Few causes can unite agriculture corporations, labour unions, and industrial lobbies, but anti-globalization is one of them. Economic globalization is the process of creating one world wide market through freer trade, flow of labour, and flow of capital. It is a phenomenon inseparable from today' economy, and is a trend that will continue for the foreseeable future. There is much discussion in the academic community about the political ramifications of economic globalization. However, I will be solely discussing the economic aspects of globalization and how it effects the prosperity and living standards of people around the world.
Though the current international economy faces many challenges, the idea of trade liberalization is superior to its alternatives. Economic globalization improves the world and is ultimately good. By integrating markets, globalization generates economic growth by fostering efficiency and specialization. In addition, globalization uplifts those in poverty and creates more technologically advanced societies. Moreover, many of the problems associated with the process of economic globalization can be solve through adjustments in how trade liberalization occurs. Ultimately, the gains of economic globalization far outweigh the costs.
The integration of economies benefits all those involved as larger markets ultimately create greater growth and efficiency – an assertion that is grounded in both theory and practical experience. Economic theory states that larger markets are more efficient by nature because they allow for the realization of greater economies of scale. Furthermore, the free trade brought on by economic globalization allows countries to specialize and exercise their comparative advantage – ra...
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Works Cited
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Nowadays, Globalization is a main trend for the world economic. The world’s economy has become fully integrated. There are no barriers and borders to trade around the world.
Globalization is an important contemporary phenomenon and it is difficult to avoid the trend. Its development as well as make people recognize each other's lives in an interdependent global village. Therefore, globalization encourages people to care about many global equity issues such as peace, justice, environmental protection. Like many phenomena, there are both sides of pros and cons in globalization. Globalization can create new opportunities for the expansion of international trade, and enhance global commodity circulation and improve cultural exchange (Krier, 2001). It is beneficial to the development of integration with the global economy. Emphasizing efficiency in terms of globalization
Reich, R. (1991). "The work of nations: Preparing ourselves for twenty-first century capitalism." New York: Alfred Knopf
The type of material wealth we have today would simply not have been possible without international trade as it offers countries products that they would otherwise not have access to. Taking advantage of this fact gives nations an incentive to trade with and to invest in smaller developing countries, allowing them to take an active place in the global market and strengthening and increasing their economic development. Countries such as India and China serve as great examples of the potential Impact that globalization can have on developing countries (Stachkov, A2015).
Theoretically, the aim of regional economic integration is to appreciate member countries’ incremental trade possibilities that may be generated by elimination or reduction obstructions to trade and investment (both tariff and non-tariff barriers), encouragement and facilitation of such trade via harmonization of their trade-related regulatory systems, and coordination of compatible macroeconomic policies. It is argued that the possible economic gains for regional integration arrangements include trade creation, increased efficiency of production through increased specialization, increased domestic production, enhancement of product quality, inward investment and transfer of new technologies, and improved domestic terms of trade. Such benefits can be attained through the combined size of their collective productive capacities and markets and the sectoral complementarities that may exist among them. For regional economic integration to be beneficial to all concerned, the benefits of integration must exceed the costs associated with the exercise of integration (Sunny et al,
Globalization refers to the ‘international integration of markets for good, services and capital’ which happens almost everywhere of the world and is usually studied at a global level (Genschel, 2004, p.616). This integration also comes a...
It is widely accepted that there are a lot of benefits globalization brought to our life. Firstly, advanced transportation system makes different places of the world closer. Considerable amount of exciting tourists can visit remote villages in the corner of the earth. Secondly, new telecommunication, such as internet and TV, makes people’s common life colorful. Fans in China who are interested in Manchester United can also share their joy with their counterparts in United Kingdom, when the team won a game. Moreover, we can buy the popular products of high quality made in other countries, such as automobiles of Volkswagen and furniture of IKEA. Finally, globalization can lead to cooperation in trade between different countries. Even though globalization can bring so many conveniences to us, we still worry about its severe negative aspects.
Just imagine waking up in squalor, a once prominent society, now a desolate wasteland. All because foreign interest has raped your land of its natural resources and you seen not a cent in profit. Although, globalization is unifying the worlds developed nations and is bringing commerce to nations that have struggle in past years. True, globalization has many positive effects but do the pros outweigh the cons. In this essay I will discuss Globalization ruining the integrity of many countries and also is forcing many undeveloped nations into a bind, and is causing economic distress on some developed nations. Also, due to economic globalization the nations of the world are diluting their culture, sovereignty, natural resources, safety and political system. My goal is not to change your way of thought, but only to enlighten you of the negatives of global economic expansion.
Tussie, D., & Aggio, C. (n.d.). Economic and social impacts of trade liberalization. Retrieved from http://www.unctad.info/upload/TAB/docs/TechCooperation/fullreport-version14nov-p106-119.pdf
Improvements in communication, information, transportation and trading technology have chained nations together into interconnected and interdependent communities through the process of globalization. These days, governments and international organizations have increasingly focused their attention on the impact of globalization on poverty. Many economists have argued that globalization has helped advance the wellbeing of the poor and that the positive relationship formed between globalization and poverty through trades and Foreign Direct Investment will lead to growth and development in nations. The assumption is that globalization, through international trade and investment flows, will lead to a speedy economic growth, better living standards, more innovations, advance technologies and new opportunities, thus increasing the chances of eradicating poverty.
Shawki, Ahmed, Paul D’Amato (2000), “Briefing: The Shape of World Capitalism,” International Socialist Review, [http://www.isreview.org/issues/11/world_capitalism.shtml], accessed 19 May 2012.
Globalization’s history is extremely diversified and began during the beginning of civilization. Now we live in a world that is constantly evolving, demanding people to use resources in locations that are very difficult to obtain certain resources. This could make it completely impossible to operate in these specific parts of the world. However, globalization allows people across the world to acquire much needed resources. Globalization creates the opportunity for businesses to take advantage and exploit the ability to take part of their business to a different country. Nevertheless, globalization is part of today’s society and will be involved in virtually all situations.
“Economic globalization is the increasing integration of economies around the world, particularly through the movement of goods, services, and capital across border.” (IMF staff, May 2008). Economic globalization has had the positive impact of particularly expanding worldwide exchange, as well as social trade, which, on the other hand, might destroy the livelihoods of millions people. Nonetheless, this essay agrees that economic globalization is a positive trend due to many evidence which supports that it is advantageous to people around the world. Therefore, this essay will discuss the benefits of economic globalization, which are reduction of unemployment rates, better living standard, income increase and world economic growth due to the
Proponents have a strong belief in free markets and limited governments intervention. According to Preble (2010), globalization has led to the creation of jobs, higher living standards and a higher variety of goods available to consumers. International trade is one of the driving forces behind globalization. Countries specialize in specific goods wherein it has a comparative advantage. This results in a higher efficiency and productivity and ultimately leading to an improvement of the living standards. As a consequence, export increases. Hereto, more jobs are created, a higher variety of goods are available and international competition has increased. This results in lower prices, keeping the inflation in check (Preble, 2010). Furthermore, Preble (2010) states that the increase of trade in goods and services, foreign direct investment and cross-border investment have been important for the success of globalization. Other important benefits, mentioned by the proponents of globalization, are the promotion of information exchange and high understanding of a variety of cultures. Globalization has led to a world where “democracy has triumph over autocracy” (BBC News, 2000, as stated in Preble, 2010, p. 334).
...g the Energy Revolution." Foreign Affairs. Nov/Dec 2010: 111. SIRS Issues Researcher. Web. 21 Nov 2011.