Globalization Pros And Cons

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The term globalization, refers to businesses or companies who develop worldwide interactions or start managing the movement of money, people, goods, and ideas within and across national borders. In other words, globalization is connections (economic, political, social, and cultural) between people across the globe. And there are powerful forces that reshape local conditions on an ever-intensifying scale. Globalization has been increasing rapidly due to the integration of the global economy. Organizations are relocating factories. People are migrating both legally and illegally. Ideas and goods are flowing around. And new technologies are emerging. Though technological innovations are allowing for greater networking, these advances are forcing…show more content…
It is evident, the profits of U.S.-based companies have increased due to globalization and majority of it come from their foreign counterparts. Moreover, globalization has lowered the cost of several goods and services here in the U.S. Likewise, globalization has made it easier to produce more goods and increase services in countries where the costs are lower. Flexible accumulation in the United States has allowed for companies to move their production facilities and activities around the world and even within a nation in search of cheaper labor, and lower taxes, to accumulate as much as profit as possible. This is all fine for the companies and organizations who are gaining money, but not so good for the workers who used to work at these companies before they were offshored and outsourced. Innovation communication and transportation technologies has enabled small and big companies to get rid of manufacturing jobs in New York City. Thus, resulting in an increase in the unemployment rate in New York City, and an increase in availably of jobs in the rest of the…show more content…
Knowledge and expertise are needed to be closely linked to the global economy. Those that are less-educated will continue to stay at the bottom of the chain and those with high education will stay at the top of the chain. However, the people at the top of the chain can only continue to be at the top if the people at the bottom continue to be at the bottom. Both groups, the rich and the poor, depend on one other. For example, in the past few decades there has been an increase in expensive restaurants, luxury houses, and luxury hotels. These high-income gentrification services require huge supplies of low-wage jobs. Therefore, there will always be a continuing need for a low-wage industrial service. Intellectual growth and innovative ideas will come about, so long as people with low educational levels grow within their own group. The global economy is creating extreme wealth, and it is also creating extreme
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