Advantages and Disadvantages for Globalization in Different Countries

2021-07-13 08:44:29
5 pages
1103 words
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Vanderbilt University
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Essay
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Globalization stands for the increased interaction of people through the freedom to transact businesses across their borders. For decades, countries have been seeking to integrate the communication, financial, trades and economy for mutual benefits. Different countries have been successful in facilitating the transfer of goods, capital, and services across the natural boundaries (Beneria et al.2015). Globalization has its advantages that most of the countries have realized. Globalization is a sign of social progress because it forms an avenue where different people exchange cultures and business ideologies. Many countries have felt the significance of globalization in a different aspect of their economy (He 2016). For example, globalization stimulates world economic developments as the different countries trade with countries.

The international trade has helped boost exports and the productivity of the countries involved in the international trade. The countries participating in international trade and the different forms of economic integration benefit from job opportunities and the development of the infrastructure in the country. However, some countries have nothing to celebrate about globalization because of the negative impacts it has on the economy of the country (Beneria et al.2015). The globalization affects the countries differently.

China, the worlds second-largest economy is also the biggest benefited party under the globalization. In the past, the government of China devalued her currency to allow the country to trade with many countries around the globe. In the different countries today, most products contain the tags, made China which is an implication of the global distribution of Chinese products. The market slogan for the Chinese products is Made in China globally. The slogan has gained popularity around the globe. Chinese traders are in different countries selling their moderate priced Chinese products to different destinations. It is apparent that China as a country has many benefits from globalization

In the case of U.S.A, the benefits of globalization are not as many as that of the Chines government. In the contrary, globalization has brought harm to the U.S economy because it is the cause of employment disparity in the country. The many firms in the United States are utilizing the benefits of globalization in a negative way. For example, firm owners seek to cut down the cost of operations and therefore outsource the labor from Indian and China. Importing labor force from foreign countries causes disparity of employment in the country (Wei, 2013). The practice of outsourcing the manufacturing and white color jobs from the developing nations cause disparity of labor force while the increase benefits to the firm owners. However, the American government benefits from globalization as the country enjoys the low cost of labor. The United States has to endure negative consequence of globalization such as cultural deterioration, and pollution of the environment to reduce the cost of production an increase exports. The interaction of traders in the international market has improved creativity, talents, and regional corporations.

On average, globalization causes import of inflation. One country can cause economic depression across the many countries in the globe in the process of transacting trade. The developed countries such as the U.S can stile the developments in the developing countries. In developing countries, industries face stiff competition from the highly subsidies industiral products from developed countries. Globalization provides an avenue for the spread of communicable disease into different countries around the globe (Zhang & Rasiah, 2015). However, globalization means a lot to developing countries such African countries. Some of the advantages of globalization include access to education, healthcare, and consumer goods. Besides, globalization reduces global poverty because of access to knowledge and skills that help in the creation of wealth. It is not possible to ignore negative effects of globalization in almost all countries, which includes cultural homogenization, exploitation of developing countries and triggering issues of wealth inequality across the many nations.

Annotated Bibliography

Wei, Y. D. (2013). Regional development in China: states, globalization, and inequality. Routledge.

The source explains about the Chinese government and the economic miles stones in China. The source is relevant to the study of the topic of globalization because it enlightens in both advantages and disadvantages of globalization in China. The book gives a picture of the situation of globalization in China and integrates with the broader perspective in the world.

He, C. (2016). Economic Transition, Urban Dynamics, and Economic Development in China: An Introduction to the Special Issue. Growth and Change, 47(1), 4-8.

The article exposes the economic situation of China. The author has focused on urban dynamics and economic development in China. The issues in the Chinese economy have received great attention in the article. Readers of the article can understand why China is the second largest economy in the world. The growth of the Chinese economy is attributed to the effects of globalization and currency devaluation adapted by the Chinese government.

Zhang, M., & Rasiah, R. (2015). Globalization, industrialization, and labour markets in China. Journal of the Asia Pacific Economy, 20(1), 14-41.

The article discusses the various contributions of globalization in the development of Chinese economy. Globalization has attributed to the various economic developments such as industrialization and the change in the labor market. The article shades some light on the Asian Economy and positive and negative implications of globalization.

Baars, J., Dannefer, D., Phillipson, C., & Walker, A. (Eds.). (2016). Aging, globalization and inequality: The new critical gerontology. Routledge.

The authors of the article focused on the negative impacts of globalization. Some of the negative effects of globalization discuss in the article includes inequality, degradation of native cultures, and import inflation in the country. Globalization cause economic inequality in the developing countries.

Beneria,L., Berik, G., & Floro, M. (2015). Gender, development, and globalization: economics as if all people mattered. Routledge.

The meaning of globalization and the implication in the developing countries has received attention in the source. For example, it is apparent in the article that globalization contributes to the growth of the economy of the country, improvement of infrastructure in developing countries, and creation of jobs for the people. Some countries such as U.S benefit from cheap labor from developing countries though there are job disparities in the country.

 

References

Baars, J., Dannefer, D., Phillipson, C., & Walker, A. (Eds.). (2016). Aging, globalization and inequality: The new critical gerontology. Routledge.

Beneria,L., Berik, G., & Floro, M. (2015). Gender, development, and globalization: economics as if all people mattered. Routledge

He, C. (2016). Economic Transition, Urban Dynamics, and Economic Development in China: An Introduction to the Special Issue. Growth and Change, 47(1), 4-8.

Wei, Y. D. (2013). Regional development in China: states, globalization, and inequality. Routledge.

Zhang, M., & Rasiah, R. (2015). Globalization, industrialization, and labour markets in China. Journal of the Asia Pacific Economy, 20(1), 14-41.

 

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