Through globalization we in the United States are able to purchase products for a low amount of money. This is due to the fact that multinational corporations have other countries produce products and pay the workers less amount of money than they would have paid an American worker. Sounds good right? We all end up winners!
Economic globalization is the integration of national economies into the international economy through trade, foreign direction and the spread of technology. Not until a few centuries ago did globalization become very popular and with its popularity it became very controversial. On the one side globalization creates new jobs for foreign and undeveloped countries but on the other hand many times it is at the cost of sweatshops.
Globalization has had a very positive impact on several counties such as China and India. Multinational corporations have taken their business to those countries and created new job opportunities for those country’s citizens and because of that both China and India are rapidly reducing their poverty level. This also allows those countries to develop technologically, thus grow economically.
Last month, I attended a lecture at Chico State titled, “Globalization and the U.S. Trade Policy”. The speaker was Professor Donna Lee and she basically gave us an overview of the negative aspects of globalization. Lee stated that although there are winners of global trade there are also losers. While the multinational corporations are creating new jobs for foreign countries, the workers are being paid very little so the multinational corporations make a bigger profit.
I can personally see the pros and cons of this issue but over all I would have to say that globalization has done more harm than it has done good. The thought of purchasing a new pair of Nike shoes for a fairly low amount of money is not only good for me but also for my wallet. But then the thought of knowing that a young child from a foreign country probably made my new pair of shoes for a small amount of money makes me sick to my stomach. This is a reality that we all have to live with because unfortunately globalization is not going anywhere.
3 comments on Globalization: Good or Bad?
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It is really hard for any country to reverse an economic policy once they decide to use it. I agree that globalization is more negative than positive when it comes to taking advantage of people who have to live on less than $2 a day who will take these jobs because anything more than $2 is great to them. Americans are so blind to many of these things because it would be uncomfortable to really see what is happening. Hopefully the younger generation will be more willing to see it and protest it.
Let's also consider what the factories in these underdeveloped countries are doing to the environment. US companies also enjoy less laws with regards to pollution in these far off countries. Are we polluting these underdeveloped countries while their citizens look the other way because they have all been given jobs?