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The Equitable and Sustainable Approach to Globalization

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The term globalization is synonymous with international trade and integration of economies through multi-national agreements. According to the Merriam-Webster Dictionary (2013) globalization is defined as “the development of an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets”. Although many disagree as to origin of the idea of globalization, it’s been prevalent in shaping the world economy since the 19th century. O’Rourke and Williamson (1999) note how this ideology has indeed driven international economic policy since the 1980s, as the influence and power of multi-national companies grew exponentially along with the spread of capitalism throughout the world. European and U.S. economies have drastically been influenced by globalization. David (2001) illustrates how the global economy expanded after the North American Trade Agreement (NAFTA) took effect, ushering in an era of trade liberalization, forever reshaping the U.S. economy. The integration of new markets allowed for increased flows of trade of goods and services, but also created new opportunities for immigrants and jobs. Additionally, Hopkins (2002) states that proponents of capitalism and free trade, see globalization as positive force in spreading the ideals of democracy, particularly to nations oppressed by communistic regimes. Zurn (2010) provides a prime example of the sociopolitical changes that stemmed from the emerging global market is the fall of the Berlin wall in 1989 and the dissolution of the Soviet Union in 1991. Although economic globalization has helped international markets to experience dynamic growth, the most recent financial crisis of 2008 has hind...

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...he disadvantaged. Governments can and should put in place minimum wage legislation, encourage tax incentives for corporations that invest in infrastructure and improvements in public services, as well as prosecute corporations and officials that subject workers to deplorable working conditions.
I agree with Stiglitz (2006) assertion that “the most influential aspect of globalization is the interdependence of market systems around the world”. Trade connects the entire world. It is this economic integration that makes equitable and sustainable approach to trade a necessity. Globalization influences economic, political and cultural processes. It has exposed new societies to the ideals of democracy, free trade, and capitalism. While there are many risks, it is a global responsibility to sustain market liberalization, and ensure it is an equitable solution for all.
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