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Article 5: The bad side of globalization

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Article 5: The bad side of globalization

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1. With all the new uncertainties and risks that come with globalization it is just plain bad. With things like price and profit swings, integration of foreign and American firms and more intense competition these risks keep becoming more and more prominent. Businesses that have been happy with the way globalization has been affecting their company now see the true effect of it. They now are faced with many business offers and their companies products are becoming basic items instead of being wanted by many consumers. This gives the company zero control over what the price is because people are not  willing to spend lots of money on their product anymore. Not only this but globalization makes credit more tight and decrease the amount of money that is going across borders. As this happens income and employment goes down sending the economy into a harsh cycle.

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Globalization, the increasing integration and interdependence of domestic and overseas markets, has three sides: the good side, the bad side, and the ugly side.

The good side of globalization is all about the efficiencies and opportunities open markets create. Business can communicate efficiently and effectively with their partners, suppliers, and customers and manage better their supplies, inventories, and distribution network. Local producers can sell their products in distant markets with the same ease and speed as in their home country. Sony Corporation (NYSE:SNE), for instance, can sell its TV and game consoles with the same ease in New York as in Tokyo. Likewise, Intel (NASDAQ:INTC), Apple (NASDAQ:AAPL), and Cisco (NASDAQ:CSCO) can sell their high tech gear with the same ease in Tokyo as in New York.

The good side of globalization is also about easy credit and rising leverage, as money flows easily across local and national boundaries, and creditors fail to distinguish between good and bad borrowers, boosting aggregate demand; setting the world economy into a virtuous cycle of income and employment growth; and easy credit and leverage fuel financial bubbles that feed into a euphoria that perpetuates the virtuous cycle.

The bad side of globalization is all about the new risks and uncertainties brought about by the high degree of integration of domestic and local markets, intensification of competition, high degree of imitation, price and profit swings, and business and product destruction. Corporations that previously have been enjoying the benefits of globalization, now face unstable and unpredictable demand and business opportunities and their products quickly become commodities, leaving them little or no pricing power and under constant pressure by new competitors that undermine profitability.

The bad side of globalization is also about tight credit, deleverage, and declining money flows across local and national boundaries, as creditors tighten credit to both good and bad borrowers, depressing aggregate demand; setting the world economy into a vicious cycle of income and employment declines; and euphoria is succeeded by pessimism and a burst of asset bubbles, perpetuating the downward spiral of the world economy.

The ugly side of globalization is when nations and local communities try to escape the vicious cycle of income and employment declines through simultaneous currency devaluations; and by raising trade barriers that in essence put an end to globalization and a beginning to trade wars, as was the case in the 1930s.

In the last quarter of the century and for the most part of the first decade of this century, the world has seen the good side of globalization. In the last four years, the world has seen the bad side of globalization. We do hope and pray that the world won't see the ugly side of it.

Also read:
Why A Labor Shortage Is Good News For The Chinese Economy An Open Letter To The Capitalist Enterprise Why the Next Financial Crisis Will Be Nastier

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The Good, The Bad, And The Ugly Side Of Globalization

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Image via Wikipedia Globalization, the increasing integration and interdependence of domestic and overseas markets, has three sides: the good side, the bad side, and the ugly side. The good side of globalization is all about the efficiencies and opportunities open markets create. Business can communicate efficiently and effectively with their partners, suppliers, [...]

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Article 4: 20 reasons Globalization is bad for America

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Article 4: 20 reasons Globalization is bad for America

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The reasons why globalization is very bad for America and its citizens could go on forever, some of these reasons are shocking. First, it puts America’s work force into the world's work force. This means that American workers must now compete for work with people all around the world. Most of these people make only 1/10 of what American workers make. It is certain that because of this jobs will go to countries where labor is much cheaper and American workers will lose their jobs. Secondly, The trade deficit with China and other countries has absolutely went over board. In 1985 the trade deficit with China was only 6 million dollars for the entire year. This month and only this month the United States have a trade deficit of 28 billion dollars! This is absolutely crazy amount of money the U.S. have spent in this month alone compared to the whole year in 1985. If this trade deficit continues to go up like it has been going over half a million American jobs will be lost. Thirdly, the amount of oil the U.S. imports is making the Middle Eastern countries very rich. The U.S.  import almost 60% of the oil that they use, while the U.S. used to only import 37% of the oil used. Lastly, America is spending 40-50 billion dollars more on goods and services from the rest of the world instead of America. This is not only crazy but it is also lowering the average wealth of one adult. America used to be the highest ranked country in this category, but now has fallen to 7th.

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Posted on Nov 11, 2010 in Blog, Editorials, & Thoughts

Every day there is more depressing news about the U.S. economy. For example, it has just been announced that Harley-Davidson has decided to open a shiny new assembly plant in India. Meanwhile, formerly great American manufacturing cities such as Detroit have turned into rotting hellholes.

The American people are not being told the truth. The following are 20 reasons why globalization is wrong for America:

#1 American workers are being merged into a global labor pool where they must directly compete for jobs with workers on the other side of the globe that make less than ten percent of what an average American worker makes. In such an environment, it is inevitable that jobs are going to flow away from areas where labor is expensive and to areas where labor is cheaper.

#2 Globalization has caused the U.S. trade deficit to absolutely explode. In 1985, the U.S. trade deficit with China was 6 million dollars for the entire year. In the month of August alone, the U.S. trade deficit with China was over 28 billion dollars.

#3 Today, the United States spends approximately $3.90 on Chinese goods for every $1 that China spends on goods from the United States. This represents a massive transfer of wealth from the American people to China.

#4 According to a new study conducted by the Economic Policy Institute, if the U.S. trade deficit with China continues to increase at its current rate, the U.S. economy will lose over half a million jobs this year alone.

#5 The United States has lost approximately 42,400 factories since 2001.

#6 The United States has lost a staggering 32 percent of its manufacturing jobs since the year 2000.

#7 Even high technology industries are leaving America. Manufacturing employment in the U.S. computer industry is actually lower in 2010 than it was in 1975.

#8 In 1959, manufacturing represented 28 percent of all U.S. economic output. In 2008, it represented only 11.5 percent.

#9 As of the end of 2009, less than 12 million Americans worked in manufacturing. The last time that less than 12 million Americans were employed in manufacturing was in 1941.

#10 With so much manufacturing leaving the United States, is it any wonder why people can't find jobs? The "official" unemployment rate in the United States has been at nine and a half percent or above for 14 consecutive months.

#11 Today, there are at least 1.5 million "99ers" - those Americans that have completely exhausted all 99 weeks of unemployment benefits and that still do not have jobs.

#12 Our dependence on foreign oil also represents an absolutely shocking transfer of wealth from the American people to the oil exporters of the Middle East. Back in 1980, the United States imported approximately 37 percent of the oil that we use. Now we import nearly 60 percent of the oil that we use.

#13 Energy imports account for about approximately one-fourth of the U.S. trade deficit.

#14 In states such as Mississippi, people spend approximately 6.35 percent of their incomes just on gasoline, according to a recent report by the National Resources Defense Council.

#15 Americans end up paying to support American workers one way or another. Either they buy American-made products and services that provide jobs for American workers, or they pay to support unemployed American workers on welfare. Today, over 42 million Americans are on food stamps. A record number of Americans are receiving long-term unemployment benefits. One way or another, Americans are going to pay to take care of American workers.

#16 The U.S. trade deficit is running about 40 or 50 billion dollars a month in 2010. The United States spends 40 to 50 billion more on goods and services from the rest of the world each month than they spend on goods and services from us. That means that by the end of the year, approximately half a trillion dollars (or more) of our wealth will have left the United States for good.

#17 All of this wealth leaving the United States is having a huge impact on the standard of living of average Americans. Ten years ago, the United States was ranked number one in average wealth per adult. In 2010, the United States has fallen to seventh.

#18 It is now just a matter of time until India is going to pass us as an economic power. In fact, the economy of India is projected to become larger than the U.S. economy by the year 2050.

#19 It is now being projected that China will soon dwarf us as an economic power. One prominent economist now says that the Chinese economy will be three times larger than the U.S. economy by the year 2040. According to one recent study, China could become the global leader in patent filings by next year.

#20 China has been accumulating a gigantic mountain of dollars from all of the wealth we have been sending them each month, and they have been lending massive amounts of money back to us. Over the past few decades, the communist Chinese have been able to accumulate approximately $2.5 trillion in foreign currency reserves, and the U.S. government now owes them close to 900 billion dollars. We constantly have to send top government officials over there to beg them to continue to lend us money. This is a direct threat not only to our financial system, but also to our national security.

So, in light of all of those facts, can anyone out there possibly defend Barack Obama's position that globalization is good and that we should be happy that we are being merged into a one world economy?

Sadly, there are very, very few politicians in either major political party that will even talk about the negative effects of the emerging one world economy. It is almost as if there is an unspoken consensus that globalism is the future and that it is a good thing for America.

But it is not a good thing for America. Unless fundamental changes are made, America will continue to bleed wealth, will continue to bleed factories and will continue to bleed jobs.

The American people need to wake up and starting saying "NO" to globalization. If we continue to vote for politicians that support merging our economy with economies that allow workers to be paid slave labor wages, then we are going to see even more waves of horrific unemployment and we will continue to see the standard of living of middle class Americans diminish.

This is not a drill. America is being deindustrialized. The greatest economic machine in the history of the world is being dismantled.

Eventually, all of our cities are going to end up looking just like Detroit if we allow this to continue.

Is that what you want?
Tiny URL for this post: http://tinyurl.com/3g3ojrn

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20 Reasons Globalization is Wrong for America | Truth is Treason

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The American people need to wake up and starting saying "NO" to globalization. If we continue to vote for politicians that support merging our economy with economies that allow workers to be paid slave labor wages, then we are going to see even more waves of horrific unemployment and we will continue to see the standard of living of middle class Americans diminish.

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Article 3: Globalization is hurting the world economy

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Article 3: Globalization is hurting the world economy

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In nature there are many systems, which allow many different animals and ecosystems evolve and not crash by the chance of an outside catastrophe. Just as nature does this, global trade does the same thing or at least information goes in and out through the system. However, the process of globalization reduces this system or it reduces the chance that components of globalization will be separated. This is because globalization gives incentives, something good that motivates you, to trade among the world. As the globalization increases the economy becomes less stable and when a recession hits the recovery takes longer.

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How Globalization Is Bad for the World Economy

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Evolutionary theory predicts that globalization should increase the risk of recession and slow recovery rates, a phenomenon borne out by real data, say econophysicists.

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Culture is different in many countries and is very sacred around the world. However, globalization is taking away sacred culture and replacing it with culture from other places. Vietnam is a country advanced in transportation and communication with sacred culture that has been going on for centuries. Globalization has started to make their culture fade away and is replacing it with western music, movies, clothes and food. Not just the cities have started to change, but the rural areas have been less traditional. Instead of weaving baskets they sell Pepsi or how Thai performing arts is now only being shown to paying tourists when it is an important part of their culture. With the amount of profit being made from tourists ancient buildings showing history and power are being neglected and forgotten. Many temples are being washed away with little help to keep standing. The cafes and restaurants are in perfect condition because they are being taken care of and cleaned. Globalization allows for tourists to see other places but also allows these tourists to influence their culture. Culture in these countries is not gone but it sure is disappearing, lets hope not for good.

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A holiday can be something that many people really look forward to; a chance to completely get away from all the stresses of home and work and to really enjoy themselves. It can be really healthy to get rid of that stress and also a great way to have lots of time with family and friends. However, they can be very expensive and so it can be difficult for some people to afford them. It can therefore be tempting to borrow money so that you can afford to go and a credit card can be an easy way to do that.

It is wise to consider first, whether it is a good idea to borrow money for a holiday. Although the holiday may be a great opportunity to destress, having those repayments to make and that debt hanging over you, meaning you have to work harder and go without things to pay for it, may reverse the effect of the holiday. Only you will know if you think that it will be worth it, but if you can, think about your previous experiences and consider what might be best.

It can also be good to see whether you can keep your holiday costs down. This means that if you do borrow money you will not have to borrow so much and your repayments as well as borrowing costs will be lower. Compare some different types of holidays and think about what might suit you and the family and whether you can get what you want at a lower price. It can be hard if you have children as term time holidays are cheaper, but the weather is better in the school summer holidays so you may feel that is worth the extra money and other expensive holidays are at times where there are bank holidays where you can have time off work without using up your annual leave, which also has its advantages. There are other ways of reducing costs as well, such as self-catering rather than staying in a hotel, not going abroad, camping or caravanning or just finding the cheapest accommodation in the type that you want.

Once you have decided on the holiday then you will need to pay for it. Usually you have to pay a deposit and then pay the rest before you go. You will therefore have to think about where both of those chunks of money will come from. You may have managed to save up enough money to be able to pay for it without borrowing, but many people will have to borrow. A credit card can therefore be an easy option to choose. Most companies will accept them and if you already have one then it can be really easy to use it. There are good and bad reasons for using a credit card for purchases like this.

Some companies will charge you to use a credit card and so it is important to check this. You may find that you end up paying quite a fee for using it, perhaps a flat charge or a percentage and this will increase the cost of your holiday. However, you do get some protection when using a credit card as if for any reason, you don't get what you paid for, they may be able to recoup the costs for you. This will depend on the credit card company and so it is best to check their terms before assuming that this will definitely be the case.

The cost of using a credit card can be a lot more than the fee for paying with it though. It all depends on whether you pay it all off at once or only pay back the minimum each month. If you pay off the full balance each month before any interest gets charged then you will just get interest free credit until the bill is paid. However, when you buy something big like a holiday, you may not be able to afford to do this and so choose to pay off less; perhaps even the minimum. If you do this, you will be charged monthly interest and this will happen every month until you are able to pay off all of the money that is owed. It is possible for a debt like this to take a very long time to be paid off. It could stretch across a lot of years and if you keep spending on the card it could just seem to be endless.

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A holiday can be something that many people really look forward to; a chance to completely get away from all the stresses of home and work and to really enjoy themselves. It can be really healthy to get rid of that stress and also a great way to have lots of time with family and friends.

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Article 1: 12 reasons Globalization is a huge problem

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Article 1: 12 reasons Globalization is a huge problem

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Globalization is very bad for many reasons. One reason being that it makes countries use up resources much faster. For example, when China entered the World Trade Organization they started to burn a lot of coal. This can then lead to more carbon dioxide being released  into the atmosphere. Another point is that oil prices are very high due to globalization. This is because there is a limited oil supply due to all the people that want it. Unlike in 1983 when America was able to fix high oil prices by increasing the supply, they could do this because other countries wanted the oil.

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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, the business 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 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 citizens with jobs started dropping about the time China joined the World Trade Organization in 2001.

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 removals from service, such as removals because manufacturing has moved overseas). 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.
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, of which there are probably not many today-perhaps landlocked countries of Africa.

In the past, when one area collapsed, there was less interdependence, so 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.

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Twelve Reasons Why Globalization is a Huge Problem

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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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These sources argue that globalization has made the world worse.

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Article 5: Gloabalization has a positive net effects.

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Article 5: Gloabalization has a positive net effects.

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Several studies have been attempted to try and measure the effect of globalization in different nations. The results of these studies were either inclusiveness or contradictory, but the overall outcome was positive. The trading that nations do among each other promotes growth and has a strong correlation between capital flows and how they affect economic growth. Impact on economic growth in wealthy countries has had a positive effect and is resulting in higher growth rates. There is a positive growth rate in nations that are wealthier, just like most well developed places. Nations that are poorer have a weaker growth effect and don't do as well. Countries that are globalized have less government spending and taxes. This then makes less corruption happen in these governments. One major advantage from globalization is it gives a way to reduce macroeconomic change with output and consumption.

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The phenomenon of globalization began in a primitive form when humans first settled into different areas of the world; however, it has shown a rather steady and rapid progress in recent times and has become an international dynamic which, due to technological advancements, has increased in speed and scale, so that countries in all five continents have been affected and engaged.

What Is Globalization?

Globalization is defined as a process that, based on international strategies, aims to expand business operations on a worldwide level, and was precipitated by the facilitation of global communications due to technological advancements, and socioeconomic, political and environmental developments.

The goal of globalization is to provide organizations a superior competitive position with lower operating costs, to gain greater numbers of products, services and consumers. This approach to competition is gained via diversification of resources, the creation and development of new investment opportunities by opening up additional markets, and accessing new raw materials and resources. Diversification of resources is a business strategy that increases the variety of business products and services within various organizations. Diversification strengthens institutions by lowering organizational risk factors, spreading interests in different areas, taking advantage of market opportunities, and acquiring companies both horizontal and vertical in nature.

Industrialized or developed nations are specific countries with a high level of economic development and meet certain socioeconomic criteria based on economic theory, such as gross domestic product (GDP), industrialization and human development index (HDI) as defined by the International Monetary Fund (IMF), the United Nations (UN) and the World Trade Organization (WTO). Using these definitions, some industrialized countries are: United Kingdom, Belgium, Denmark, Finland, France, Germany, Japan, Luxembourg, Norway, Sweden, Switzerland and the United States.

SEE: What Is The World Trade Organization?
Components of Globalization
The components of globalization include GDP, industrialization and the Human Development Index (HDI). The GDP is the market value of all finished goods and services produced within a country's borders in a year, and serves as a measure of a country's overall economic output. Industrialization is a process which, driven by technological innovation, effectuates social change and economic development by transforming a country into a modernized industrial, or developed nation. The Human Development Index comprises three components: a country's population's life expectancy, knowledge and education measured by the adult literacy, and income.

The degree to which an organization is globalized and diversified has bearing on the strategies that it uses to pursue greater development and investment opportunities.
The Economic Impact on Developed Nations
Globalization compels businesses to adapt to different strategies based on new ideological trends that try to balance rights and interests of both the individual and the community as a whole. This change enables businesses to compete worldwide and also signifies a dramatic change for business leaders, labor and management by legitimately accepting the participation of workers and government in developing and implementing company policies and strategies. Risk reduction via diversification can be accomplished through company involvement with international financial institutions and partnering with both local and multinational businesses.

SEE: Evaluating Country Risk For International Investing

Globalization brings reorganization at the international, national and sub-national levels. Specifically, it brings the reorganization of production, international trade and the integration of financial markets. This affects capitalist economic and social relations, via multilateralism and microeconomic phenomena, such as business competitiveness, at the global level. The transformation of production systems affects the class structure, the labor process, the application of technology and the structure and organization of capital. Globalization is now seen as marginalizing the less educated and low-skilled workers. Business expansion will no longer automatically imply increased employment. Additionally, it can cause high remuneration of capital, due to its higher mobility compared to labor.

The phenomenon seems to be driven by three major forces: globalization of all product and financial markets, technology and deregulation. Globalization of product and financial markets refers to an increased economic integration in specialization and economies of scale, which will result in greater trade in financial services through both capital flows and cross-border entry activity. The technology factor, specifically telecommunication and information availability, has facilitated remote delivery and provided new access and distribution channels, while revamping industrial structures for financial services by allowing entry of non-bank entities, such as telecoms and utilities.

Deregulation pertains to the liberalization of capital account and financial services in products, markets and geographic locations. It integrates banks by offering a broad array of services, allows entry of new providers, and increases multinational presence in many markets and more cross-border activities.

In a global economy, power is the ability of a company to command both tangible and intangible assets that create customer loyalty, regardless of location. Independent of size or geographic location, a company can meet global standards and tap into global networks, thrive and act as a world class thinker, maker and trader, by using its greatest assets: its concepts, competence and connections.
Beneficial Effects
Some economists have a positive outlook regarding the net effects of globalization on economic growth. These effects have been analyzed over the years by several studies attempting to measure the impact of globalization on various nations' economies using variables such as trade, capital flows and their openness, GDP per capita, foreign direct investment (FDI) and more. These studies examined the effects of several components of globalization on growth using time series cross sectional data on trade, FDI and portfolio investment. Although they provide an analysis of individual components of globalization on economic growth, some of the results are inconclusive or even contradictory. However, overall, the findings of those studies seem to be supportive of the economists' positive position, instead of the one held by the public and non-economist view.

Trade among nations via the use of comparative advantage promotes growth, which is attributed to a strong correlation between the openness to trade flows and the affect on economic growth and economic performance. Additionally there is a strong positive relation between capital flows and their impact on economic growth.

Foreign Direct Investment's impact on economic growth has had a positive growth effect in wealthy countries and an increase in trade and FDI, resulting in higher growth rates. Empirical research examining the effects of several components of globalization on growth, using time series and cross sectional data on trade, FDI and portfolio investment, found that a country tends to have a lower degree of globalization if it generates higher revenues from trade taxes. Further evidence indicates that there is a positive growth-effect in countries that are sufficiently rich, as are most of the developed nations.

The World Bank reports that integration with global capital markets can lead to disastrous effects, without sound domestic financial systems in place. Furthermore, globalized countries have lower increases in government outlays and taxes, and lower levels of corruption in their governments.

One of the potential benefits of globalization is to provide opportunities for reducing macroeconomic volatility on output and consumption via diversification of risk.
Harmful Effects
Non-economists and the wide public expect the costs associated with globalization to outweigh the benefits, especially in the short-run. Less wealthy countries from those among the industrialized nations may not have the same highly-accentuated beneficial effect from globalization as more wealthy countries, measured by GDP per capita etc. Although free trade increases opportunities for international trade, it also increases the risk of failure for smaller companies that cannot compete globally. Additionally, free trade may drive up production and labor costs, including higher wages for more skilled workforce, which again can lead to outsourcing of jobs from countries with higher wages.

Domestic industries in some countries may be endangered due to comparative or absolute advantage of other countries in specific industries. Another possible danger and harmful effect is the overuse and abuse of natural resources to meet new higher demands in the production of goods.

SEE: The Globalization Debate
The Bottom Line
One of the major potential benefits of globalization is to provide opportunities for reducing macroeconomic volatility on output and consumption via diversification of risk. The overall evidence of the globalization effect on macroeconomic volatility of output indicates that although direct effects are ambiguous in theoretical models, financial integration helps in a nation's production base diversification, and leads to an increase in specialization of production. However, the specialization of production, based on the concept of comparative advantage, can also lead to higher volatility in specific industries within an economy and society of a nation. As time passes, successful companies, independent of size, will be the ones that are part of the global economy.

SEE: Does International Investing Really Offer Diversification?

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How Globalization Affects Developed Countries

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The phenomenon of globalization began in a primitive form when humans first settled into different areas of the world; however, it has shown a rather steady and rapid progress in recent times and has become an international dynamic which, due to technological advancements, has increased in speed and scale, so that countries in all five continents have been affected and engaged.

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Article 4: How has Globalization Impacted the U.S. and its citizens?

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Article 4: How has Globalization Impacted the U.S. and its citizens?

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Globalization has helped spread American influence across the world and has helped opened more markets for the U.S. This then helps American companies sell their product throughout the world in these new markets that are being built. These firms are helping America stay on top of the world market by selling these goods to the world. It has also increased communication between foreign companies and American firms. We can now connect with nations much easier and in a sense the world is shrinking. This has also allowed us to communicate with friends and foes in a time of peace and in times of war. Products have become much cheaper to American citizens with Globalization because of cheaper labor costs. In turn due to the low costs the standard of living for U.S. citizens has gone up.

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Article 3: The benefits of globalization

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Article 3: The benefits of globalization

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Efficient markets are a top priority in an economy and determines how these economies will grow. When economies are connected, a change in one market place changes all the market places. These changes that happen effect places across the world. Globalization improves wealth equality or also called standard of living by making jobs, improving firms and businesses while allowing people to live at a higher standard. Globalization also can give countries a sense of security because agreements are made and kept which creates a world wide peace. Having friends that depend on you makes them remain peaceful and gives security. Globalization helps take the necessary steps to make things happen efficiently and will help the world work together to stop world predicaments. It helps the people affected by globalization go on in life, make new accomplishments and progress which is important in the human race.

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Globalization is not a new concept in the world. It may be farther along and advancing at a faster rate than ever before, but globalization has been around for hundreds and, arguably, thousands of years. The Silk Road spanned one-sixth the diameter of the planet - literally connecting the West and the East - and began during the Han Dynasty (roughly 200 B.C.).

Integrating a global economy is nothing new, but the modern implications in global business are bigger and stranger than ever before. Below we examine what it means to play a part in a global market, but you can bring yourself up to speed with this course on the geography of globalization and how it simultaneously shapes our cultures and economic relationships.

What, Exactly, Is Globalization?

There are two ways of looking at globalization. One is as an accidental or inevitable affect of economic growth; industry, technology, communication, etc. As the economy grows, it is only natural for a global market to become established in previously local areas. For this to happen, free trade and the free movement of capital are essential. Globalization is not just expansion; it is, as Merriam-Webster nots, "an increasingly integrated global economy." For integration to occur, economic freedom is necessary. Expand your knowledge of our global economy with this five-star course on finding success in global business.

The second way of looking at globalization is as a deliberate process, and this is almost certainly more accurate. Yes, there is a degree of inevitability involved, but this is due in large part to the agreements made between nations, between corporations, etc. Business wants globalization and it has almost single-handedly caused it to happen. The Silk Road was not a humanitarian effort. It was about a vision of business. And these visions become grander and more easily conceived as technology and politics progress so fast that globalization does, after all, seem inevitable.

Globalization: A Purpose

There is not one purpose of globalization; there are many, many more than I can list. But from this point forward I want to abandon this general talk of globalization and focus solely on the economy; or, more specifically, globalization and business.

So why do businesses actively work to make globalization happen? An initial answer is easy: cheaper production costs and more consumers to sell to. Globalization has a hand even in the smallest businesses (at least, in first-world countries). And where do these businesses go for cheaper production costs? China is the cliche example, but other popular options include India, Brazil, Russia, Mexico, Bolivia, Indonesia and a number of Eastern European countries.

The first company I worked for when I lived in New York employed about 15 people, yet all of our production was out-sourced to China. Even a small business can benefit from the incredible production savings to be found overseas, and this (along with the obvious fact that there are more people to sell to) is why businesses actively and aggressively promote globalization.

If you need help expanding your own business, this course on international expansion will help you formulate an action plan to expand business through international sales and partnerships.

In the end, globalization is all about competition. Lower production costs? That's a competitive advantage. More consumers? Another competitive advantage. Untapped markets, different services, investment opportunities . . . all competitive advantages. As soon as the first company went global, everyone else had to follow suit to keep up. Globalization is about growth, sure, but it is also about establishing the ultimate competitive position: diverse resources, diverse interests, diverse markets, diverse acquisitions; in a word, a portfolio so diverse it can only be attacked piece-meal, i.e. the proverbial "unsinkable ship."

If you're anxious to learn how to create your own competitive advantage, check out this post featuring 7 competitive positioning tips and strategies.

The Benefits Of Globalization

For some people, globalization is synonymous with world destruction. In the end - who knows - maybe this will be true. But in reality there are many good things that have resulted from globalization. In this section, I will still focus on the economy, but I would also like to touch on some social advantages, as well. For more information regarding the positive impact of globalization, check out this blog post on the benefits of globalization in the modern era.

Many Americans do not appreciate how efficient our markets are (efficiency here meaning supply and demand). These efficient markets allow economies to grow, and in a global world, when one economy grows, it spurs growth in all the other economies that are connected to it. In this way, reverberations of success are felt across the world, even when they are most profound in one area. Needless to say, this is a very good thing.

This is partially a result of what I just mentioned, but wealth equality around the world goes much deeper than that. Perhaps a better phrase than wealth equality is "standard of living." Globalization does several things nobody can deny: it creates jobs, it improves infrastructure and it allows more people to live at a higher global level every day (access to medicine, clean water, food production, housing, etc.).

Globalization results in partnerships between countries and organizations. This makes relations much more stable between both. Agreements are agreed to, and as long as these are upheld, a kind of world-cooperation is sustained. Having these friends with (economic) benefits provides both stability and security for countries that wish to remain peaceful and prosperous.

This course taught by Dr. Bentkowska (PhD Economic Sciences) focuses on the research of legendary economist Paul Krugman and how international trade creates and affects a new geographic economy.

Globalization allows important processes to happen more efficiently and important ideas to become reality. There is a certain irony involved in this, however. For example, globalization is going to allow the world to work together to (hopefully) solve our apocalyptic environmental predicament; but of course, this predicament is a result of globalization.

Still, it allows the human race to push forward, which at this point we must recognize as a necessity of our species. Progress is written in our DNA, and globalization has allowed us to accomplish truly incredible things (the International Space Station being one of the most far-reaching).

The Disadvantages Of Globalization

Because globalization is 100% inevitable, we must tell ourselves that the benefits outweigh the disadvantages. But do they? It depends where you're coming from, but let us first take a look at what these disadvantages are before we form an opinion. Get a different opinion from this post by Nick Gibson on the pros and cons of globalization.

Unfortunately, while competition is generally thought to be a good thing, it does not come without a sour side. If I were to say, "Some companies won't survive because of globalization," then you might say, "Then they don't deserve to survive; that's the beauty of it; the companies worth sticking around usually do."

I won't deny the truth in that, but what about the borderline monopoly that the largest companies in the world have created for themselves? Apple, Exxon, Google, etc. Whereas they were once innovators, they are now so big that politics and strategy are more important than innovation. The result of this is that smaller companies with innovative ideas have an incredibly difficult competing. And how can they? If they're lucky, they'll be bought out and walk away with a pay check; if not, they'll just be crushed, often purposefully, by a competitor that is literally a billion times bigger than them.

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I was raised in what was once the Apple Capital of the World: Winchester, VA. Over the last two or three decades, this title has (inevitably) been stripped from us; first it was by Pennsylvania, but then Pennsylvania had it stolen by China.

So now China is the Apple Capital of the World. They produce the cheapest apples, which account for roughly half the world's supply of apples. A lot of people up and down the East Coast lost their jobs, but here's the kicker: China isn't allowed to export apples to the U.S. This might change soon, but for the time being, China is able to put a lot of people on the East Coast out of business without even selling apples in the same country.

The lesson of the story is that another country can do what you do better and put you out of business without even looking you in the eye. That's globalization. But to be fair, the damage we've done to China and the benefits we took advantage of (cheap labor) are vastly more significant. Sorry, did I say "to be fair"?

I hardly need to spell this out, but I will add a thought or two. Globalization has created a global-sized need for energy and industry, and this need has been abused and ignored to the extent that the future of life as we know it has been brought into question. You may or may not believe in global warming, but you cannot deny the existence of the conversation. Does the fact that this conversation is happening not say something in itself?

Have we bulldozed our planet into trouble? Obviously, yes. The argument against this fact is that we could not possibly have caused so much destruction to our enormous planet. The facts say otherwise: we've logged over half of the world's tropical forests. And as far as how difficult it would be to change the composition of the atmosphere? The atmosphere ends a mere 60 miles above the surface of the Earth. It's just not that voluminous. It's not limitless. It's actually small, and when we work together globally, even the negative side effects of all the amazing things we accomplish are, in a word, globalized.

Good, Bad, Inevitable

Unfortunately, or maybe fortunately, globalization is simply and utterly good, bad and inevitable. Hopefully the good will out-weigh the bad, but the continued existence of both is inevitable. Because of this, we are better off accepting the truth and, like we do best, moving forward. But make no mistake: environmentalism is gaining speed. Whether you want to join the cause or just be on the front lines of a new opportunity, this course on energy, economics and the environment can help you make your choice.

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Impact Of Globalization: The Good, The Bad, The Inevitable

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Globalization is not a new concept in the world. It may be farther along and advancing at a faster rate than ever before, but globalization has been around for hundreds and, arguably, thousands of years. The Silk Road spanned one-sixth the diameter of the planet - literally connecting the West and the East - and began during the Han Dynasty (roughly 200 B.C.).

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Article 2:  Ten very good things 9: Globalization                                                                              

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Article 2:  Ten very good things 9: Globalization                                                                              

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Globalization is turning the economy into a complicated place. As more trading occurs the wealthier people in countries become. This global trade has created much more wealth than has been seen in human history. In less wealthy countries globalization has given them the chance to sell the labor to other countries. This helps create jobs, and this helps people in other countries make more money than their traditional job. In wealthier countries this brings low costing goods from foreign countries and gives foreign countries a higher standard of living. Competitive foreign companies force firms to become more efficient and increase quality. A lot of the time these firms choose to upscale their business to try to have less competition with a higher priced good. The world economy has been growing as countries work together instead of having conflict.

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There is talk of food miles, of buying locally, and of self-sufficiency, as if these were virtues. The good thing (my number nine) is globalization which gives us all access to each other's special skills and products.
9. Globalization
Over the course of decades globalization is turning the world into an integrated economy instead of what it has been for most of its history, a series of relatively isolated economies. The more trading that takes place, the more wealth is created, and global trade across international frontiers has created more wealth than ever before in human history, and had helped lift more people out of mere subsistence than ever before.

To poorer countries globalization brings the chance to sell their relatively low cost labour onto world markets. It brings the investment that creates jobs, and although those jobs pay less than their counterparts in rich economies, they represent a step up for people in recipient countries because they usually pay more than do the more traditional jobs available there.

To people in richer countries globalization brings lower cost goods from abroad, which leaves them with spending power to spare and a higher standard of living. It also brings opportunities for productive investment in high growth industries in developing countries.

Those adversely affected by the global exchanges are the people in rich countries whose output is now undercut by the cheaper alternatives from abroad. They often need to find new jobs or to be retrained to do work that adds higher value. The extra wealth generated by globalization has brought an increase in service sector employment, which provides many of the new jobs needed.

Competition from abroad forces firms to become more efficient and to use resources more efficiently. Often they choose to go upmarket, seeking higher added value products that face less competition from relatively unskilled labour. Thus firms which once sold cheap textiles move into fashion and design, and find customers among the rising middle classes in developing countries.

The integration of the world economy has brought with it an interdependence. As countries co-operate in trade with each other, they get to know each other and grow into the habit of resolving disputes by negotiation and agreement instead of by armed conflict. The 19th Century French economist Frederic Bastiat expressed this pithily: "Where goods do not cross frontiers, armies will."

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There is talk of food miles, of buying locally, and of self-sufficiency, as if these were virtues. The good thing (my number nine) is globalization which gives us all access to each other's special skills and products. 9. Globalization Over the course of decades globalization is turning the

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Article 1 : 4 postive facts about globalization 

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Article 1 : 4 postive facts about globalization 

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This article gives 4 ways that globalization has had an positive impact on the world and the economy. First, it made more efficient markets. An efficient market is when the buyers and sellers have an equilibrium between what they are willing to buy and sell the service for. This can improve the way you produce a good by outsourcing or buying from foreign companies. This helps lower your prices making demand for these goods go up. The companies can take the extra money and use it to raise wages or expand their business. Second, is increased competition between companies. This happens when more than one person is competing for a spot in the economy. This often pushes the quality of the good up as the companies compete. As people take the businesses across borders they raised the global marketplace standard. This makes the quality and looks of goods go up. Third,  is stabilized security, which means countries will not attack each other. If two countries financial health depend on each other then they will not fight. This has ended many conflicts that could have turned very bad. Fourth, is that more wealth will be spread equally throughout the world. Many people now have jobs and can provide for their families. In the U.S. citizens take things like food and water for granted, but other countries have food and water because of globalization.

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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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These sources argue that globalization has made the world better.