The Pros and Cons of Globalization

Is Our Economy Headed in the Right Direction?

Globalization is an integration soon to happen in this 21st century. But this fast approaching concept is seen in two different views. Globalization can be seen as a sign of a hopeful future by some. By others this is a disaster for the world economy. Many
 experts argue for and against this new move in the economy. Both groups are standing their ground to protect their own beliefs towards the future.

To fully understand globalization one must look at its definition first.

"Globalization simply means freedom of movement for goods and people, and it is hard to be violently hostile to that. But behind this fight lies an older and more fundamental struggle-against economic liberalization, and against the chief representative thereof, which is the United States." (Revel)

This term has become a common word within the last few decades. Although the term is a new one, the concept has been around for a while. This is a coming event and some people are looking forward to the coming events. Others fear and protest away from it. Some even see it as a defining point soon to come to change our lives. "The restructuring of our political and economic life due to globalization may be as significant a process as the industrial revolution." (Danaher) The next industrial revolution is a big shoe to fill. But a globalized economy would definitely make for big and possibly better changes.

The debates are strong and fierce for and against globalization. To take a look closer at this, we view the pros and cons of globalization itself. According to an April 200 issue of Business Week these are the most common Pros and Cons.

Pros

- Viewing both the Productivity grows more quickly when countries produce goods and services in which they have a comparative advantage. Living standards can go up faster.

- Global competition and cheap imports keep a lid on prices, so inflation is less likely to derail economic growth.

- An open economy spurs innovation with fresh ideas from abroad.

- Export jobs often pay more than other jobs.

- Unfettered capital flows give the U.S. access to foreign investment and keep interest rates low. (Baker)

Related information
  • Baker, Stephen, (2004, April 24), The Pros and Cons of Globalization, Business Week Danaher, Kevin, (1996) Globalization and the Downsizing of the American Dream: The Corporations are Gonna Get your Mama, MI Global Press Cattaui, L. Maria, (2004) Standing up for the global economy, International Chamber of Commerce Revel, Jean-Francois, (2005) .Anti-Globalism = Anti-Americanism, The American Enterprise
 
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more cons please but info helpfull

Posted on 06/01/2009 at 7:06:09 PM

cool

Posted on 02/26/2009 at 11:02:04 AM

I

Posted on 02/24/2009 at 9:02:32 AM

please add more info about the dark side of globalization..but so far the info is really helpful..

Posted on 02/17/2009 at 12:02:29 AM

yeah helped me a bit but not much since i was specifically looking for social pros and cons of glob. thanks anyway

Posted on 11/02/2008 at 1:11:48 AM

great info!

Posted on 10/20/2008 at 9:10:55 PM

I think that there are more cons than pros when it comes to globalizeation do to the fact that each individual country is know for its own special features so globalization only minimizes that statement

Posted on 10/03/2008 at 12:10:39 PM

I think that there are more cons than pros when it comes to globalizeation do to the fact that each individual country is know for its own special features so globalization only minimizes that statement

Posted on 10/03/2008 at 12:10:34 PM

While there are the pros and the cons of economic globalization and both are based on valid concerns, it seems to me that there is also much lack of knowledge and understanding of the issues involved on the part of most of us lay persons -I think that the following website on the definition and the effects of economic glabalisation (both in terms of costs and benefits) in easy to follow language and well illustrated may be useful to many for a general understanding and appreciation of it: http://www.geocities.com/anil.ari_global/index.html

Posted on 08/31/2008 at 2:08:10 PM

I like the information I got form the website

Posted on 05/13/2008 at 12:05:04 PM

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