International Economics: Global and Ethic Markets
Change is something not all people can take lightly. Some are afraid of it, others embrace it. Some are ignorant to its causes, while some fight against the causes. Globalization is one word symbolizing so many things to different people. Basically, globalization is a term involving an intricate cycle of economic, social, technological, cultural and political changes seen as growing interdependence, assimilation and relationships grow between people and companies in different areas.
In today's world it is relatively simple to witness impacts of globalization just by looking around. Yet it is not simple to find goods that are manufactured in the US actually being sold in the US. Outsourcing to other countries has been the major cause of job loss for US workers and yet we have export totals that are higher than all other nations'. Because the US exports so many goods, foreign countries then see probable growth and invest in US companies. There are also numerous amounts of other positive impacts of globalization. The sales growth has been impacted by a larger demand in global marketplace as well as lowered prices for buyers as a result of bigger competition. And because there is no such thing as a free lunch there are potential negative domestic results like job losses and decreased production, profits, and wages due to growing competition from cheaper labor and production abroad. Globalization can affect everything from states such as Minnesota, to global issues like environment, gender, and human rights.
There are positives and negatives involving globalization in Minnesota companies. According to the Minnesota Department of Employment and Economic Development as well as Minnesota Technology, Inc., foreign market demands have increased sales and productivity of exports for many Minnesota manufacturers and set the annual export total around $18 billion. In 2003 that total...