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Quite a few years back, in 1985 when trading with China, the debt from trading reached six billion dollars each year. In the year 2014 that number went up dramatically, the number in 2014 reached 343 billion dollars and 45 billion per one month! That's a lot of money! Also, according to the article, congress doesn't do much to fix these things.  Which is not good because then we get in to more debt than ever. Increasing the national debt is really bad, and can have a lot of negative affects on the economy. Also, the number of people that are unemployed went up from 2001 to 2013. These things all happen because of globalization. One final thing is the standard of living goes down a lot because companies mostly care about making money and on top of that sometimes it's hard for Americans to compete with foreign workers because some foreign workers aren't paid as much. And typically companies don't like to pay their workers well if they don't have to. Globalization has a lot of negative affects globally.

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Low Quality Imports and Companies Sacrificing Different Things 

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Low Quality Imports and Companies Sacrificing Different Things 

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Another bad thing about globalization and potentially harmful to the consumers are imports from other countries. An example of this is food. Something that has been happening frequently is from China. China has been importing food and the FDA have been having trouble keeping up and checking to make sure that the food is safe. Another thing we are getting a lot of from China are toys. And the problem with China's toys is the fact that what is in the toys are unsafe. There's lead and other heavy metals that very harmful things that could harm ones health. Another thing China is doing is lowering cost of the food and raising the wages. With companies trying to expand more companies are putting the environment at risk and their living standards. Which are both very negative things.

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The Dark Side of Globalization: Why Seattle’s 1999 Protesters Were Right

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The WTO demonstrators were the "Occupy" movement of the late-20th century—mocked, maligned, and mostly right.

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Globalization is Bad for International Education

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Globalization is Bad for International Education

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In this article they explain several reasons as to why globalization is bad for international education. One reason why globalization is bad for international education is because first some of the standards that maybe set could be good but if the globe transitions to the new standards or global trends, local institutions will then become less responsive to local things. Which is bad because in education they want to keep diversity. And if institutions all transition constantly to global trends in the education system, we are at risk of losing diversity.  Another reason why globalization is a bad thing for international education is because some institutions see this as a world- class status also. The reason why this happens is because of the world ranking systems. This is not good because students are seen as exports. Another reason why globalization is bad for international education is because students are also seen as cash cows, and used when an institution is in need of higher revenue.

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For almost 100 years, IIE has been at the forefront of international education. The Opening Minds blog is IIE's take on how this field continues to change. Here the Institute's leaders will explore international educational exchange, global student mobility, institutional partnerships, international development, and other topics and trends that are shaping higher education around the world.

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Globalization may decrease poverty in some areas and increase wages in other places, but globalization also decreases wages in some places around the world. The wages decrease in some areas because When globalization is taking place companies transition to countries where people have nearly no rights in the working areas. As a result, working conditions continue t be pushed down. Another thing to mention about globalization is that they are outsourced too. In more developed countries such as India and China. As a result in Western countries result in high unemployment. Globalization can have negative affects around the world. Globalization can help or hurt you, it really depends on what economic situation is and where you live ultimately determines what happens to you.

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Since completing university, Paul has worked as a librarian, teacher, and freelance writer. Born in the UK, he currently lives in Florida.

What is Globalization?

Globalization is the concept of international integration, resulting from the interchange of trade, products, ideas, culture.

It has been around for a long time in one shape or another. Ever since ancient times, trade routes have been operating between different parts of the world transporting ideas, as well as goods.

The term started to be used more and more in the 80s and 90s to explain the rapid changes in the world, as countries became more and more inter-connected.

Modern globalization is generally seen as beginning in the 19th century, although it has its roots in the European age of discovery and colonization of many parts of the planet.

Globalization of Trade

In the 15 th Century the most famous trade routes were the Silk Road, a land route which ran between Eastern Europe and China, and the Spice Trade, which was based mainly on sea routes and stretched between Southern Europe, East Africa and Southeast Asia.

The latest phase of trade globalization began in the aftermath of World War II, when politicians from major countries met to design a framework for international trade and finance.

The process of financial globalization accelerated with the fall of Communism at the end of the Cold War, and then received a big boost again with the revolution in computer technology and the dramatic growth of the internet.

The growth of the web means that somebody sat at a regular PC with a connection to the internet can carry out work for almost anyone in the world, often in 'real' time.

The politics of globalization often revolve around the most economically developed countries, led by the USA, pushing for countries with less developed economies to lower trade restrictions and open up their home markets and resources, in return for access to potentially lucrative Western markets and foreign investment.

The anti-globalization movement is not one organization with one philosophy but an umbrella group consisting of people concerned with environmentalism, third world debt, workers' rights, child labor, animal rights, anti-capitalism, anarchism, and opposition to multinational corporations.

My list of the pros and cons of globalization aims to provide a summary of the main for and against arguments used by people when they debate the merits of globalization.

Pros of Globalization

Productivity grows in countries that open up their markets and integrate with outside economies. Rich countries gain access to emerging economies. Poor countries gain access to wealthy economies where they can sell their goods and services.

Lesser Developed Nations benefit from the increase in investment from foreign countries both financially and through jobs.

Global competition and cheap imports help to keep inflation down.

Open economies help to spur innovation and new ideas on a global level, creating an effective 'globalization of ideas'.

Through globalization, countries can specialize more in what they produce and what they do best.

Cultural intermingling means that countries learn more about other cultures, strengthening international bonds and making the people's of the world more open and tolerant towards each other.

Shared financial interests mean that corporations and governments attempt to solve ecological problems together.

Cons of Globalization

Wages and working conditions everywhere are pushed downwards as companies gravitate towards countries where the wages are the lowest and the workers' rights are the worst.

The environment suffers, as production moves to places where they have less strict rules and regulations about controlling pollution and deforestation etc.

Many jobs are outsourced from more developed nations, like the USA, to lower wages economies, such as those in Indian and China, resulting in high unemployment in the Western countries.

Globalization means that economic problems in one part of the world can spread easily and create a worldwide recession.

Many of the deals made by more economically developed nations with lesser developed countries are unfairly weighted in favor of the more developed nations. For instance, subsidies to agricultural production by the more developed nations are often kept, making the competition unfair.

Globalization undermines national sovereignties and national governments, as individual countries become increasingly at the mercy of international markets, and multinational corporations grow more powerful and influential.

Social welfare schemes are threatened as countries with no safety net and poor safety records undercut prices of goods and services.

Anti-Globalization Protests

Anti-globalization protests have become increasingly common in recent years. Meetings that have been targeted by protesters include:

World Trade Organization (WTO) which encourages free trade between nations

International Monetary Fund (IMF) which supplies loans to countries with struggling economies

World Bank, which supplies long term loans to countries to aid development

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Since completing university, Paul has worked as a librarian, teacher, and freelance writer. Born in the UK, he currently lives in Florida. Globalization is the concept of international integration, resulting from the interchange of trade, products, ideas, culture. It has been around for a long time in one shape or another.

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Increased Competition and Stabalized Security 

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Increased Competition and Stabalized Security 

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Another great thing globalization does is increase competition. Increasing the competition around the world makes it better so that they can continue to produce better goods for consumers.  Good competition is essential for the economy. And more competition gives consumers more options for the same products. Competition between companies who are selling cars for example, sometimes even lower their prices to attract more customers which is a good thing for the people. Another great thing to mention is that the quality of service goes up also. Also of importance, globalization also provides a stabilized security because globalization actually stops possible conflicts that could have gotten ugly. Stabilized security is essential for any economy and prevents events that could potentially make the economy collapse.

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It's a small world, after all. This saying has never been more true, and if trends continue to develop the way they are, the world may continue to shrink.

In light of advanced technology, higher demands from markets and faster turnaround times, globalization has become a staple for world commerce.

In the U.S., the term globalization often has negative connotations. For many, it represents a threat to their jobs, livelihood and way of life.

Though many Americans think of it as a dirty word, "globalization," actually has been a catalyst for positive change as well.

Related:
K-State promotes globalization by offering Swahili courses

Here are four ways that globalization has had a positive impact on the world economy:
1. More efficient markets
Efficient markets should be what every economy strives for. Essentially, the sign of an efficient market is where there is an equilibrium between what buyers are willing to pay for a good or service and what sellers are willing to sell for a good or service.

If you can improve the way you produce a good or service by doing things such as outsourcing certain processes or buying from an overseas supplier that offers discounts, you can then afford to lower your selling price which results in increased demand and affordability.

Even if businesses don't lower prices, they can make additional profits and then reallocate that excess profit into doing things like increasing wages, taking on more investments or even creating more expansion projects.

Related:
3 negative impacts of globalization on the United States
2. Increased competition
Anytime that you have multiple producers competing for a hold of the economy, that's a good sign for consumers, as the quality of goods and services often goes up as a result.

When businesses started to venture across international borders, what they often did was introduce a new standard into the global marketplace. Consumers then had more options to choose from.

With more competitors to fight over market share, each company has to constantly look to improve their goods or services or create more value for their customers.

This means better products and sometimes lower prices, which is always a good thing for buyers.

When your economy depends largely on another country's economy, it is hard to imagine either one of the countries attacking the other. In a weird sort of way, globalization helped heighten world security.

Although this may seem kind of twisted since there is so much violence that still goes on in the world, the fact remains that globalization has halted many conflicts that could have turned ugly if their country's financial health didn't depend on the other.

4. More wealth equality throughout the world

Although many Americans contend that their standard of living has gone down because of globalization, the flip side to this is that hundreds of thousands of people around the world now have jobs, have started their own businesses and can provide comfort for their families.

Living in the U.S., we take things like clean water, shelter and plentiful food for granted. Our standard of living is so high compared to many nations that when we can no longer buy frivolous luxuries, we claim that we are poor.

Globalization may have stopped you from buying another flat screen TV, but it also helped countless people in developing countries put food on their table for their families.

See? There is a silver lining to it all.

Andy Rao is a junior in finance and accounting. Please send comments to news@kstatecollegian.com.

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4 positive impacts of globalization on world economy

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It's a small world, after all. This saying has never been more true, and if trends continue to develop the way they are, the world may continue to shrink.In light of advanced technology, higher demands from markets and faster turnaround times, globalization has become a staple for world commerce.In

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Globalization has helped people have longer and healthier lives. According to the article, a study done in 2010 looked at data from 92 different countries around the world, the data showed that economic globalization, the hire it was so was the life expectancy. Evidence form five decades also show this ever since globalization became more and more popular. Another good thing about globalization is that income is also higher. The income is higher because there was also data collected for that and it showed an increase with globalization. In other words less trade barriers calls for higher wages, more income and an overall richer country. The thing most people want.

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How important is the open exchange of goods to the spreading of prosperity? This important: Since 1950, world trade in goods has expanded from $600 billion (in 2015 dollars) to $18.9 trillion in 2013. That's a more than 30-fold increase, during a period in which global population grew less than three-fold.

This massive increase in trade was kicked off in 1948 by the General Agreement on Tariffs and Trade, which began the liberalization process of lowering tariff and non-tariff barriers. As a result, autarkic national economies became more integrated and intertwined with one another. The World Bank reports that openness to trade-the ratio of a country's trade (exports plus imports) to its gross domestic product (GDP)-has more than doubled on average since 1950.

Immigration has also contributed significantly to economic growth and higher wages. Today some 200 million people, about 3 percent of the world's population, live outside their countries of birth. According to the Partnership for a New American Economy, 28 percent of all U.S. companies started in 2011 had immigrant founders-despite immigrants comprising roughly 13 percent of the population. In addition, some 40 percent of Fortune 500 firms were founded by immigrants or their children.

All of this open movement of people and stuff across borders pays off in many measurable ways, some obvious, some more surprising.
Longer, Healthier Lives
A 2010 study in World Development, titled "Good For Living? On the Relationship between Globalization and Life Expectancy," looked at data from 92 countries and found that economic globalization significantly boosts life expectancy, especially in developing countries. The two Swedish economists behind the study, Andreas Bergh and Therese Nilsson, noted that as Uganda's economic globalization index rose from 22 to 46 points (almost two standard deviations) over the 1970-2005 period, average life expectancy increased by two to three years.

Similarly, a 2014 conference paper titled "The long-run relationship between trade and population health: evidence from five decades," by Helmut Schmidt University economist Dierk Herzer, concluded, after examining the relationship between economic openness and population health for 74 countries between 1960 and 2010, that "international trade in general has a robust positive long-run effect on health, as measured by life expectancy and infant mortality."
Women's Liberation
A 2012 working paper by University of Konstantz economist Heinrich Ursprung and University of Munich economist Niklas Potrafke analyzed how women fare by comparing globalization trends with changes in the Social Institutions and Gender Index (SIGI), which was developed by the Organisation for Economic Co-operation and Development (OECD). SIGI takes several aspects of gender relations into account, including family law codes, civil liberties, physical integrity, son preference, and ownership rights. It's an index of deprivation that captures causes of gender inequality rather than measuring outcomes.

"Observing the progress of globalization for almost one hundred developing countries at ten year intervals starting in 1970," Ursprung and Potrafke concluded, "we find that economic and social globalization exert a decidedly positive influence on the social institutions that reduce female subjugation and promote gender equality." They further noted that since globalization tends to liberate women from traditional social and political orders, "social globalization is demonized, by the established local ruling class, and by western apologists who, for reasons of ideological objections to markets, join in opposing globalization."
Less Child Labor
A 2005 World Development study, "Trade Openness, Foreign Direct Investment and Child Labor," by Eric Neumayer of the London School of Economics and Indra de Soysa of the Norwegian University of Science and Technology, looked at the effects of trade openness and globalization on child labor in poor countries. Their analysis refuted the claims made by anti-globalization proponents that free trade induces a "race to the bottom," encouraging the exploitation of children as cheap laborers. Instead the researchers found that the more open a country is to international trade and foreign investment, the lower the incidence of exploitation. "Globalization is associated with less, not more, child labor," they concluded.
Faster Economic Growth
A 2008 World Bank study, "Trade Liberalization and Growth: New Evidence," by the Stanford University economists Romain Wacziarg and Karen Horn Welch, found that trade openness and liberalization significantly boost a country's rate of economic growth.

The authors noted that in 1960, just 22 percent of countries representing 21 percent of the global population had open trade policies. This rose to 73 percent of countries representing 46 percent of world population by the year 2000. The study compared growth rates of countries before and after trade liberalization, finding that "over the 1950-98 period, countries that liberalized their trade regimes experienced average annual growth rates that were about 1.5 percentage points higher than before liberalization" and that "investment rates by rose 1.5-2.0 percentage points."
Higher Incomes
Trade openness boosts economic growth, but how does it affect per-capita incomes? A 2009 Rutgers University-Newark working paper, "Trade Openness and Income-a Re-examination," by economists Vlad Manole and Mariana Spatareanu, calculated the trade restrictiveness indices for 131 developed and developing countries between 1990 and 2004. Its conclusion: A "lower level of trade protection is associated with higher per-capita income."
Less Poverty

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How important is the open exchange of goods to the spreading of prosperity? This important: Since 1950, world trade in goods has expanded from $600 billion (in 2015 dollars) to $18.9 trillion in 2013. That's a more than 30-fold increase, during a period in which global population grew less than three-fold.

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Globalization has made the world more culturally diverse. Which is a good thing to develop tolerance and prevent things like the World War from happening again, and as consumers, we are allowed to purchase and experience different goods from different parts of the world. Globalization has made our world more diverse because we are like one big community with people that speak different languages, have different backgrounds and nationalities. As stated earlier it also creates tolerance, something we really need more of still in today's times. Food is an example of a product that is becoming more culturally diverse.  Because redolence is improving, women are also given more rights and opportunities  around the world.

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The Pros and Cons of Globalization
GLOBALIZATION: THE GOOD, THE BAD, AND THE (MOSTLY) UGLY
Since the end of the Second World War, the world economy has seen a level of growth unparalleled in human history. Many economists accredit this surge in international trade and prosperity to the policies that gave rise to the globalized market we benefit from everyday. However, while it is true that globalization has kept consumers in developed countries complacent with cheap goods and services, economists are looking at a flawed model for the future of world trade.

Categorically, there are serious ethical, and viability concerns that plague the so-called "gold standard" of global commerce. Firstly, globalization forces good paying, local jobs to relocate to countries that may lack labor laws. Essentially, this forces North American workers in most exporting industries, such as manufacturing and energy, to compete with their Mexican, Chinese, or Indonesian counterparts -who make a few pennies or dollars a day. This unfair competition does two major things: it prevents skilled workers from accessing decent job opportunities, and encourages the mistreatment of laborers in developing countries.

Secondly, the globalized economy prevents any real progress in reversing the effects of climate change. Companies grow uninterested in paying more to meet environmental protection standards and relocate their operations to jurisdictions with absent eco-friendly legislation in order to maximize profits. Not only does this destroy local communities in these areas by pumping toxins into the air, water, and ground, it also prevents governments from adopting significant green initiatives out of fear of driving out business.

Thirdly, globalization relies on the idea that labor and raw materials are in infinite supply; Just as our economy grows, so does global consumption and waste. For example, the average North American consumes at rates that would strip the world of all its natural resources if generalized to the global population. It is clear that the world economy as it stands emboldens a lifestyle of immoderation and overindulgence.

Lastly, a globalized economy ties countries together through dependencies. This can be dangerous for two reasons: if the system fails, countries will lack essential goods and services, and if there is an outright failure, the repercussions will ripple throughout the world. The latter was best observed in the 2008 financial collapse which resulted primarily from the US subprime mortgage crisis. An example of the former is the 1970s oil crisis where the Organization of Arab Petroleum Exporting Countries (OAPEC) placed an embargo on US oil export, which eventually drove the American economy into a recession.

Ultimately, we should not settle for an economic model that drives the cycle of poverty, that allows the environment to continue to deteriorate, that desensitizes us to the realities of finite resources, and that imperils us when disaster strikes half a world away. One thing remains clear, the system in which globalization has been allowed to thrive in is deceiving; The deal that world leaders and lobbyists marketed is not the fiscally responsible, sustainable package they sold to us. No doubt, globalization had a necessary role to play and led to the amassing of great wealth, but the economy of the future will require us to reconsider the value in dynamic, local economies that can preserve and enhance our way of life in the 21st century and beyond.
Written by MWR writer Yanni Stavrakis, edited by the MWR team GLOBALIZATION AS A SUSTAINABLE AND RELIABLE ASSET IN THE INTERNATIONAL MARKET ECONOMY
Globalization is not a new phenomenon, it has been around since the time of the Romans and their innovative trade routes, to the fall of Constantinople, once giving access to the spices of the East, that pushed explorers to reach the far corners of the New World. While globalization hasn't always been associated to it's benefits, it proves to be a sustainable and reliable asset in the international market economy. Not only has globalization made us richer, it has made us more culturally diverse, more educated, and has increased the quality of goods and services we consume while reducing their cost.

GLOBALIZATION HAS MADE US RICHER

Most European and North American academic economists would agree, as they have successfully argued, that governmental regulations diminish prosperity by limiting growth. In fact, by allowing production to have a more diverse background than before we have increased the world's economic output. Some may argue that it has only helped to increase the wealth of already rich countries and individuals, or even that it takes away jobs for the low-middle class in those countries. However, companies that move their manufacture from high to low income countries help a greater number of people to receive better living standards, or more plainly, that get better off than they were before. Without implying a direct causal relationship, in the past 30 years, which saw the greatest surge of globalization thanks to the increase in technological advances, 600 million people have emerged from poverty. By finding jobs in safe and regulated manufactures, populations have been able to ensure a more secure, healthier, and richer future for themselves and their children. Furthermore, around 25 million people around the world living in a different country than the one they are a citizen of have been found to send back money to their families. Indeed, remittances, which is the pay that workers often send from a high income country to a lower income country, is, in competition with international financial aid, one of the largest contributors to monetary inflow in low income countries. In Tajikistan, for example, remittances represent 35% of the total GDP, and in 2015, the World Bank estimated that remittances reached $440 billion in developing countries.

GLOBALIZATION HAS MADE US MORE CULTURALLY DIVERSE

It would be an understatement to simply say that globalization has increased global communication, because it essentially has created what experts call a 'global village': a community of people from different nationalities, speaking different languages, with different cultural and heritage backgrounds, that has enabled us to become more tolerant and open to different peoples. Some opponents of globalization have stated that globalization has 'Americanized' other cultures, and while American products, like the series Friends or Diet Coke, are accessible nearly everywhere, we could also say the same thing about a number of other cultures. When was the last time you ate sushi for lunch, ordered Chinese take out for dinner, or went out to a tacos place at 2 am? Not only is culturally diverse food becoming more and more accessible, so is cinema. In an article for the Wall Street Journal, Micheal Lynton, chairman and CEO of Sony Pictures Entertainment, remarks: "Citizens of other countries also like their own heroes and villains, actors and directors. They want to see stories, stars and issues that relate to their own societies and are portrayed and examined in their own languages. That's why, in recent years, we have seen an explosion of creativity from outside Hollywood." Not only has entertainment been improved, so has tolerance. By increasing contact between people of diverse backgrounds and identities, we effectively become more tolerant, and more importantly, understanding of communities that are not our own. Globalization, through exposure and representation has bettered the lives of women, given greater respect to human rights, and lessened stigmatization towards people living with HIV/AIDS.

Nonetheless, while the downsides of globalization weren't addressed in this piece, it would be imprudent to believe there are none. However, when we look at everything globalization has given us, and the ways it has corrected itself thus far, we can effectively say that globalization is a sustainable and reliable asset in the international market economy.
Written by MWR writer Laurence Doucet, edited by the MWR team

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The Pros and Cons of Globalization - Marianopolis World Review

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GLOBALIZATION: THE GOOD, THE BAD, AND THE (MOSTLY) UGLY Since the end of the Second World War, the world economy has seen a level of growth unparalleled in human history. Many economists accredit this surge in international trade and prosperity to the policies that ...

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Quicker Transmission of Goods, Economic Growth

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Quicker Transmission of Goods, Economic Growth

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Back then, no now could imagine a place where you can for example send a text to someone else half across the world, this is all a by product of globalization. Globalization has allowed for goods and services  move faster around the world. It has allowed for the world to share different ideas and increase innovation. Now that we have more advanced technology, news, and information can be shared faster than ever. In the past 50 years, economics around the world have grown and it is also because globalization was introduced. Economic growth is seen around the world and is continuing to expand and make other economies better. Thanks to globalization.

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11 Major Pros and Cons of Globalization | NLCATP.org

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Globalization has lead to increase use of finite resources, and increased carbon dioxide emissions.
In this article, they use China and India as an example.The article states that ever since China entered the world trade organization in December of 2001, coal use started rising rapidly according to the graphs shown in the article. The same thing happened to India, China, the United States and other areas around the world according to the graph. Another graph shows an increase on world fossil fuel carbon dioxide emissions. The graph shows an increase through out the years. As a result, our environment is in danger every day because of all the pollution we put out there. Not all is caused by globalization but a good amount is caused by that.

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Globalization seems to be looked on as an unmitigated "good" by economists. Unfortunately, economists seem to be guided by their badly flawed models; they miss real-world problems. In particular, they miss the point that the world is finite. We don't have infinite resources, or unlimited ability to handle excess pollution. So we are setting up a "solution" that is at best temporary.

Economists also tend to look at results too narrowly-from the point of view of a business that can expand, or a worker who has plenty of money, even though these users are not typical. In real life, businesses are facing increased competition, and the worker may be laid off because of greater competition.

The following is a list of reasons why globalization is not living up to what was promised, and is, in fact, a very major problem.

1. Globalization uses up finite resources more quickly. As an example, China joined the world trade organization in December 2001. In 2002, its coal use began rising rapidly (Figure 1, below).

In fact, there is also a huge increase in world coal consumption (Figure 2, below). India's consumption is increasing as well, but from a smaller base.

2. Globalization increases world carbon dioxide emissions. If the world burns its coal more quickly, and does not cut back on other fossil fuel use, carbon dioxide emissions increase. Figure 3 shows how carbon dioxide emissions have increased, relative to what might have been expected, based on the trend line for the years prior to when the Kyoto protocol was adopted in 1997.

3. Globalization makes it virtually impossible for regulators in one country to foresee the worldwide implications of their actions. Actions which would seem to reduce emissions for an individual country may indirectly encourage world trade, ramp up manufacturing in coal-producing areas, and increase emissions over all. See my post Climate Change: Why Standard Fixes Don't Work.

4. Globalization acts to increase world oil prices.

The world has undergone two sets of oil price spikes. The first one, in the 1973 to 1983 period, occurred after US oil supply began to decline in 1970 (Figure 4, above and Figure 5 below).

After 1983, it was possible to bring oil prices back to the $30 to $40 barrel range (in 2012$), compared to the $20 barrel price (in 2012$) available prior to 1970. This was partly done partly by ramping up oil production in the North Sea, Alaska and Mexico (sources which were already known), and partly by reducing consumption. The reduction in consumption was accomplished by cutting back oil use for electricity, and by encouraging the use of more fuel-efficient cars.

Now, since 2005, we have high oil prices back, but we have a much worse problem. The reason the problem is worse now is partly because oil supply is not growing very much, due to limits we are reaching, and partly because demand is exploding due to globalization.

If we look at world oil supply, it is virtually flat. The United States and Canada together provide the slight increase in world oil supply that has occurred since 2005. Otherwise, supply has been flat since 2005 (Figure 6, below). What looks like a huge increase in US oil production in 2012 in Figure 5 looks much less impressive, when viewed in the context of world oil production in Figure 6.

Part of our problem now is that with globalization, world oil demand is rising very rapidly. Chinese buyers purchased more cars in 2012 than did European buyers. Rapidly rising world demand, together with oil supply which is barely rising, pushes world prices upward. This time, there also is no possibility of a dip in world oil demand of the type that occurred in the early 1980s. Even if the West drops its oil consumption greatly, the East has sufficient pent-up demand that it will make use of any oil that is made available to the market.

Adding to our problem is the fact that we have already extracted most of the inexpensive to extract oil because the "easy" (and cheap) to extract oil was extracted first. Because of this, oil prices cannot decrease very much, without world supply dropping off. Instead, because of diminishing returns, needed price keeps ratcheting upward. The new "tight" oil that is acting to increase US supply is an example of expensive to produce oil-it can't bring needed price relief.

5. Globalization transfers consumption of limited oil supply from developed countries to developing countries. If world oil supply isn't growing by very much, and demand is growing rapidly in developing countries, oil to meet this rising demand must come from somewhere. The way this transfer takes place is through the mechanism of high oil prices. High oil prices are particularly a problem for major oil importing countries, such as the United States, many European countries, and Japan. Because oil is used in growing food and for commuting, a rise in oil price tends to lead to a cutback in discretionary spending, recession, and lower oil use in these countries. See my academic article, "Oil Supply Limits and the Continuing Financial Crisis," available here or here.

Developing countries are better able to use higher-priced oil than developed countries. In some cases (particularly in oil-producing countries) subsidies play a role. In addition, the shift of manufacturing to less developed countries increases the number of workers who can afford a motorcycle or car. Job loss plays a role in the loss of oil consumption from developed countries-see my post, Why is US Oil Consumption Lower? Better Gasoline Mileage? The real issue isn't better mileage; one major issue is loss of jobs.

6. Globalization transfers jobs from developed countries to less developed countries. Globalization levels the playing field, in a way that makes it hard for developed countries to compete. A country with a lower cost structure (lower wages and benefits for workers, more inexpensive coal in its energy mix, and more lenient rules on pollution) is able to out-compete a typical OECD country. In the United States, the percentage of US citizen with jobs started dropping about the time China joined the World Trade Organization in 2001.

Figure 8. US Number Employed / Population, where US Number Employed is Total Non_Farm Workers from Current Employment Statistics of the Bureau of Labor Statistics and Population is US Resident Population from the US Census. 2012 is partial year estimate.

7. Globalization transfers investment spending from developed countries to less developed countries. If an investor has a chance to choose between a country with a competitive advantage and a country with a competitive disadvantage, which will the investor choose? A shift in investment shouldn't be too surprising.

In the US, domestic investment was fairly steady as a percentage of National Income until the mid-1980s (Figure 9). In recent years, it has dropped off and is now close to consumption of assets (similar to depreciation, but includes other removal from service). The assets in question include all types of capital assets, including government-owned assets (schools, roads), business owned assets (factories, stores), and individual homes. A similar pattern applies to business investment viewed separately.

Part of the shift in the balance between investment and consumption of assets is rising consumption of assets. This would include early retirement of factories, among other things.

Even very low interest rates in recent years have not brought US investment back to earlier levels.

Related article: Why have GDP Growth and Energy Growth Separated?
8. With the dollar as the world's reserve currency, globalization leads to huge US balance of trade deficits and other imbalances.
With increased globalization and the rising price of oil since 2002, the US trade deficit has soared (Figure 10). Adding together amounts from Figure 10, the cumulative US deficit for the period 1980 through 2011 is $8.6 trillion. By the end of 2012, the cumulative deficit since 1980 is probably a little over 9 trillion.

A major reason for the large US trade deficit is the fact that the US dollar is the world's " reserve currency." While the mechanism is too complicated to explain here, the result is that the US can run deficits year after year, and the rest of the world will take their surpluses, and use it to buy US debt. With this arrangement, the rest of the world funds the United States' continued overspending. It is fairly clear the system was not put together with the thought that it would work in a fully globalized world-it simply leads to too great an advantage for the United States relative to other countries. Erik Townsend recently wrote an article called Why Peak Oil Threatens the International Monetary System, in which he talks about the possibility of high oil prices bringing an end to the current arrangement.

At this point, high oil prices together with globalization have led to huge US deficit spending since 2008. This has occurred partly because a smaller portion of the population is working (and thus paying taxes), and partly because US spending for unemployment benefits and stimulus has risen. The result is a mismatch between government income and spending (Figure 11, below).

Thanks to the mismatch described in the last paragraph, the federal deficit in recent years has been far greater than the balance of payment deficit. As a result, some other source of funding for the additional US debt has been needed, in addition to what is provided by the reserve currency arrangement. The Federal Reserve has been using Quantitative Easing to buy up federal debt since late 2008. This has provided a buyer for additional debt and also keeps US interest rates low (hoping to attract some investment back to the US, and keeping US debt payments affordable). The current situation is unsustainable, however. Continued overspending and printing money to pay debt is not a long-term solution to huge imbalances among countries and lack of cheap oil-situations that do not "go away" by themselves.

9. Globalization tends to move taxation away from corporations, and onto individual citizens. Corporations have the ability to move to locations where the tax rate is lowest. Individual citizens have much less ability to make such a change. Also, with today's lack of jobs, each community competes with other communities with respect to how many tax breaks it can give to prospective employers. When we look at the breakdown of US tax receipts (federal, state, and local combined) this is what we find:

The only portion that is entirely from corporations is corporate income taxes, shown in red. This has clearly shrunk by more than half. Part of the green layer (excise, sales, and property tax) is also from corporations, since truckers also pay excise tax on fuel they purchase, and businesses usually pay property taxes. It is clear, though, that the portion of revenue coming from personal income taxes and Social Security and Medicare funding (blue) has been rising.

I showed that high oil prices seem to lead to depressed US wages in my post, The Connection of Depressed Wages to High Oil Prices and Limits to Growth. If wages are low at the same time that wage-earners are being asked to shoulder an increasing share of rising government costs, this creates a mismatch that wage-earners are not really able to handle.
10. Globalization sets up a currency "race to the bottom," with each country trying to get an export advantage by dropping the value of its currency.
Because of the competitive nature of the world economy, each country needs to sell its goods and services at as low a price as possible. This can be done in various ways-pay its workers lower wages; allow more pollution; use cheaper more polluting fuels; or debase the currency by Quantitative Easing (also known as "printing money,") in the hope that this will produce inflation and lower the value of the currency relative to other currencies.

There is no way this race to the bottom can end well. Prices of imports become very high in a debased currency-this becomes a problem. In addition, the supply of money is increasingly out of balance with real goods and services. This produces asset bubbles, such as artificially high stock market prices, and artificially high bond prices (because the interest rates on bonds are so low). These assets bubbles lead to investment crashes. Also, if the printing ever stops (and perhaps even if it doesn't), interest rates will rise, greatly raising cost to governments, corporations, and individual citizens.

11. Globalization encourages dependence on other countries for essential goods and services. With globalization, goods can often be obtained cheaply from elsewhere. A country may come to believe that there is no point in producing its own food or clothing. It becomes easy to depend on imports and specialize in something like financial services or high-priced medical care-services that are not as oil-dependent.

As long as the system stays together, this arrangement works, more or less. However, if the built-in instabilities in the system become too great, and the system stops working, there is suddenly a very large problem. Even if the dependence is not on food, but is instead on computers and replacement parts for machinery, there can still be a big problem if imports are interrupted.
12. Globalization ties countries together, so that if one country collapses, the collapse is likely to ripple through the system, pulling many other countries with it.
History includes many examples of civilizations that started from a small base, gradually grew to over-utilize their resource base, and then collapsed. We are now dealing with a world situation which is not too different. The big difference this time is that a large number of countries is involved, and these countries are increasingly interdependent. In my post 2013: Beginning of Long-Term Recession, I showed that there are significant parallels between financial dislocations now happening in the United States and the types of changes which happened in other societies, prior to collapse. My analysis was based on the model of collapse developed in the book Secular Cycles by Peter Turchin and Sergey Nefedov.

It is not just the United States that is in perilous financial condition. Many European countries and Japan are in similarly poor condition. The failure of one country has the potential to pull many others down, and with it much of the system. The only countries that remain safe are the ones that have not grown to depend on globalization-which is probably not many today-perhaps landlocked countries of Africa.

In the past, when one area collapsed, there was less interdependence. When one area collapsed, it was possible to let cropland "rest" and deforested areas regrow. With regeneration, and perhaps new technology, it was possible for a new civilization to grow in the same area later. If we are dealing with a world-wide collapse, it will be much more difficult to follow this model.

By. Gail Tverberg

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12 Negative Aspects of Globalization | OilPrice.com

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Globalization seems to be looked on as an unmitigated "good" by economists. Unfortunately, economists seem to be guided by their badly flawed models; they miss real-world problems. In particular, they miss the point that the world is finite. We don't have infinite resources, or unlimited ability to handle excess pollution.

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Globalization has helped decrease the poverty level in both developed countries and developing countries. This was possible by increased integration. For example ever since China has opened up to free trade since 1981 and 2001 it has helped 630 million people get out of poverty, because of globalization. Another place that also benefit and lifted a lot of people out of poverty is India. Globalization has increased technology, foreign investment, and the employment of many people. The purchase of goods and services from other countries have also helped developing countries. Also, other studies  show that overall economic growth is good for the poor and trade is good for growth. Which is pretty obvious.

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The world has experienced rapid globalization in the last few decades. Both developed and developing countries are increasingly participating in globalization and becoming part of the global village. The world economy has increased significantly and countries all over the world, whether developed or developing, have seen the size of their national economies grow. Even though globalization has been beneficial for the world economy, it has led to the emergence of certain problems in different parts of the world and in both developed and developing countries.

Globalization has had a tremendous positive impact on poverty reduction. The increasing integration of developing countries to the world economy has led to a reduction in extreme poverty. According to the World Bank, 52 per cent of people living in developing countries lived in extreme poverty in 1981. By 2011, this has decreased to only 17 percent. Large developing countries like India and China experienced rapid decreases in extreme poverty. While China experienced rapid economic growth due to globalization, it lifted 680 million people out of extreme poverty between 1981 and 2001. The significant reduction in poverty in the developing world shows the beneficial effect of globalization on poverty reduction. Globalization opened up developing countries to the world economy. Developing countries experienced substantial inflow of foreign direct investment, technological inflow and the opportunity to serve a substantial customer base in the developed countries. This led to the setting up of factories and companies that employed increasing number of workers and helped them to move out of poverty.

The last few decades have been characterized by the emergence of a growing middle class in the developing countries. This has especially happened in the fast growing developing countries like Brazil and China. Over the last few decades, hundreds of millions of people have joined the middle class and have been a significant driver of consumption of goods and services. Even though the definition of the middle class varies between countries, especially between developed and developing countries, the sizable middle class in the large developing countries like Brazil, Indonesia, India and China have become substantial drivers of national, regional and the global economy. Globalization that fosters international trade and helped increase GDP of the developing countries, have helped sizable portion of the population in developing countries to join the ranks of the middle class.

The citizens of developed countries have benefited from globalization through the purchase of goods and services produced in developing countries. From apparels manufactured in countries like Vietnam and Bangladesh to smartphones and televisions manufactured in China have become increasingly available to the population of the developed countries. The manufacture of these goods and services in low-wage developing countries reduce the manufacturing costs and, ultimately, the prices of these goods and services to their consumers in developed countries. As the consumers pay relatively low prices for these goods and services, their real income may have increased. The developed country consumers enjoy a wide variety of goods and services at relatively low prices that may have improved their standard of living. Therefore, globalization has benefited the consumers of the developed countries.

The companies of the developed countries have gained from increased trade and globalization. These companies, often multinationals with headquarters in developed countries, have made significant inroads to the developing countries' markets and cater to the needs and demands of their growing middle class. Food products, electrical equipments, automobiles, etc. are being increasingly consumed by the population of the developing countries, leading to substantial demand for the goods and services produced by developed countries' companies. This has led to increases in the sizes of these companies; the companies have more production, higher revenues and profits, benefiting their shareholders. In certain cases, this may have actually increased employment in certain sectors in the developed countries. At the same time, some companies from developed countries produce in developing countries that offer relatively low-wage workers. This has helped the companies to reduce their manufacturing costs and boost their revenues as well as profits. Therefore, globalization has been beneficial for the companies of the developed countries in two ways; it has allowed them to access new markets and manufacture products in low-wage developing countries. Also, increasing demand from the middle class in developing countries may have led to increases in production and, consequently, employment in certain sectors in the developed countries.

Globalization has benefited both developed and developing countries in many ways. The economies of developed and developing countries have significantly grown in the last few decades. Large, developing countries like the BRICS have enormously benefited from globalization while the economies of developed countries have grown substantially. However, globalization has led to the emergence of some problems in both developed and developing countries. The rapid industrialization in developing countries has led to increased environmental pollution and unplanned urbanization in some of the developing countries. Many of these developing countries are faced with polluted rivers and air. This has led to increased sickness among their citizens which raise their healthcare spending. Again, globalization may sometimes lead to increased exploitation of workers in developing countries. As businesses seek lower production and labor costs, the workers in developing countries become increasingly vulnerable to exploitation in terms of long work hours, low wages and, sometimes, risky work environments.

Developed countries are also encountering certain problems due to globalization. International trade and globalization has allowed manufacturing companies to move their production from developed countries to developing countries to take advantage of lower labor costs. The shift of manufacturing out of developed countries has led to loss of manufacturing base in the developed countries. This deindustrialization has adversely affected certain regions that were more reliant on manufacturing like Detroit. Again, Ontario has also experienced a decline in its manufacturing base. Most developed countries have experienced steady decline in their manufacturing bases. This has led to decrease in manufacturing output and employment in the developed countries. The loss of manufacturing base, especially that support vital industries, may have deleterious impact on a country.

It is not only manufacturing that has been moved overseas but also certain services have been relocated to developing countries. Back office work and call centers have been outsourced to developing countries that offer lower labor costs. The outsourcing of certain types of services and manufacturing have led to decrease in employment in these sectors. The people who were previously employed in manufacturing become unemployed. Even though many make a successful transition to other occupations, some may get stuck in unemployment. Also, the loss of relatively low-wage call center positions and back office jobs may have increased unemployment. Therefore, globalization has played a negative role on the employment scenario in developed countries. It led to loss of employment among the lower income group and the middle class in developed countries. As many people in the lower income group have less education and fewer opportunities for retraining, it may lead to their long-term unemployment.

Again, globalization may have played a role in the emergence of poverty in developed countries. When people in the lower income group experience long-term unemployment, they may slip into poverty. While the poverty rate has remained between 12 to 15 percent in the last few decades in the U.S., the number of people living in poverty actually increased. The same trend is observed in the U.K.. Therefore, globalization may have played a role in increased unemployment and higher number of people living in poverty in the developed countries.

Another adverse impact of globalization may be wage stagnation in the developed countries. The wages of people belonging to the lower-income group and the middle class did not significantly increase in the last few decades as some of their occupations have been increasingly under threat of being outsourced to developing countries. The availability of low-wage workers in developing countries may have acted as a hindrance for the rise in wages of lower-income and middle class workers in developed countries. Any potential rise in their wages may encourage a business to relocate its production or service unit to a developing country and take advantage of competitive wages. Therefore, globalization may have contributed to wage stagnation in the developed countries, especially for the lower-income and the middle class. The wage stagnation may have adversely affected poverty in the developed countries. A study by Joseph Rowntree Foundation revealed that there are more working families living in poverty than non-working ones in the UK. This indicates that globalization may play a role in the emergence of low-wage employment and stagnant wages in the developed countries that again lead to increase in poverty.

Globalization has had a mixed impact on both developed and developing countries. Even though it has been beneficial in certain ways, there are significant shortcomings of unharnessed and unfettered globalization. The issue of environmental degradation caused by rampant industrialization in developing countries need to be addressed. Globalization has to become more inclusive so that it protects the workers of developing countries from exploitation while encouraging employment opportunities and wage increases among the workers in the middle class and lower-income groups in the developed countries. The loss of jobs due to offshoring and outsourcing that has characterized developed countries in the last few decades need to be stemmed or reversed for globalization and international trade to be politically popular among the people in the developed countries. Only when the fruits of globalization are enjoyed by the wide spectrum of citizens in both developed and developing countries will globalization remain popular and be sustainable in the long run.

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Globalization Is Only a Good Thing If It Benefits All Groups of Society

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The world has experienced rapid globalization in the last few decades. Both developed and developing countries are increasingly participating in globalization and becoming part of the global village. The world economy has increased significantly and countries all over the world, whether developed or developing, have seen the size of their national economies grow.

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These sources argue that globalization has made the world worse.

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These sources argue that globalization has made the world better.