What Are Some Economic Challenges And Opportunities Of Globalization

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What Are Some Economic Challenges and Opportunities of Globalization?
Have you ever wondered what life would be like without electronics, transportation and no communication whatsoever to any other countries? Simple examples (like the ones previously stated) have had a great impact on today’s society, and have caused drastic changes in economies all over the world throughout the past few decades. Four reasons why Canadian economy has been affected by globalization are: the World Trade Organization, freer trade between Canada and the U.S and expansion, employment, and immigration.
The World Trade Organization, also known as the WTO, was created shortly after World War II had occurred because the countries believed it would help the world get over the fact that a war had just ended. They also thought it would prevent another depression, and encourage prosperity. By 1947, 23 countries had already signed the GATT (General Agreement on Tariffs and Trade). This agreement was invented to push trade onto countries, and had planned to slowly get rid of the trade barriers which the government had set up to avoid certain imports and exports. As this international trade increased for 48 years, the GATT had experienced problems concerning reforms which were demanded by people around the world. While this went on, the WTO had to settle this dispute, and everything eventually went back to normal.
During the 1980’s, Canadian Prime Minister, Brian Mulroney, was urging the U.S to organize freer trade between Canada and the States. But at this particular time, the United States had ‘protectionism’, meaning that an import coming in from other countries was limited. However, in 1989, The States decided that freer trade was a good idea. President Ronald Regan stated “restricting trade in the long run is bad for everyone, especially for the working people of America”, so the Canada-United States Freer Trade Agreement began. In 1994, Mexico was included in the FTA, which was then

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