Globalization Is Good For Mankind

3 Pages 769 Words

Globalization is Good For Mankind

Globalization holds huge potential and could be the answer to many of the world’s problems. Murray Weidenbaum argues that globalization benefits all countries that participate in world markets and can produce many opportunities. He believes that globalization has become a bad word and people oppose to it because they have developed their views from myths based on insufficient facts. The ten myths which he identified are: globalization costs jobs, the United States is an island of free trade in a world of protectionism, Americans are hurt by imports, U.S. companies are running away especially to low-cost areas overseas, American companies doing business overseas take advantage of local people (especially in poor countries) and pollute their environments, the trade deficit is hurting our economy and we should eliminate it, it’s not fair to run such large trade deficits with China or Japan, Sanctions and export controls work, trade agreements should be used to raise environmental and labor standards around the world, and America’s manufacturing base is eroding in the face of unfair global competition. Because it expands economic freedom and spurs competition, globalization raises the productivity and living standards of people in countries that open themselves to the global marketplace.
In the first few myths, Weidenbaum analyzes the misconceptions made about globalization affecting jobs, trade, and imports. Yes, globalization costs jobs and kills small businesses and makes domestic businesses more competitive. However, globalization has given more job opportunities than the ones lost and also with better pay. Because of globalization, employment rates are up and unemployment rates are down. A nation open to free trade grows faster than a nation closed to free trade. Statistics show that open poor economies grows about twice as fast than open rich economies. Globalization is a way of giving c...