Pros and Cons of Globalization

Topics: Globalization, World Trade Organization, Developing country Pages: 3 (873 words) Published: March 10, 2012
The Pros
People have been on the move, traded, migrated and colonized in the earlier times; while in the process they transformed both places that they traveled to and the places that they came from. The pro-globalization people say that it is not just good for the rich but it’s good for the poor, because back in the 1990’s, when globalization took off, about 200 million people got out of poverty in places like India and China. Globalization is the process by which economies of countries around the world become increasingly integrated over time. Supporters of this topic argued that it is both good and beneficial because it has created outsourcing, for example, customer support, marketing, software development, insurance and accounting. It’s developed in countries like in India. The outsourcing companies are enjoying the low cost benefits because in develop counties the wages are a lot lower than the developed countries. The countries that are developing get new technology and workers get employment. With the competition that is going on, companies are forced to lower their prices. Globalization has and will keep bringing a lot of opportunities for just about everyone and it has and will keep increasing competition. Competition is a good thing for these kinds of people because the agents of production have become more efficient. There are 2 types of big time organization; The World Trade Organization and the World Economic Forum. The WTO has 144 members and it was formed to set rules to govern the global trade and the capital that flows through the member consensus process and it supervises their member countries to make sure that they are playing by the rules. The WEF is a private foundation and since its private, it has no ability in law making. Globalization has shown that prices will be set at a specific price and people will be able to make more money than there already making. It could also help speed up the process of technology in other foreign...
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