Essay Globalization: An Argument For Limited Protectionism

Essay Globalization: An Argument For Limited Protectionism

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Abstract

Globalization has changed the way that everyone conducts business. Throughout history, man has constantly increasing its scope from a local agrarian economy, to cottage industries, to domestic industry, to the newly globalized international framework of commerce that exists today. This progression is quite logical, as it ever increases the efficiency at which products are produced and services are rendered. However, when put in context, the theoretical maximization of efficiency may have dire consequences on independent nations. The over specialization of nations' industries, in the effort of globalization and efficiency, also has the effect of reducing internal commercial infrastructure. This paper examines economic protectionism, and highlights two situations in which its use is fully warranted.


Introduction

Globalization is currently the most influential aspect of business today. Look around and inspect some common items around you: televisions, automobiles, refrigerators, vacuum cleaners, even the clothes on your back. Chances are that every single item you see has been impacted by globalization. Whether the item has foreign parts or is produced entirely outside of your country, it has been directly impacted upon by globalization.
Globalization, on the whole, is a good thing. Globalization greatly empowers consumers, enables unprecedented market knowledge, and has pioneered breakthroughs in logistics. However, globalization can act as a detriment as well, to both underdeveloped and developed nations alike. Although free trade is an amiable goal, the realities of unrestricted trade must be evaluated and planned for. This paper will evaluate those realities through the economics of globa...


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