Globalization is the trend towards a single, integrated, and interdependent world. Some humans may not even realize globalization plays a part in our modern lives, but examples that may be classified as evidence of this trend include: the ability to buy products from dining cuisines belonging to myriad of different ethnical cultures, a joint project in which a multinational group of astronauts are sent to the moon, the visit of a Canadian circus troupe to China, the establishment of international and intercontinental trade agreements, and the ability to watch a live television broadcast from a foreign television station. These examples are made from looking at globalization as a whole, but from an economic perspective, the definition of globalization changes. “A phenomenon by which economic agents in any given part of the world are affected by events elsewhere in the world; the growing integration of the national economies of the world to the degree that we may be witnessing the emergence and operation of a single worldwide economy.” (Arnold 41). This definition is still very closely related to the aforementioned denotation; in fact, the meaning behind the words is the same. In other words, globalization is the growing liberalization of international trade and the movement of capital, resulting in the increase of the integration of national growing economies. Our modern world is a prime example of a civilization that is undergoing globalization. By examining the observable effects of globalization on our world, we can determine whether ambiguous and advancing neoliberalism is beneficial to our economy. Upon the assessment of globalization through the factions of or relating to economics, such as trade, the worldwide market, flowing capital, standard of living, placement of jobs, and international dependence, it would not be a stretch to say though there are unfavourable side effects, they are outweighed by the benefits and globalization is a force that should be embraced instead of feared.
To prove globalization should be facilitated instead of prevented, we must examine one of the most important and fundamental aspects of the economy: trade. Since the appearance of Neanderthals, organisms of the Homo genus have been trading. Whether it is a trade of resources, services or unique skills, the presence of trade can be traced back in time. In fact, it can be said that without trade, the economy would definitely not look the same as it does currently, and perhaps not even exist, for trade signifies the evolution of humans and their ability to think, and without it, we –like most organisms– would have no need for a developed economy. “Merchandise imports have increased 2 billion dollars and exports have increased by 200 million dollars between Canada and the world in a year, from July 2011 to July 2012.” (“Canadian International Merchandise Trade Database”). Globalization creates more trading partners for every individual legal entity, which facilitates the flow of capital, resulting in the empowerment of trade and thereby the economy. “In 2002, trade in goods and services as a share of world output reached 54%, up from 31% in 1980.” (Jaffe 15). The outcome of trade and globalization acting together is a worldwide market. The worldwide market is results in economic change and benefit. For customers and businesses of varying sizes, a worldwide market and more trading partners results in better access to products produced and manufactured in foreign countries. “Due to the presence of a worldwide market, there is an increase in the production sector and there are lots of options for investments for different countries.” (“Pros and Cons of Globalization”). It is evident the economic phenomenon of globalization is beneficial in terms of trade and a worldwide market because of the considerable amount of increased choice. Furthermore, globalization aids the difficult task of keeping the costs of goods and...
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