17: Is Economic Globalization Good for Humankind? (page 251) Discussion Question
ID: 2746139 • Letter: 1
Question
17: Is Economic Globalization Good for Humankind? (page 251) Discussion Question: Provide arguments as noted in your textbook material and any material you may have researched that (YES) economic globalization IS GOOD for humankind and/or (NO) economic globalization IS NOT GOOD for humankind. AND discuss examples to support your argument. 17: Is Economic Globalization Good for Humankind? (page 251) Discussion Question: Provide arguments as noted in your textbook material and any material you may have researched that (YES) economic globalization IS GOOD for humankind and/or (NO) economic globalization IS NOT GOOD for humankind. AND discuss examples to support your argument. 17: Is Economic Globalization Good for Humankind? (page 251) Discussion Question: Provide arguments as noted in your textbook material and any material you may have researched that (YES) economic globalization IS GOOD for humankind and/or (NO) economic globalization IS NOT GOOD for humankind. AND discuss examples to support your argument.Explanation / Answer
Yes, economic globalization is good for the world, because it provides equalization of standards of living.
Economic globalization would be good for the world. I believe this would lead to economic prosperity throughout the globe, which would lead to more economic equality. This rising standard of living will go far to prevent civil unrest, which will in turn lead to a more peaceful and healthy populace.
Globalization is Beneficial to the Economy Because...
The economic virtues that globalization bring about are enough to secure a triumph over isolated ways. The globe is a massive commerce market, a free market dictated by supply and demand (capitalism). The main theme of capitalism is not to interfere with the markets, and let demand dictate supply, and therefore what profits will be made - the market reacts with demand. This leads to self-pursuit of wealth, and less government intervention, which would spur economic growth. With this being said, there is a place for government surveillance, or regulatory body self-governance, even within globalization - by ensuring fair trade, ensuring the quality of the goods, and helping prevent monopolies. A strong example of the economic benefits that globalization can bring can be seen within the coffee industry. Coffee is mainly grown in developing countries and is a large contributor to their economy and prosperity. Without the global distribution of coffee, many developing countries would lose a significant source of income. The intervention of regulatory bodies (similar to government involvement), such as the Fair Trade organization, has proven to be beneficial in bringing in fairness in this large global operation. In the past, much of the profit from coffee sales would end up in the hands of middlemen and greedy corporate owners. With the introduction of fair trade, coffee profits are distributed more fairly to the farmers, regardless of market forces. Fair trade practice is good for the environment, and the coffees social and economic welfare. Organizations that pursue 'green' practice promote sustainability and stewardship of the air, water and land.
“Economic globalization has been made possible by the extension of relatively unrestricted markets to more and more countries after the USSR disintegrated and China opened to the outside world and by outward-looking policy changes in many lesser developed countries, such as India and Vietnam, that have removed market restraints,” Joseph McKinney writes. Another cause is the semiconductor revolution that applies computer technologies to production and communications. “During the first years of the new millennium, the world economy has expanded more rapidly than ever before in history. Countries that have participated vigorously in this process, such as South Korea, Singapore, and Malaysia, and more recently China and India, have experienced the most rapid rates of growth.”
In poorer nations (especially those integrated into the global economy) “growth rates have accelerated and are higher than rich country growth rates—for the first time in modern history,” McKinney notes. Absolute poverty has declined significantly since 1981. Wages, though still far less than in richer countries, are increasing and child labor is decreasing.
The poor benefit much more if they are protected from too rapid economic changes and provided “technical assistance and availability of credit, improvements of transportation and marketing networks, and increased access to education.”
In richer nations the poor benefit from lower-cost imports, but they have two major sources of concern. First, unskilled workers have lost jobs to cheaper labor markets (though, increasingly, skilled workers will be threatened too). Second, while incomes overall have grown rapidly, the wage gap between skilled and unskilled workers is widening.
“The insecurity caused by globalization is, of course, greater where there is a weak social safety net.” So, he suggests that unemployment compensation payments be increased and health insurance benefits be made more portable from job to job at a lower cost. A social safety net must be monitored to avoid higher unemployment. Yet most economists now fear “the degree of inequality in the United States economy in the past few years is more than is necessary for providing incentives, and because of it those at the bottom of the income scale lack the equality of opportunity to allow them to realize their full human potential.”
Economic globalization is bad
Economic globalization leads to the down fall of countries economies. According to the European Free trade agreement the countries who join have their currencies weighed with the others so it widens the gap between the rich and the poor. The poor countries will become poorer while the rich gain more because they are worth more therefore buying from the poor because its cheaper and it puts the poor into crisis because they cannot meet the demand or cost of producing the products.
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.