The Effect of Globalization on Young People

Topics: Economics, Globalization, Economic development Pages: 2 (607 words) Published: March 25, 2011
As the degree of globalization is being strengthened in the present-day world, the issue of globalization has been a highly controversial topic, stimulating extensive attention among the economists and commentators. It is widely agreed that globalization produces widespread and profound impact on every field of the whole world, especially on the aspects of society, economy, politics and culture. However, there is a growing difference of opinion on whether the effects of globalization are beneficial or not. In spite of some negative effects that the anti-globalization groups point out, the positive impact produced by globalization is comprehensive and significant. Many economists consider the process of globalization as the main motivator for social progress, economic growth and cultural exchange. Thus, this essay will be mainly concerned with the beneficial effects of globalization on economy, education and world peace.

From the economic perspective, economic globalization contributes to a higher growth rate in the developing countries which are involved in globalization. The positive effects should be attributed to openness associated with globalization. On one hand, according to Rappaport (2000), openness to international trade empowers these developing countries to develop their competitive advantages in manufacturing a certain products, thus making more profits. On the other hand, it is illustrated in Romer (1993) that opening to foreign direct investment can narrow the gaps between developing and developed nations by stimulating the flow of domestic capital and introducing advanced technology and equipment, thereby improving efficiency and productivity and speeding economic growth in developing countries. A good case in point is that economic growth rate in China significantly increased by 2.3% from 1975 to 2000 due to implementing economic globalization (Dreher, 2006).

In addition, from the educational standpoint, technological globalization is...
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