Globalization Good for Society

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Module 6 Written Assignment– Is Globalization Good for Society? Rasmussen College Globalization has taken on a new meaning in the past thirty years thanks to advancements in technology. The ease of passing information through the internet, or transporting of goods through shipping containers has made globalization more of a reality today than it has been in the past. It has become so much of a reality that it is one of the biggest ways business is conducted today. Adam Smith can be considered the first name in economics by his views on globalization and his thoughts detailed in his book The Wealth of Nations. Smith made a classic case of free trade by essentially addressing three key points. Smith believed that we as people have the freedom to pursue our own self interests, specialization, which is the division of labor, and the freedom of trade (Solman, 2007). It was these three ideals that essentially state that globalization is the opening of the free marketplace to include the entire world. I believe there is good that comes from globalization but there are also some bad things that can come from it. Starting with the good, globalization has allowed for a shift in countries having independent or isolated economies and has created an integrated global economy. If there is a weakness in the economy of any one country, the effects will spill over into others and the economic hardships that the country of Greece recently had would be good proof of that. When there is more trading that takes place between countries, there is a greater exchange of wealth and that exchange in the end creates more wealth. Countries that have been considered poor and have struggled globally now have the opportunity to sell their low cost labor to the world market. This brings jobs to this struggling countries, even though they are lower paying jobs than the same position
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