Globalizaton Essay -- Economics Economy Papers

Globalization is a term that has become very popular in recent times. It is a concept with many differing definitions. Thomas L. Friedman, author of The Lexus and the Olive Tree, describes globalization as a movement that enables individuals, corporations, and countries to reach around the globe farther, faster, deeper and cheaper than ever before. Globalization is the spread of free market capitalism to virtually every country in the world. Countries are encouraged to allow free trade, privatization and competition. Basically, it involves worldwide integration of both economic and political ideals. Globalization is becoming more popular and more accessible mainly because of the recent advancements in technology. Many believe it to be a positive phenomenon, while others believe that it is very bad. The rise and spread of globalization has brought along with it many supporters and opponents. Benefits of globalization are that it creates jobs, generates prosperity, raises standards of living all around the world and much more. When companies do business in other countries more jobs are created. Companies such as Nike, Levis, Coca-cola are constantly building factories in less developed countries, such as Indonesia, Vietnam, Dominican Republic and many more. These factories are providing jobs for thousands of people who would otherwise not be able to find work anywhere else. This helps the human rights issue and can be beneficial for the overall economy of the country as well as the individual. James Robinson, former head of American Express said, "I think it's helping human rights because what it's doing is it's giving jobs to people at salary levels that they never had access to before. So in time I think this becomes more self... ...obalization. October 2000 The World Trade Organization. www.wto.org Geneva, Switzerland. October 2002 Public Broadcasting Service. Transcript: Globalization and Human Rights. www.pbs.org. October 2002 Panayotou, Theodore. Globalization and Environment: CID Working Paper No. 53. July 2000 North American Free Trade Agreement. "NAFTA: A Foundation for Canada's Future Prosperity." http://www.dfait-maeci.gc.ca/nafta-alena/over-en.asp Canada. September 2003 FDI Magazine. "Egyptian Endeavors." www.fdimagazine.com. December 2003. Hill, Charles. International Business: Competing in the Global Marketplace. The McGraw-Hill Companies, Inc., 2005 Tseng, Wanda and Zebregs, Harm. Foreign Direct Investment in China: Some Lessons for Other Countries. International Monetary Fund, February 2002.