The Pros And Cons Of Globalization

Globalization is the process by which businesses or other organizations develop international influence or start operating on an international scale. According to economic and political writer Doug Bandow, “Some critics of globalization have contended that the process has helped the rich and hurt the poor. However, the best research indicates that this is accurate: ‘Poverty is falling rapidly in those poor countries that are integrating into the global economy.”. In both documentaries “The True Cost” and “Living on One Dollar” we can see how companies exploit their employees for consumer benefit, as well as the social and economic inequalities that are attached with globalization.

Globalization refers the integration of global economies, societies and cultures through the communication, transportation and trade throughout the world today. During the period when it first started many questions raised whether is globalization is good or bad. It has played in many roles such as economies, culture religion and technology. Globalization is the increasing independence of world economies resulting in the growing of cross-border trade, stock marketing and many more as rapid spread of technology is in place. It shows the market expansion has really shaped our world to what it is today and it is an unchangeable thing that has been introduced in our world vesting from international economic development. In economy, globalization is playing a significant role to make advancements in the current world we live in.

export capital (factories, jobs, resources) for production abroad (remember, you will want to concentrate on the ethics of this proposed action, rather than the political or legal implications) on

A. Globalization is a major factor that influenced economics not only within the U.S. but other countries around the world. It has both pros and cons associated with it. Initially it affected the Americans in a negative way after 30 million Americans lost their jobs to outsourcing. It affected the lower and middle classes regarding financial stability, health care, affordability of higher education, and being able to provide basic needs. We are failing our own society if we cannot help our people afford the basic necessities of life. It is disheartening to read about Company CEOs personally increasing their own pay with a ratio of $525 to every $1 for workers. We know disproportionate pay is still an issue in the economy, but it is disgraceful

Globalization can be defined as ‘international integration’, which can be described as the process by which the people of the world are unified into a single society and functioning together. This process is a combination of economic, technological, and political forces (dictionary.com).

The phenomenon globalisation can be thought of as an integration of economies, industries, markets and cultures. Globalisation is the connectedness of our world. Advanced and modern communications have made it possible for national and regional economies to combine with one another and trade freely. Globalisation is particularly common amongst capital markets and commodity markets. This phenomenon can be known as a great deal of things as globalisation can be seen as more than just “a way of doing business” but can viewed as a process, a process that allows our world to communicate and trade products.

Globalization is a term that is not familiar to most people. However, globalization is a process that is going on all around the world. The root word of globalization is “Globe”. In the Merriam Webster dictionary, the term is defined as the act or process of globalizing; 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. In other words, globalization is the movement and distribution of goods and services on an international scale. Goods are tangible products like food, clothes, and cars. Tangible products can be held, touched, and tasted. Services are intangible products that cannot be held in your hand, such as social security, education, and traveling. Globalization prospers when free trade and free market of capital are available to companies and corporations. Globalization is important because no country can produce all the products that their people need and desire. Global trade enables countries to produce and sell goods and services for themselves and for another mutually benefited country. Globalization has many pros and cons, however, it is driven by free market capitalism, businesses, and diversity.

While some countries have managed to reap the benefits of globalisation, other countries are facing major challenges of income inequality, high levels of unemployment and poverty and the vulnerability of economies to externals shocks. The path of globalisation in its current stage must change to allow more countries to reap the benefits. There is a clear imbalance in the existing workings of the global economy, which has derived from an inequality between the economy, society and political contexts. (Rodrik 1997) The proposed recommendations in creating a fairer globalisation and another globalised world will be a series of coordinated changes in the context of open economies and open societies. Through an incorporation of these standards in a policy guided framework, the path of globalisation can be directed into another globalised world where the benefits are shared more equitably by people and countries.

Globalisation is a process by which national economies become more integrated and interdependent with one another. It is the increasing expansion of money, culture and ideas. It is the interaction and integration among the people, companies and governments of different nations. It is shaping the world around us in ways and at a rate that was unimaginable just two decades ago. Advances in transport such as the steamship, jet engine, and container ships and in communication infrastructure including the Internet and mobile phones have been major factors in globalisation, generating further interdependence of economic and cultural activities. Globalisation is in our everyday lives. The clothes we wear and food we eat have all been transported within days or weeks to our homes our towns. Also, most products have been advertised using our modern technology such as the internet and modern printing presses.

Globalization has brought so much change in the way we live our lives, how countries conduct their business, communication, travel and many others aspects of life. Despite all these benefits there have been some disadvantages that have come along due to globalization such as the spread of infectious diseases and viruses, which can become a threat to public health. I think it would be not reasonable or perhaps ineffective to try and stop the spread of global diseases because the benefits we enjoy due to globalization outweighs the negatives. Globalization has increased people’s movements from both developed and undeveloped economies, which has opened new windows of opportunities and filling up the gaps between available employment and opportunities of their existing work force. Trade specializations have been developed due to international trade allowing countries rapidly increase their overall well-being.

Studying globalization is an eye opener to see many different aspects of globalization in both positive and negative ways. As we have been defining globalization as it is a process of interaction and integration among people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology which shows more good benefits of globalization but it's also deeply controversial in its different effects to economy, health, culture, education, energy, environment, human rights, international law, investment, media, trade and so many more. These aspects have shown us how it’s important to create a more integrated global world is a best way to transform people’s life to a better or it can be unconstructive to many.

Within the last few decades technology has been progressing at an extremely rapid rate resulting in globalization becoming far more relevant in our lives. Whether or not globalization is a beneficial thing for the world has become a frequently discussed topic in the world today. Globalization is the increasingly closer integration of countries and peoples of the world brought about by the enormous reduction of transportation and communication costs and the breakdown of barriers to the flow of goods, services, capital, and knowledge (Ehrenfeld). Communication costs specifically have gone down significantly in the recent years making the topic more prominent in daily discussions. There are many critics of globalization who view it as an evil in our society, but despite the drawbacks that come with it there are benefits that heavily outweigh them. Globalization has been seen as an issue, because it has resulted in the outsourcing of many jobs in developed countries. Although it has resulted in many jobs being outsourced, countries that are still developing now have opportunities for new jobs (Josephson). New job opportunities in developing countries allows for higher standards of living, more competition between workers which boosts productivity, and helps people get out of poverty. From a universal perspective it is a wiser decision to provide jobs to the countries that need them far more than already developed countries as the jobs being outsourced are manufacturing jobs. There are many people who cannot support themselves or their families, because they have do not have a job or any income, because they live in undeveloped countries. In a globalized world jobs are outsourced to undeveloped countries which allows those who are less fortunate to get a job, and provide for their family.

Since the 1990s there has been a boom in writing about globalization. According to one sociologist (Waters 1995: 1), it is the concept of the 1990s, ‘a key idea by which we understand the transition of human society into the third millennium’. Globalization can be best described as a process of interaction and integration amongst the people, companies and governments of different nations. It also refers to a world in which societies, cultures, politics and economies have, in some sense, come closer together. According to Giddens (1990: 64), the concept globalization can be defined as ‘the intensification of worldwide social relations which link distant localities in such a way that local happening are shaped by events occurring many miles away and vice versa’. The globalization process has effects on the environment, on culture, on political systems around the world, on economic development and on the human physical well being in societies around the globe. Globalization is a topic and concept that raises many questions and controversial issues. With globalization being so controversial, there are both positives and negative implications for societies across the globe, as I will discuss in depth in this essay.

Globalization has been a controversial topic for years. By its very definition, globalization is the process by which businesses or other organizations develop international influence or start operating on an international scale. Supporters say that globalization spreads wealth and new ideas, critics say that it accelerates global warming and wipes out native cultures. But are these influences really a bad thing or are we oblivious to the costs of globalization? There are three defining factors of globalization; economic development, the environment and local cultures. These are important because the costs and benefits are all validated through these three factors. Both sides have valid arguments, however I believe that globalization is the key to economic success on an international level.

Like most things in the world, globalization is neither completely good or completely bad. Globalization can be both a beneficial and destructive force to the world. The largest impacts of globalization are seen economically, environmentally, and socially. By examining globalization in these ways, one can see that globalization is not inherently positive or negative.