of global events and are able to play a larger role when needed. The 2004 tsunami that killed an estimated 240,000 people and displaced over 100 million is an excellent example of a global response to a crisis. Following the event over 60 countries contributed money and resources to help deal with the crisis. Countries including Australia and the United States, as well as smaller countries like Zimbabwe and Croatia contributed aid. Even North Korea sent USD $150,000 in aid (Beaumont et al., 2009). Globalization created the infrastructure and networks required for such a large humanitarian effort to happen. Globalization is more than a business concept, and while it is tempting to consider only the economic impacts, that is only one side of globalization. The humanitarian and cultural benefits of globalization are just as important as the economic ones, and the positives are just as important as the
...ade even more miserable and the workers have their rights violated. Both sources describes the elite nations taking advantages of the less developed countries, it may not be the country but the worker in it. Workers overseas get lower wages compared to the workers working in the more developed countries. Exploited, there’s nothing that the workers can do about it since they aren’t allowed to create unions to protect themselves. Countries are now even more in debt as some people believe that the IMF and the World Bank take advantage of them controlling not only their economy but even their politic. Inflation happens to a country, and in Jamaica, chaos was created due to that issue, the people become pugnacious and became rebellious. Economic globalization can bring many good opportunities but it could also bring some sort of different adverse outcomes to a country.
...or those who did have jobs. (p. 95) This is an example of how free trade can be harmful to developing countries. When consumers lose jobs they can no long afford to pay for not just luxury items but basic living expenses that other industry are selling which sends a county into economic tailspin.
These results change or modify political organizations to be suitable for the needs of global capital. Regions and nations are encouraged to import and export of goods from other parts of the world rather than supplying or manufacturing them in their own homeland. Thus, seeking expensive manufactured supplies or goods from third world countries to import them to the first world corporation’s injunction with the free trade zones of globalization (Ravelli and Webber, 2015). These negotiations raises new organizations, for example, the World Trade Organization (WTO) to aid and supervise both countries to for a legalized trade. However, Neoliberalism amplifies the negative aspects of globalization’s effect on the economy. For example, deregulation, decrease of government benefits, and tax modifications (Bunjun, 2014). Nevertheless, relating these negative aspects to the documentary Made in L.A. (Carracedo, 2007) which is the main issue of increased risk of employment for both the first world and third world countries. In regards to, a switch from full time stable and secure jobs to part time unstable and insecure jobs. This reduces career growth for many employees, which they recognize, and thus switch jobs – where as they may not fit as well (Bunjun, 2014). As a result, globalization causes market inefficiency via labor market segregation and exploitation, unemployment and underemployment, unequal access to employment (Bunjun,
We say that we are heading toward a more global economy because of the fact that competition in today’s markets is global. This means that corporations in the United States can compete in foreign markets and vice versa, therefore U.S. corporations and foreign corporations become interdependent and thrive off each other. This can have a good impact on the United States because it allows U.S. corporations to seek materials and labor outside of the U.S. in countries such as China, India, and Mexico, where workers are paid a lot less money than U.S. workers, thus allowing them to sell their products for significantly cheaper than if they were produced in the U.S.; however, the tradeoff is that many American workers in the industrial sector lose jobs due to this shift of labor to overseas. In the long run this will be beneficial for the U.S. and although some percentage of workers are losing work, new jobs in the services sector, in fields such as computer technology, telecommunications, and language skills are opening up and experiencing growth because of this change.
The essay, “The Noble Feat of Nike” by Johan Norberg basically talks about the effects of Nike going into third world countries, particularly Vietnam. Norberg explains how Nike’s factory gains from being in its desired location, Vietnam. Vietnam being a communist country comes to Nike’s advantage, because if they were located elsewhere they would have to pay workers higher wages and use more of their machines. Workers in these countries are provided with an air conditioned building with regular wages, free meal plans, free medical service, and training/education to operate the machinery within the factory. The workers find all of this beneficial and in their own favor because of the fact their earning double to five times the amount in wages than if they were working outdoors on a farm. This great deal, blinds them to notice the meaning behind the company’s location in Vietnam. The Nike factory was rather clever in making their location in that specific area to gain benefits for Western owners. The catch Nike gains from is simple. The owners pay factory workers only a small monthly sum from what they make selling the shoes to customers. Globalists state that the company doesn’t pull this fast one on the Western population because of our advancements compared to the Eastern countries. Western people would protest and strike to demand better wages for their work, but the people in Eastern countries have no choice but to deal with the injustice in order to support their families and educate their children.
The following essay aims at highlighting and analyzing the main political arguments for trade intervention and the rationale behind this.
First of all globalization has led to exploitation of labor. We can’t ignore the fact that ethical aspects of international business deserve special attention. Corruption and engaging in illegal practice to make greater profit is a source of continuing controversy. Sometimes companies go international and move their production to foreign countries so they could employ workers for long hours, at low wages and in poor working conditions (sweat shops). They are also using child labor, the employment of children to a full time work that can be otherwise done by adults all that so they could get out of their responsibility towards their workers by avoiding paying them national insurance …When these multinational firms go abroad they forget all about principles and about human beings and their rights, according to Kent, J., Kinetz, E. & Whehrfritz, G. (2008/March24). Newsweek. Bottom of the barrel. “The dark side of globalization: a vast work force trapped in conditions that verge on slavery”, David, P. Falling of The Edge, Travels through the Dark Heart of Globalization..Nov 2008. (p62) also agrees with them when he explained his concerns about Chinese and Indians t...
Now, before I bash globalization it is some positive I would like to discuss. Globalization is great for the American economy; we can supply the world with our goods and services, which in turn can possible, relieve the deficit we’re in. “Homegrown industries see trade barriers fall and have access to a much wider international market. The growth this generates allows companies to develop new technologies and produce new products and services.” (Buzzle) Also, globalization leads to better relations between countries when they create trade agreements. Globalization does not drain every under-developed company but brings a new era of economic change and the hope of being a world super power to certain nations. “Economic globalization gives governments of developing nation’s access to foreign lending. These funds are used on infrastructure including roads, health car...
In today’s continuously changing world, many experts say that globalization is what every business, organization, and nation should seek and welcome as a positive change. However, many people are unaware of the main focus and meaning of Globalization, especially in comparison to Localization. A large number of people believe that globalization is just another common word used to refer to changes and differences that cannot be explained or accounted for. Therefore, many different activities or changes are improperly labeled to be a part of or caused by globalization.
Globalization affects this world and the people of this world in many ways. It is the idea of making the entire world like a single country.
On the other hand, opponents question if the benefits of globalization compensate the created downsides. In their opinion, globalization has manifested unemployment, poverty and marginalization. Additionally, it has been one of the key drivers ...