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Global Business Today 8th Edition by Charles Hill
Edition 8ISBN: 978-0077801922Global Business Today 8th Edition by Charles Hill
Edition 8ISBN: 978-0077801922 Exercise 1
Outline the main arguments made for and against globalization.
Explanation
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There are as many supporters of globalization as there are people opposed to it Those for globalization believe that it cross-border trade and investment leads to lower prices and better quality of products and services. It helps the economies of all countries involved and ultimately leads to greater prosperity. It stimulates economic growth, helps create jobs and generally raises the incomes of the participating countries. There may be some negative effects but these are usually short term while the economic system adjusts itself to the new normal. This is the overwhelming view of many economists, business leaders and politicians.
Globalization has had its opposition in most developed countries. This is because these countries did not anticipate the onset of globalization and that a lot of the lower skilled jobs would be lost. This was very evident during the economic downturn of 2008-9 when most of the jobs that were lost were in the unskilled sectors. Today even when the economies are recovering these people find that their jobs no longer exist. They have either been out-sourced or the firms have learnt to do without them by replacing them through technology. The anti-globalization lobby has claimed that jobs are lost to foreign competition as well as developed countries are encouraging low-cost labor countries which usually are perceived as having low environmental standards as well as unfair labor practices.
This lobby was very vocal in the US especially, when it saw its jobs vanishing to India and other countries in SE Asia. The fact remains that there are plenty of jobs available in the US but the average jobless US citizen is not qualified for the job.
Globalization has had its opposition in most developed countries. This is because these countries did not anticipate the onset of globalization and that a lot of the lower skilled jobs would be lost. This was very evident during the economic downturn of 2008-9 when most of the jobs that were lost were in the unskilled sectors. Today even when the economies are recovering these people find that their jobs no longer exist. They have either been out-sourced or the firms have learnt to do without them by replacing them through technology. The anti-globalization lobby has claimed that jobs are lost to foreign competition as well as developed countries are encouraging low-cost labor countries which usually are perceived as having low environmental standards as well as unfair labor practices.
This lobby was very vocal in the US especially, when it saw its jobs vanishing to India and other countries in SE Asia. The fact remains that there are plenty of jobs available in the US but the average jobless US citizen is not qualified for the job.
Global Business Today 8th Edition by Charles Hill
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