The Pros And Cons Of Globalization

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Globalization “The act or process of globalizing, the state of being globalized, especially the development an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of free foreign markets.” This is the definition of globalization that comes up on Merriam-Webster dictionary. When this definition is read, globalization seems like a pretty good thing. There are many reasons why globalization is a very good thing. Globalization not only benefits the economy, but society, and surprisingly the environment. The thing that benefits the most from globalization is the economy. Globalization allows for companies to move some of their workers overseas, or employ new workers. This means workers can do jobs for lower pay, which will allow lower prices for that service or good in the US. Although this seems very efficient, there is a downside. When companies move their work overseas, it might cause jobs in the US to not be needed anymore, and people will be left without a job. An example of this is with the Indian Tech Workers. They are benefiting greatly from all of the jobs being created over in India. But on the flip side in the US, American workers are left without jobs. Globalization reduced trade barriers. This helped Economic Efficiency and Transboundary Trading grow and benefit our economy. The reduction of trade barriers allowed for countries to specialize in industries and grow the efficiency of their economies. If one
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