Globalization Makes Society Better

842 WordsJun 23, 20184 Pages
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…show more content…
Even though the manufacturing and agriculture industry have declined in the United State due to globalization, it has produced growth in other industries. Scheve and Slaughter also argue that the free movement of trade and capital has also benefited countries such as China and India because it has removed millions of people out of poverty. How is globalization bad? If markets are expanding, new jobs are being created and people are being lifted off from poverty. Globalization has also increased competition among countries by removing regulation laws that are undermining corporations to increase profit as well the faster and cheaper production of goods. For example, a country that has strict labor and environmental laws will engage a Multinational Corporation to move to a country that have these laws set at a bare minimum; this is because they want to gain as much profit as possible with low production costs. This is where the term “race to the bottom”comes into play. Spar and Yoffie define “race to the bottom” as “the progressive movement of capital and technology from countries with relatively high levels of wages, taxation, and regulation to countries with relatively lower levels” (Spar
Open Document