Preview

What Are the Costs and Benefits of Globalization

Satisfactory Essays
Open Document
Open Document
341 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
What Are the Costs and Benefits of Globalization
What are the costs and benefits of Globalization?
Shanee A. Stevens
ECON220-FF4WW
Professor John Edwards
August 6, 2011

What are the costs and benefits of Globalization?

Well I know that as we head into 2012 the American people are hoping the economy is turning around. With unemployment rates at their highest and the scarcity of jobs, it’s no wonder why the American people do not like their government right now. What was once the best place in the world to come and live the “American Dream” is now slowly changing. To fully understand globalization we must first know what the definition is: (Merriam-Webster Dictionary) the development of an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets. We as Americans surely know the price of American owned companies finding cheaper labor markets. For instance, I live in Springfield, Ohio and we once had a great manufacturing company called Navistar. Well, we still have that manufacturing company here; however, Navistar moved a majority of their jobs to Mexico. This resulted in approximately 2000 people to be laid off from the company and looking for work. I know this first hand because my father was once an employee at Navistar. Fortunately, a foreign manufacturing company Honda of America saved our family from ruin. (Hinyub, 2011) California seems to be the hardest hit by the North America Free Trade Agreement (NAFTA) losing an estimated 87,000 jobs due to cheaper labor force and or materials. Although the Free Trade Agreement was meant to help the American based companies, it seems to be helping those other countries that we are “outsourcing” our business to. Hopefully we will be able to find a happy medium for all countries to get all of our economies back on the right track.
References
Hinyub, C. (2011, May 12). Caivn. Retrieved from Caivn: http://caivn.org/print/9873
Merriam-Webster Dictionary. (n.d.).


References: Hinyub, C. (2011, May 12). Caivn. Retrieved from Caivn: http://caivn.org/print/9873 Merriam-Webster Dictionary. (n.d.). Retrieved from Merriam-Webster Dictionary: http://www.merriam-webster.com/dictionary/globalization
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Powerful Essays

    Globalization, Privatization, and Militarization: Impacts on Criminal Justice
    • 1702 Words
    • 7 Pages

    Globalization, Privatization, and Militarization: Impacts on Criminal Justice

    Merriam-Webster (2013) defines globalization as “the development of an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets” (n.p.). Globalization did not start with just the economy. The ideas of globalization can be traced essentially back to the origins of man when they began to move from equatorial Africa. Next were the Europeans trading for silk and spices with the Far East, eventually leading to the discovery of the Americas by Christopher Columbus traveling to the West in an effort to find a shorter route to their foreign trade partners. Modern day globalization began to come about after World War II. This was mainly due to countries such as Sri Lanka, India, and some in South America gaining independence and establishing their own trade relations with the rest of the world as they now had their own economy. With increased global economies, came the United Nations (UN) and the World Trade Organization (WTO) which was established to aid in settling commercial and trade disputes. So while seen as something relatively modern in our age, globalization can be traced to the beginning of time and has continued to evolve over the centuries (Larchi,…

    • 1702 Words
    • 7 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Dual Federalism
    • 1556 Words
    • 7 Pages

    Dual Federalism

    Globalization is the process of interaction and integration within the people, businesses, and the different countries. The problem with the globalization is that the workers in the United States are suffering to sustain. The globalization has caused the decrease in waged for those uneducated American workers.…

    • 1556 Words
    • 7 Pages
    Powerful Essays
    Read More
  • Best Essays

    Globalization and American Workforce in the Twentieth Century
    • 1766 Words
    • 8 Pages

    Globalization and American Workforce in the Twentieth Century

    Globalization is nothing new, since ancient times; people have been selling and buying their goods to each other. America was found by Europeans, when they were looking for new routes to expand their commerce and trade. In the last decade thanks to advances in communication and technology the commerce around the world has increased to a level never seen before. This globalization however has brought some changes and challenges to the American workforce: jobs have been lost or outsourced, People are not sure what kind of skills will be necessary to have a successful career and what kind of jobs that will have great demand in the coming years.…

    • 1766 Words
    • 8 Pages
    Best Essays
    Read More
  • Good Essays

    Pros and Cons of Globalization
    • 738 Words
    • 3 Pages

    Pros and Cons of Globalization

    Globalization is said to be the connectedness and spread of production, technologies and communication globally. It is also what trends are for. Globalization is what all of us here in this world share in common. Personally, I can say that I am quite globalized. Our generation is, so to speak. I use many things that are commonly known and also practiced worldwide. I use social networking sites such as Facebook, Twitter and Instagram, which were created for us to communicate with everyone else around the world. Also, I patronize products such as Forever 21, Apple, Blackberry, to name a few, for my personal needs instead of buying what is locally available. In terms of food, I prefer restaurants and fast food chains which are internationally known. Instead of flying every three months to our relatives in other countries and regions, I talk to them via Skype, an international program which can make you see and talk to people around the world. I also watch shows like Gossip Girl and 90210 produced by the United States. Watching these shows influence me with the way I dress and with the way I choose things. Also, I tend to hear and use new (and improvised) words. Patronizing chick-flick movies with catchy soundtracks (also produced abroad) also interests me. Every time a video, may it be music or prank, goes viral, I tend to also watch it just to go with the “trend”. Our family also buys foreign-made cars since “they are stronger and faster”. I also watch more NBA games than our local basketball teams.These are some examples of the things I do and have which other people in all parts of the world also practice.…

    • 738 Words
    • 3 Pages
    Good Essays
    Read More
  • Good Essays

    Globalization Cheap Labor
    • 833 Words
    • 4 Pages

    Globalization Cheap Labor

    Some changes can be typically seen in the trade from the North American Free Trade Agreement (NAFTA) which was a complete failure. Results from NAFTA show, “ deficit with Mexico in 2010 was over $97.2 billion dollars for the year and according to the Economic Policy Institute displaced 682,900 American jobs.” The reason that many American jobs were displaced is because they relocated to East Asia. Manufacturers believed that U.S. consumers will continue to buy products at the U.S. prices. The problem with NAFTA was that it allowed free trade agreements which let corporations run as they please.…

    • 833 Words
    • 4 Pages
    Good Essays
    Read More
  • Good Essays

    Us Imperialism
    • 493 Words
    • 2 Pages

    Us Imperialism

    As the U.S grew, it became evident that expanding to the global level was inevitable. Kofi Annan said “It has been said that arguing against globalization is like arguing against the laws of gravity.” Americans were making more than they could use, growing more crops than they could consume. Just like gravity, globalization was real and inevitable, and couldn’t be stopped.…

    • 493 Words
    • 2 Pages
    Good Essays
    Read More
  • Good Essays

    How To Adapt To American Culture
    • 843 Words
    • 4 Pages

    How To Adapt To American Culture

    If this isn’t globalization, then I don't know what is. Basically globalization is an act of ethnocentrism. The US believes that their culture is far more superior than everyone else's, so they have taken it upon themselves to impose americanization on everyone around the globe. Transnational companies are helping in this process by being the bridge to imperialism. Globalization is essentially a form of imperialism, because it is extending the influence and identity of America to consumers all around the world. Consumers buy products/services through these ever growing multinational corporations, and that brings them closer to American culture. For instance, McDonald's is a transnational company which sells American fast food to the world. Every Time a consumer eats the fast food they have just allowed themselves to be vulnerable to losing their identity. There is no other country that has as many transnational corporations as the US, which indicates that America is truly trying to homogenize the world. Consciously or unconsciously, our world is being assimilated into one large, urban, americanized, monocultural society, through the means of…

    • 843 Words
    • 4 Pages
    Good Essays
    Read More
  • Good Essays

    Free Trade
    • 483 Words
    • 2 Pages

    Free Trade

    The slogan “Buy American” is seen by many as very patriotic and a way to keep jobs here in America for Americans, but from an economic standpoint it is not good business. This is known as protectionism and could lead to other nations doing the same to us, thus restricting other markets for our goods and services. Outsourcing has a negative connotation to most people. It is viewed as sending jobs to much cheaper labor markets like India and China and costing Americans these positions. Outsourcing will benefit all American consumers, who vastly outnumber the workers who become victims of cheap imports and outsourcing. This practice should be viewed as fair and open competition. This is a cost saving measure for corporations, enabling them to pass on lower prices to consumers, which far outweighs the effect it has on the labor market.…

    • 483 Words
    • 2 Pages
    Good Essays
    Read More
  • Best Essays

    North American Free Trade Agreement (Nafta)
    • 2362 Words
    • 10 Pages

    North American Free Trade Agreement (Nafta)

    NAFTA, The North American Free Trade Agreement, came into existence on January 1, 1994. NAFTA is basically a free-trade agreement between the three North American countries of the Unites States, Canada, and Mexico. The main idea behind this treaty was to provide the people and the businesses of the North American countries many incentives to trade amongst each other. The duties on U.S goods shipped to Mexico were reduced by 50 percent, and other restrictions were to be removed from many categories, such as motor vehicles, computers, automotive parts, and agricultural goods. NAFTA was also put into action in order to protect the intellectual property rights of the businesses, such as patents, copyrights, and trademarks. Other supplemental agreements were also signed in later years, which allowed for worker and environmental protection. Although many people might think that the NAFTA is like the EU (European Union), it is quite different. NAFTA, unlike EU, does not set up a collection of supranational governmental bodies, nor creates any law that is superior to the national law of each of the member countries (Wikipedia; International Trade Canada).…

    • 2362 Words
    • 10 Pages
    Best Essays
    Read More
  • Powerful Essays

    Outsourcing
    • 2746 Words
    • 11 Pages

    Outsourcing

    Former U.S. Presidential candidate Ross Perot once warned of the U.S. entry into the North American Free Trade Agreement as "a great sucking sound" as U.S. jobs "run" to Mexico. Many Americans feared that cheap labor in Mexico would cause many Americans to lose their jobs as U.S. companies could find cheaper labor south of the border. In the ten years since the beginning of NAFTA, the U.S. job market has remained strong. The types of jobs may have changed to a certain degree, but the number of jobs has only increased despite the fears of many. Today, many people are worried about the effects of the outsourcing of software upon U.S. jobs. Many people fear the "great sucking sound" as software jobs are outsourced to cheaper labor in foreign countries, such as India. U.S. legislators have faced the issue and are trying to reduce the incentives of companies to hire workers abroad. There are many fears and uncertainties about globalization and the new global economy as many people fear change and competition from cheaper foreign labor. Are these fears justified? Is the American job market going to collapse? In the words of Ed Yourdon, has the "decline and fall of the American programmer? 4 Also, is it ethical to outsource software for cheaper labor?…

    • 2746 Words
    • 11 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Globalization: Tensions and Trade Offs
    • 1908 Words
    • 8 Pages

    Globalization: Tensions and Trade Offs

    Globalization101.org follows the second approach: viewing globalization as a process of interaction and integration. A focus on the spread of American ideas or products that ignores the counterbalancing impact of the access to the international arena of ideas and products formerly kept out of it, promotes an impoverished and unbalanced understanding of the process. Thus, Globalization101.org defines globalization as follows: Globalization is the acceleration and intensification of interaction and integration among the people, companies, and governments…

    • 1908 Words
    • 8 Pages
    Powerful Essays
    Read More
  • Good Essays

    Moving U.S White Collar Jobs Offshore
    • 717 Words
    • 3 Pages

    Moving U.S White Collar Jobs Offshore

    Economists have long argued that free trade produces gains for all countries that participate in a free trading system, but as the next wave of globalization sweeps through the U.S. economy, many people are wondering if this is true, particularly those who stand to lose their jobs as a result of this wave of globalization. In the popular imagination for much of the past quarter century, free trade was associated with the movement of low-skill, blue-collar manufacturing jobs out of richcountries such as the United States and toward low-wage countries - textiles to Costa Rica, athletic shoes to the Philippines, steel to Brazil, electronic products to Malaysia, and so on. While many observers bemoaned the "hollowing out" of U.S. manufacturing, economists stated that high-skilled and high-wage, white-collar jobs associated with the knowledge-based economy would stay in the United States. Computers might be assembled in Malaysia, so the argument went, but they would continue to be designed in Silicon Valley by high-skilled U.S. engineers.…

    • 717 Words
    • 3 Pages
    Good Essays
    Read More
  • Good Essays

    Do Agencies That Facilitate International Trade Prevent Free Trade?Ef
    • 803 Words
    • 4 Pages

    Do Agencies That Facilitate International Trade Prevent Free Trade?Ef

    The US has an outsourcing problem, and this problem is at the core of the argument about free trade with China. Our free trade relationship is extraordinarily one-sided, with China exporting much more in goods to the US, than it imports. In 2001, China was accepted as a member of the World Trade Organization. Between the years of 2001 and 2006, an average of 353,000 US jobs were lost to China; mostly manufacturing positions. (Scott, 2007) When China trades internationally, other nations lose.…

    • 803 Words
    • 4 Pages
    Good Essays
    Read More
  • Best Essays

    Pros and Cons of Globalization Essay Example
    • 2749 Words
    • 11 Pages

    Pros and Cons of Globalization Essay Example

    Globalization is changing the way we live our lives every day, from reading news over the Internet to getting the latest stock quote or sports score. In the world at large, technology and open markets are creating a global economic system that often seems to exceed the power of government itself. In addition, Globalization is still one of the most popular words of our time and it plays an important role in the world. Trillions of dollars move effortlessly around the world everyday, across national borders in the blink of an eye. Cross-border investment and technologic process are fueling this “new economy” that is lifting hundreds of millions of people from abject poverty into the middle class. However, there are both winners and losers in the global economy, generating heated debates. Many factors, such as politics, economy, culture, and technology, can make the effect of globalization…

    • 2749 Words
    • 11 Pages
    Best Essays
    Read More
  • Better Essays

    Globalization and Education
    • 1104 Words
    • 5 Pages

    Globalization and Education

    Globalization has been underway since the dawn of history. “It is now characterized by shrinking space and time and by vanishing borders. Globalizing processes are dismantling obstacles to movement. As a result, there has been an increasing flow of people, goods, services, ideas, technologies and information across international borders. In simple terms, globalization is defined as a ‘process that widens the extent and form of cross-border transactions among peoples, assets, goods and services and that deepens the economic interdependence between and among globalizing entities, which may be private or public institutions or governments” (Lubbers 2000). Globalization is a basically connecting different country together as a global village.…

    • 1104 Words
    • 5 Pages
    Better Essays
    Read More

Related Topics