Globalization and Human Welfare

When it comes to globalization, everyone may have a different vision of it’s outcome. For Marcelo Gleiser, the author of “Globalization: Two visions of the Future of Humanity”, a completely globalized world may result in a dystopia. In contrast, Jeffrey Wasserstrom, the author of “A Mickey Mouse Approach to Globalization” and Tanveer Ali, the creator of “The Subway Falafel Sandwich and the Americanization of Ethnic Food” may think of globalization as other cultures sharing each other’s components to interact on a new level and spurring a more “open-minded” (Ali 27) individual.

Unlike previous years of solely trading goods, the WTO allowed for trade to consist of property and services among different countries. Countries could now be globalized in all goods their country didn’t have through the use of free trade. The process of trading was revolutionized by new developments in technology as more and more countries began to trade.

The combined gross domestic product of the TPP nations represents 50 percent of global gross domestic product (GDP) and 37 percent of all global trade (Voon & Sheargold, 2016).

This paper, discusses the social justice issue of globalization, which it stems out to many other issues like inequality in wealth, poverty, unjust wages, and bad practices in policies. First, we must define globalization. Defined as the significant effects of an international economy. It includes economies like communism and capitalism. Moving away from communistic economies and building more into capitalistic economy. Capitalism the economy of America and therefore at the center of international economy as important and key role in globalization. Globalization, a concept to easily confused without the role of technology. The role of technology, international economy, and institutions shapes globalization. However, the question at the

Free trade has been a part of the liberal prescription for international relations for a long time where it is often defined as the economic policy that allows imports from and exports to foreign jurisdictions. Unlike trading within nation, free trade allows buyers and sellers from separate economies to trade goods without the domestic government applying tariffs, quotas, subsidies or prohibitions on their goods and services. Therefore, free trade is often seen as desirable because it allows customers to get what they need with the lowest price along with the good quality, thus it promotes economic efficiency for both the nation and its citizen. Free trade is necessary and desirable due to the division of labor and the primary of the

After a significant transformation during the 2000s, the Asian-Pacific region countries became a part of the global supply chains, also the very aggressive consumer power based on the large population, the low labour cost and high productivity have made this region part of a non-ignorable global recovery power and most

According to neo-liberal economics, trade liberalization will lead to wealth for all countries involve d in the global trading regime – however that is not the case in the contemporary international trading regime. In the current global trading regime, one could assume that the global

Economic globalization is the key factor in what divides countries based on wealth and poverty. Good economic globalization within a country will lead it to have a healthy interdependence which will lead citizens of that country to a happier life. Whereas a country that does not have a good economic globalization is made a easy target for companies to take advantage of for things such as cheap labor. To say that it is a wealthy countries duty to give wealth to the less fortunate countries, is not an accurate statement due to the fact countries that are in poverty are usually in that situation for an accompanying reason. There is also a lot of issues that would arise from such. So therefore a country that has wealth should be more than able to keep their own wealth.

Particularly concerned with inflation, even though may overfocus on this to the detriment of growth and development (Ethiopia example on page 28-31)

Trade Representative “America and the World Trade Organization,” 2000) For the decade ending in 1999, the organization for Economic Co-operation and Development (OECD) reports that “more pen” countries achieved double the annual average growth of other countries. (OECD Observer Policy Brief, October 1999, p. 2.)

The World Trade Organisation is an international organisation whose motive is to promote open and free trade by convincing nations to eradicate import tariffs In addition, the WTO policies free trade agreements, settles trade disputes between governments and organises trade negotiations. (“WTO Profile: Background Info”} Although on paper promoting free trade may seem to benefit both developed and

The main assumption of this report is to discredit the false claims that globalization of Capitalism is the only viable path to greater prosperity and development for a society. This report identifies that there is in fact a necessity to explore other economic systems because neoliberal capitalism is currently observed to be greatly impacted by economic and ecological predicaments. The annotations below show numerous possibilities of using alternative economies as an altenative for growth and prosperity.

International trade has evolved and expanded significantly in the last 50 years. The expansion in trade has been driven by a reduction in trade barriers and the development of new technology. This has reduced the cost of communication and transport. Outward-looking policies have replaced protectionism policies and have led to the increased openness in markets and free trade. This is known as globalisation and has led to an increase in linkages and the integration of national economies which expanded into international markets. Some say that the term globalization suggests making use of business opportunities, improving trade efficiency, rapid growth and innovation as well as the transfer of such knowledge to developing countries. Others believe however that globalization raises problems such as increased inequality both between and within countries. (Todaro 2010).

World Trade Organisation (2013:online) proposes that merchandise exports of WTO members totalled US $17.3 trillion in 2012 and export of commercial services totalled US $4.25 trillion in 2012 and suggests that size of the international trade continues to increase. The top five world’s merchandise exporters are Germany, United States, China, Japan and France, in addition world’s top five service exporters are United States, United Kingdom, Germany, Japan and France (Wild et al., 2010). The concept of trade and international trade is not a new concept, it occurred many thousands of years ago (Schmitz and Schmitz, 2014).

Free trade therefore, is a welcomed addition within the overarching trend of globalization. International financial institutions, both directly and indirectly facilitate free trade among international countries. Free trade allows for the transfer of goods and services when demanded by specific economies. This is much like the exchange of capital needed to help individual companies to grow. It also allows the countries best suited for such activities to flourish. For example, China is proficient in manufacturing which allows the country to export far more goods than it imports. This is partly due to free trade and international