Globalizaton Essay

1248 words - 5 pages

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 corrective" ( I believe that it is necessary to provide to other countries that are struggling with overwhelming numbers of unemployed and poor people. As more people in these less developed countries get more jobs, their country's economy also improves. In India, the incidence of poverty measured by the official poverty line fell from 57% in 1973 to around 35% in 1998 and in Indonesia it fell from 60% to 20% between 1985 and 1998 (World Bank, pg. 3). The improvement of the economy can bring about a rise in the standard of living. Infant mortality rates globally have been cut in half during 1970-1997, from 107 to 56 per thousand and life expectancy has risen from 55 years to 67 years (World Bank, pg.3). U.S. Speaker of the House, Newt Gingrich, stated, "There's clearly a rising general standard of living for everybody. That is, people overall are generally better off than they have ever been." Helping improve the standard of living and economy of lesser developed countries is important because the more money they have, the more they can spend on other goods, domestic and foreign. This is necessary because it helps improve the overall global economy. Another positive aspect of globalization stated by...

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