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Economic Globalization Pro vs. Con

In: Historical Events

Submitted By tguinn20
Words 445
Pages 2
Economic globalization and trade liberalization have released many restrictions in regards to trade. Now, foreign countries can communicate and distribute items very cheaply compared to previous years. Yet, controversial opinions arose and residents have questioned the effects of economic globalization as an advantageous venture. I completely agree with those people. Supporters of economic globalization state that it brings cheaper products and increased availability of diverse products. Because items can be manufactured and produced cheaper in foreign countries, they can be sold cheaper. Because of economic globalization, we can take advantage of this and provide cheaper products to our residents while producing and distributing the products cheaper as well. Furthermore, regarding the increased availability of products, more products become available to us because of our multiple outlets to several foreign countries. That is to say, we can obtain items from not only China and Japan, but from Australia, the Middle East, countries in Africa, and many more. (Maybe add on?) While economic globalization has gained a positive connotation, there are negative aspects that have more strength refuting its so-called progressiveness. These negative aspects include a job loss and an increase dependency on foreign countries. The majority of the items we buy today come from foreign countries and will continue to come from foreign countries. As a result, local monopolies and industries have suffered because we neglect our own local companies. Sure, our production costs are much higher than foreign countries, but if we want to build and strengthen our economy, we shouldn’t depend on production in foreign places. Moreover, as we continually rely on foreign production, our local industries are going bankrupt and small companies have halted service to the community because

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