Monday, September 21, 2020

Economic Globalization: Good or Bad?

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Globalization is a highly charged issue. It is considered both good and bad, depending on the angle you are looking from.

Globalization enables the flow of international information that facilitates trade and investment. The rapid decrease in the cost of telecommunications and transportation made human interaction across countries extremely simple. The international flow of knowledge of management practices and methods of work organization is another benefit of globalization. A major advantage of globalization is that countries that have a deficiency in a specific resource or skill can make use of foreign skills and resources to satisfy their needs. Besides, efficiency will improve if production of certain goods is done by those who can do it better, hence achieving highest quality at a lower cost. Globalization diminished national borders the fall of protection barriers has stimulated free movement of capital and enabled companies to set up several bases around the world.

However, on the other hand, globalization can cause destruction. The fall of borders results in the powerful dominating the weak. A globalized world is not a very democratic world since it belongs to the powerful dominant countries. They will impose their will on the rest. "In practice, the decision-making process at the WTO is used to advance the agendas of the majors, and particularly those of the USA and Western Europe." Globalization means interdependence, but unfortunately developing countries are forced to depend on developed countries and developed countries are using it as an opportunity to take advantage of developing countries.

Large corporations tend to produce their products at countries where labor is cheapest, health and safety standards are the weakest, and environmental laws are least restrictive in order to minimize costs and maximize profits. Developed countries are trying to unfairly misuse the natural resources of underdeveloped countries. This means that poor countries run by already corrupt governments are being bribed in giving their resources away to the USA for free, or almost nothing. They talk of democracy and human rights but they have no concern for people of the developing countries money has more value than these people. Huge transnational companies are becoming more powerful and influential than democratically-elected governments. They put shareholders interests above those of communities and even customers. Globalization is about benefits for large multinationals who are increasingly running governments for their own profit.

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The poor countries will never be able to produce goods as cheaply as the first world countries, never be able to be more than a cheap source of labor. How much is it possible and fair for a small country or a poor country like India to compete with a rich and resourceful country such as the USA? How can these countries catch-up in the world economy? As globalization spreads across the globe, it will cause more destruction that will profit the rich. The West's gain is at the expense of developing countries.

In principle, globalization is a good thing, however, in practice, it is bad because what is currently happening is Americanization, not globalization. If all countries are equal, it could be globalization. I believe that in the USA, politics are run by huge enterprises like oil companies. It's not about what is good for people of the environment it's about profit. True globalization would mean that people working for multinational companies would receive the same level of wages whether working in Indonesia or America. If globalization is inevitable, then at least it should be ethical. It might then be a force for good. It can be an excellent tool for the advancement of all people, when used correctly.

To wrap it up, I'd say that globalization is much like fire, which is neither good nor bad. Used properly, it can be beneficial. Used carelessly, it can be destroying.

Globalization & Sustainable Development Constraints and Prospects for the South, URL http//

Globalization Good or Bad?, URL http//

Globalization Perceptions, definition and measurement, URL http//

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The globalization website, URL http//

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