Professor: Bryan Grady
May 5th 2012
Globalization means increase in trading of good and services between countries. This is done through free trade and elimination of trade barriers between these countries (Business.com/pros and cons). Globalization brings about negative and positive influences (Wikipedia.com). In this paper I will discuss the cost and benefits of globalization. Globalization is encouraged by trading between different countries for example McDonalds having stores all across the world. Globalization has been around for centuries but only recently through fast economic growth has it become of great interest (Wikipedia.com). The advantages or benefits of globalization are:
With globalizations customers are able to get goods from other countries that may not have been available to them it creates a wider range of market. Globalization creates an increase in production of goods which leads to customers having choices on where to invest their money (Stanford encyclopedia of Philosophy). It also creates good public relations to those who are involved. Globalizations keeps government aware of economic policies, they have to make sure that they don’t affect the other country’s economy because they are depending on each other. Globalization causes an increase in demand and more people can afford these products because of opportunity cost between these countries, hence leading to increase in production (Business.com). Globalization also leads to employment and reduction of poverty especially to developing countries (Stanford encyclopedia of Philosophy). When companies move from their home country to different countries they are bringing employment and an economic boost to these countries. Globalization brings an economic boost to all countries involved through free trade. Two countries are able to share ideas on so many different levels. Through globalization countries are able to learn each...