Globalization
A. "Globalization" describes the ongoing global trend toward the freer flow of trade and investment across borders and the resulting integration of the international economy. 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. For less developed countries, globalization offers access to foreign capital, global export markets, and advanced technology while breaking the monopoly of inefficient and protected domestic producers. Faster growth, in turn, promotes poverty reduction, democratization, and higher labor and environmental standards.While globalization may confront government officials with more difficult choices, the result for their citizens is greater individual freedom. In this sense, globalization acts as a check on governmental power that makes it more difficult for governments to abuse the freedom and property of their citizens. B. The downsides of globalization are very similar to the downsides of capitalism. Capitalism can lead to rampant poverty, exploited workers, cheated stockholders, fraudulent product claims, disregard for the environment, and so on. In
For us to prosper from the higher standards of living and economic growth it makes possible, we must work together now to contain its perils. The global marketplace is highly competitive. Even a nation as powerful as the United States cannot be seen to be going it alone. What is needed are continuing collaboration and supple coalitions to handle the risks emerging from this connected world. The technology transfer issue is a huge issue today. Finally, the benefits of "insourcing" should not be overlooked. We cannot afford a gap between identifying risks and being ready for them. The current dynamism of our economy is not temporary. And even if these global agencies DID exist, there is no global equivalent to the police and courts to enforce the regulations. We have laws to protect workers, stockholders, consumers, the environment, etc. The current trend of outsourcing business processes overseas is comparative advantage at work.
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Acceptance Essays
