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Zach Goldfarb - Globalization has good qualities and bad qualities, but that creates balance. For every good thing there is a bad thing that follows. For example, when there is an increase of global cooperation, there are those who view it as a competition. This view can cause the performance in the workplace to decrease. Another example is, when there is economic growth, there is also disproportionate growth. When there are more jobs available more immigrants come to find work, which some people view as a bad thing. The final example is, when there is an increase in cross-border investment, there are also many environmental concerns. As more goods are made, there are more methods used, such as technology. Most of these methods have a drastic effect on the environment, like pollution. Based on these qualities of globalization, my view of the question, is globalization good or bad, lies in the middle. My view is in the middle, because, for every good thing there will always be a bad thing that follows.

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6 Pros and Cons of Globalization in Business to Consider

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Globalization lies at the heart of what makes modern life and business possible. Here, we discuss the pros and cons of globalization in business.

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Zach Goldfarb - Globalization has good qualities and bad qualities, but that creates balance. For every good thing there is a bad thing that follows. For example, when there is an increase of global cooperation, there are those who view it as a competition. This view can cause the performance in the workplace to decrease. Another example is, when there is economic growth, there is also disproportionate growth. When there are more jobs available more immigrants come to find work, which some people view as a bad thing. The final example is, when there is an increase in cross-border investment, there are also many environmental concerns. As more goods are made, there are more methods used, such as technology. Most of these methods have a drastic effect on the environment, like pollution. Based on these qualities of globalization, my view of the question, is globalization good or bad, lies in the middle. My view is in the middle, because, for every good thing there will always be a bad thing that follows.

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6 Pros and Cons of Globalization in Business to Consider

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Globalization lies at the heart of what makes modern life and business possible. Here, we discuss the pros and cons of globalization in business.

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Andrew Ferguson - Overall, globalization will be beneficial for the United States and beneficial on a global level.

Globalization offers significant benefits by expanding access to international markets, lowering consumer prices, enabling businesses to outsource for greater efficiency, etc. It also boosts economic growth thereby raising living standards and also promotes the spread of technology and innovation. Additionally, globalization encourages cultural exchange, fostering greater global understanding. While it presents challenges, its overall impact can be positive when managed responsibly.

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6 Pros and Cons of Globalization in Business to Consider

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Globalization lies at the heart of what makes modern life and business possible. Here, we discuss the pros and cons of globalization in business.

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Chloe Engler - I believe that globalization is bad. In the article "The flower industry in Colombia: the good, the bad, and the ugly of globalization" the article states, "the number of flower growers in the U.S.steeply declined". because of globalization the American workers aren't given the same opportunities to sell their products as out-of-country companies. we should be supporting our farmers and all the work they do, they are losing their jobs because we buy from mass producers. the people at these mass producing farms are also treated terribly. the article said that women are sexually harassed, forced to work for extensive periods of time, and are exposed to harmful chemicals. we shouldn't be supporting the companies who are abusing the services of their workers. the article from national geographic states, "the average worker earns less in a month than a U.S. worker earns in a day". not only are these people not being treated with respect or working in good conditions, they are barely getting paid for their labor. the video we watched in class said the girl was making $40 a month. that is barley enough to buy food for a week in the US. globalization isn't a good thing and the US shouldn't support it.

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Globalization has led to increases in standards of living around the world, but not all of its effects are positive for everyone.

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Della - Overall, globalization will ultimately be beneficial for the United States, and is beneficial on a global level. It not only aids in providing jobs for many, therefore reducing poverty, but allows for more resources. Where one country may lack a resource, another may have access to it, and vise versa. Being able to trade globally allows those resources to be accessed by all. Globalization also contributes to a sharing of culture, with other countries being more open and available. Developing countries, who may struggle to become successful on their own, find aid in globalization, being able to sell their resources. Globalization also promotes a better global economy, making it overall more beneficial.

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A story in the Washington Post said "20 years ago globalization was pitched as a strategy that would raise all boats in poor and rich countries alike. In the U.S. and Europe consumers would have their pick of inexpensive items made by people thousands of miles away whose pay was much lower than theirs. And in time trade barriers would drop to support even more multinationals expansion and economic gains while geo political cooperation would flourish."

There is no question that globalization has been a good thing for many developing countries who now have access to our markets and can export cheap goods. Globalization has also been good for Multi-national corporations and Wall Street. But globalization has not been good for working people (blue or white collar) and has led to the continuing deindustrialization of America.

Globalization is a complicated issue. It is necessary to evaluate the pros and cons before drawing any conclusions.

Pros

Supporters of globalization argue that it has the potential to make this world a better place to live in and solve some of the deep-seated problems like unemployment and poverty.

1. Free trade is supposed to reduce barriers such as tariffs, value added taxes, subsidies, and other barriers between nations. This is not true. There are still many barriers to free trade. The Washington Post story says "the problem is that the big G20 countries added more than 1,200 restrictive export and import measures since 2008

2. The proponents say globalization represents free trade which promotes global economic growth; creates jobs, makes companies more competitive, and lowers prices for consumers.

3. Competition between countries is supposed to drive prices down. In many cases this is not working because countries manipulate their currency to get a price advantage.

4. It also provides poor countries, through infusions of foreign capital and technology, with the chance to develop economically and by spreading prosperity, creates the conditions in which democracy and respect for human rights may flourish. This is an ethereal goal which hasn't been achieved in most countries

5. According to supporters globalization and democracy should go hand in hand. It should be pure business with no colonialist designs.

6. There is now a worldwide market for companies and consumers who have access to products of different countries. True

7. Gradually there is a world power that is being created instead of compartmentalized power sectors. Politics is merging and decisions that are being taken are actually beneficial for people all over the world. This is simply a romanticized view of what is actually happening. True

8. There is more influx of information between two countries, which do not have anything in common between them. True

9. There is cultural intermingling and each country is learning more about other cultures. True

10. Since we share financial interests, corporations and governments are trying to sort out ecological problems for each other. - True, they are talking more than trying.

11. Socially we have become more open and tolerant towards each other and people who live in the other part of the world are not considered aliens. True in many cases.

12. Most people see speedy travel, mass communications and quick dissemination of information through the Internet as benefits of globalization. True

13. Labor can move from country to country to market their skills. True, but this can cause problems with the existing labor and downward pressure on wages.

14. Sharing technology with developing nations will help them progress. True for small countries but stealing our technologies and IP have become a big problem with our larger competitors like China.

15. Transnational companies investing in installing plants in other countries provide employment for the people in those countries often getting them out of poverty. True

16. Globalization has given countries the ability to agree to free trade agreements like NAFTA, South Korea Korus, and The TPP. True but these agreements have cost the U.S. many jobs and always increase our trade deficit

Cons

* The general complaint about globalization is that it has made the rich richer while making the non-rich poorer. "It is wonderful for managers, owners and investors, but hell on workers and nature."

* Globalization is supposed to be about free trade where all barriers are eliminated but there are still many barriers. For instance161 countries have value added taxes (VATs) on imports which are as high as 21.6% in Europe. The U.S. does not have VAT.

* The biggest problem for developed countries is that jobs are lost and transferred to lower cost countries." According to conservative estimates by Robert Scott of the Economic Policy Institute, granting China most favored nation status drained away 3.2 million jobs, including 2.4 million manufacturing jobs. He pegs the net losses due to our trade deficit with Japan ($78.3 billion in 2013) at 896,000 jobs, as well as an additional 682,900 jobs from the Mexico -U.S. trade-deficit run-up from 1994 through 2010."

* Workers in developed countries like the US face pay-cut demands from employers who threaten to export jobs. This has created a culture of fear for many middle class workers who have little leverage in this global game

* Large multi-national corporations have the ability to exploit tax havens in other countries to avoid paying taxes.

* Multinational corporations are accused of social injustice, unfair working conditions (including slave labor wages, living and working conditions), as well as lack of concern for environment, mismanagement of natural resources, and ecological damage.

* Multinational corporations, which were previously restricted to commercial activities, are increasingly influencing political decisions. Many think there is a threat of corporations ruling the world because they are gaining power, due to globalization.

* Building products overseas in countries like China puts our technologies at risk of being copied or stolen, which is in fact happening rapidly

* The anti-globalists also claim that globalization is not working for the majority of the world. "During the most recent period of rapid growth in global trade and investment, 1960 to 1998, inequality worsened both internationally and within countries. The UN Development Program reports that the richest 20 percent of the world's population consume 86 percent of the world's resources while the poorest 80 percent consume just 14 percent. "

* Some experts think that globalization is also leading to the incursion of communicable diseases. Deadly diseases like HIV/AIDS are being spread by travelers to the remotest corners of the globe.

* Globalization has led to exploitation of labor. Prisoners and child workers are used to work in inhumane conditions. Safety standards are ignored to produce cheap goods. There is also an increase in human trafficking.

* Social welfare schemes or "safety nets" are under great pressure in developed countries because of deficits, job losses, and other economic ramifications of globalization.

Globalization is an economic tsunami that is sweeping the planet. We can't stop it but there are many things we can do to slow it down and make it more equitable.

What is missing?

Leadership - We need politicians who are willing to confront the cheaters. One of our biggest problems is that 7 of our trading partners manipulate their currencies to gain unfair price advantage which increases their exports and decreases their imports. This is illegal under WTO rules so there is a sound legal basis to put some kind of tax on their exports until they quit cheating.

Balanced Trade - Most of our trading partners can balance their trade budgets and even run a surplus. We have not made any effort to balance our trade budget and have run a deficit for more than 30 years resulting in an $11 trillion deficit. The trade deficit is the single biggest job killer in our economy, particularly manufacturing jobs. We need the government to develop a plan to begin to balance our trade deficit even though this is not a political priority in either party.

Trade Agreements - Both the NAFTA and the South Korean Korus trade agreements might have been good for Wall Street and the multi-national corporations but they eliminated jobs in America and expanded our trade deficit. The upcoming Trans Pacific Trade Agreement will do the same thing and Congress should not fast track this bad agreement for a dozen reasons.

Enforcing the rules - China ignores trade rules and WTO laws with reckless abandon. Besides currency manipulation they subsidize their state owned companies to target our markets, and provide funding to their state owned companies that dump their products in America. They also steal our technologies, sell counterfeit versions of our products, and impose tariffs and other barriers anytime they want - as we do nothing to stop them. China does not deserve to be on our most favored nation list and we need to tax their exports to us until they stop these illegal activities.

What is good for third world countries, like Kenya, or countries with tremendous growth, like China, has not been good for American workers. Globalization is deindustrializing America as we continue to outsource both manufacturing blue collar and white collar jobs. Supporters of globalization have made the case that it is good because it has brought low priced imported goods, but they have not matched the decline of wages in the middle class and will not offset the loss of many family wage jobs

Globalization is like being overwhelmed by a snow avalanche. You can't stop it - you can only swim in the snow and hope to stay on top. I would like to make the argument that the US should try a lot harder to swim in the snow and stay on top. We can't stop globalization but there are many policies and strategies we can use to make it more equitable. We can enforce the trade laws, force the competition to play by the same rules, and stop giving our competitors the tools (technology and R& D) to ultimately win the global war.

Mike Collins is the author of Saving American Manufacturing. His website is www.mpcmgt.com.

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A story in the Washington Post said "20 years ago globalization was pitched as a strategy that would raise all boats in poor and rich countries alike. In the U.S. and Europe consumers would have their pick of inexpensive items made by people thousands of miles away whose pay was [...]

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Noah McCarthy- globalization is good and bad for many reasons but I think it ultimately has a negative effect on the people producing the product and also affects the people in the United States this is because globalization leads to job displacement in developed country's because as company's grow and need to produce more product they sometimes move there production to lesser developed country's with lower labor costs as seen in Columbia despite there strong economy from there floral industry this has then lead to the decline of flower growers in the US drastically as seen in "the flower industry in Colombia: the good the bad and the ugly. https://velocityglobal.com/resources/blog/globalization-benefits-and-challenges/

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Globalization is an established part of the modern world, so most of us do not realize the benefits it brings to our everyday lives-such as easy access to a variety of different cuisines or new technologies developed by countries half a world away.

Even though globalization makes our lives better, it brings some challenges as companies start to grow and expand across borders.

Cultural differences around the world are undeniable. These differences create hurdles for businesses entering foreign markets and necessitate changes to their daily business operations, whether it's employing workers in a new region or communicating the value of their product to a new audience.

Keep reading to learn more about the benefits and challenges of globalization and how businesses navigate these difficulties to reach their global expansion goals.

Before discussing the benefits and challenges of globalization, it's essential to have a strong understanding of what the term means.

The official definition of globalization is the process by which businesses or other organizations develop international influence or start operating on an international scale.

More simply, globalization refers to an open flow of information, technology, and goods among countries and consumers. This openness occurs through various relationships, from business, geopolitics, and technology to travel, culture, and media.

Because the world is already so connected, most people don't notice globalization at work every single day. But the world is getting smaller, and companies need to understand what this means for the future of doing business. Companies that don't embrace globalization risk losing a competitive advantage, which allows other businesses to take over new opportunities in the global marketplace.

Related Term: What Is Global Expansion?

Globalization impacts businesses in many different ways. But those who decide to take on international expansion find several benefits, including:

1. Access to New Cultures

Globalization makes it easier than ever to access foreign cultures, including food, movies, music, and art. This free flow of people, goods, art, and information is the reason you can have Thai food delivered to your apartment as you listen to your favorite U.K.-based artist or stream a Bollywood movie.

Read more: The Role of Culture in International Business

2. The Spread of Technology and Innovation

Many countries around the world remain constantly connected, so knowledge and technological advances travel quickly. Because knowledge also transfers so fast, this means that scientific advances made in Asia can be at work in the United States in a matter of days.

3. Lower Costs for Products

Globalization allows companies to find lower-cost ways to produce their products. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.

4. Higher Standards of Living Across the Globe

Developing nations experience an improved standard of living-thanks to globalization. According to the World Bank, extreme poverty decreased by 35% since 1990.

The target of the first Millennium Development Goal was to cut the 1990 poverty rate in half by 2015. This was achieved five years ahead of schedule in 2010. Across the globe, nearly 1.1 billion people have moved out of extreme poverty since that time.

5. Access to New Markets

Businesses gain a great deal from globalization, including new customers and diverse revenue streams. Companies interested in these benefits look for flexible and innovative ways to grow their business overseas.

A global employer of record (EOR) makes it easier than ever to employ workers in other countries quickly and compliantly. This means that, for many companies, there is no longer the need to establish a foreign entity to expand overseas.

Read more: Your Guide to the Global Marketplace

6. Access to New Talent

In addition to new markets, globalization allows companies to find new, specialized talent that is not available in their current market. For example, globalization gives companies the opportunity to explore tech talent in booming markets such as Berlin or Stockholm, rather than Silicon Valley.

Again, a global EOR allows companies to compliantly employ talent overseas without establishing an entity, making global hiring easier than ever.

Learn more: How to Hire Talent Abroad Without Setting Up an Entity

While globalization offers many benefits, it's not without challenges. Some of the hurdles companies face when going global include:

1. International Recruiting

A common challenge global leaders face when going global is international recruiting. Recruiting across borders creates unknowns for HR teams.

First, companies create a plan for how they will interview and thoroughly vet candidates to make sure they are qualified when thousands of miles separate them from headquarters. Next, companies need to know the market's demands for salaries and benefits to make competitive offers.

To ensure successful hires, HR teams must factor in challenges like time zones, cultural differences, and language barriers to find a good fit for the company.

2. Managing Employee Immigration

Despite the benefits of global mobility, immigration is a top challenge companies face when expanding overseas. Immigration laws change often, and in some countries, it is extremely difficult to secure visas for employees that are foreign nationals. The U.S., for example, is getting stricter with granting H-1B visas, and Brexit makes immigration to the U.K. difficult.

3. Incurring Tariffs and Export Fees

Another challenge leaders face when going global is incurring tariffs and export fees. For companies looking to sell products abroad, getting those items overseas can be expensive, depending on the market.

4. Payroll and Compliance Challenges

Another common global expansion obstacle is managing global payroll and maintaining compliance with changing employment and tax laws. This management task gets even more difficult if you're trying to manage operations in multiple markets.

5. Loss of Cultural Identity

While globalization has made foreign countries easier to access, it has also begun to meld unique societies together. The success of certain cultures throughout the world caused other countries to emulate them. But when cultures begin to lose their distinctive features, we lose our global diversity.

6. Foreign Worker Exploitation

Lower costs do benefit many consumers, but it also creates tough competition that leads some companies to search for cheap labor sources. Some Western companies ship their production overseas to countries like China and Malaysia, where lax regulations make it easier to exploit workers.

7. Global Expansion Difficulties

For businesses that want to go global and discover the benefits of globalization, setting up a compliant overseas presence is difficult. If companies take the traditional route of setting up an entity, they need substantial upfront capital, sometimes up to $20,000, and costs of $200,000 annually to maintain the business.

Read more: The Hidden Costs of Entity Establishment

Additionally, global businesses must keep up with different and ever-changing labor laws in new countries. When expanding into new countries, companies must be aware of how to navigate new legal systems and ensure global compliance. Otherwise, missteps lead to impediments and severe financial and legal consequences.

8. Immigration Challenges and Local Job Loss

The political climates in the U.S. and Europe show that there are different viewpoints on the results of globalization. Many countries around the globe are tightening their immigration rules, and it is harder for immigrants to find jobs in new countries.

This rise in nationalism is mainly due to anger from the perception that foreigners fill domestic jobs or that companies move their operations abroad to save money on labor costs.

For example, the Economic Policy Institute reports that the U.S. trade deficit with China (or the amount by which our imports exceed our exports) cost Americans 3.4 million jobs since 2001.

Both the benefits and challenges of globalization change how a business operates in different ways. When companies decide to go global, they must be ready and willing to change internal processes. This helps to accommodate new markets and make their global workforce feel comfortable and accepted at work.

Companies see many aspects of their businesses change once they enter the global marketplace. For example, globalization makes the workforce more diverse. This diversity is an overall positive change, but it creates some challenges, such as language barriers and differences in cultural expectations.

Some operational changes companies should expect from globalization include:

1. Global Communication Challenges

Before starting to branch out from headquarters, firms have to put an established internal communication plan in place since global employees likely work in a different time zone and have a different native language.

Software and other digital tools help smooth global communication hurdles and allow teams to connect easily. Zoom, Slack, and Google all provide valuable tools for companies trying to manage employees in multiple offices, countries, and time zones.

2. International Employee Expectations

Foreign employees have different expectations when it comes to things like salary and benefits, as well as how they manage their daily work schedules. Companies that want to take advantage of globalization and hire foreign workers need to accommodate them as much as possible. HR teams must also ensure their employee benefits offerings are competitive and on par with local expectations during the hiring process.

3. Supporting Foreign Customers

Similar to communication changes with employees, companies must also plan for how they run customer service and support in new countries. Customers in the new market where you offer your products or services might not speak your native language or be close to your time zone.

4. Increased Competition

International companies have to adjust more than internal operations. Going global opens up new revenue streams and increases availability to talent. Because of these attractive benefits and the ease of going global due to solutions like partnering with a global EoR, the global marketplace is competitive.

As globalization becomes the norm, many companies often seek the same foreign markets, which increases competition for businesses.

5. Marketing and Communication Changes

Just like hiring employees in different countries creates internal communication challenges, marketing your products or services to a completely new audience creates obstacles for companies. Businesses need to adjust their marketing strategies to communicate the benefits of their product in a way that resonates with a foreign audience.

You cannot assume that a marketing campaign targeting an American audience (or wherever your HQ location is) attracts consumers in Europe, Asia, or any other popular market, as the consumers there have very different wants and needs.

In the past, cost and regulatory challenges were massive barriers to companies seeking to expand globally in search of the benefits of globalization.

Now, partnering with a globalization expert helps firms navigate any challenge that comes their way-while successfully setting up an overseas presence. Our Employer of Record (EOR) solution helps organizations establish a presence in 185+ international markets without the time and costs associated with entity establishment.

The right EOR partner helps your company experience the benefits that globalization has to offer and quickly become a successful player in the global marketplace.

Ready to go global? Contact us to learn more.

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Weigh the main benefits and challenges of globalization to find out how to mitigate risk while taking advantage of global opportunities.

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I believe globalization can have a positive impact on the economy, but when not used correctly it has its negative effects.

For example globalization can create access to a greater/bigger market for businesses. This creates a better cash flow for the economy that leads to the community having more resources. It also is able to lower costs and greater efficiency for countries that specialize in services that produce goods. As the article stated, "Columbia's flower industry earns a billion dollars in profits per year and employs 100,000 low skilled workers". Globalization allowed for their products to be distributed more efficiently, have lower prices, and create jobs for under skilled workers.

A downside of globalization is that it creates a larger gap between the rich and the poor, it exports labors to work long hours with low pay, and can cause economic dependence on larger countries. (https://www.localfutures.org/learn-take-action/getting-the-facts/globalization-why-is-it-so-destructive/).

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drivers and impacts

Poverty, climate change, the breakdown of democracy, an epidemic of depression - the world is facing a convergence of crises. The root cause...? Economic globalization.

But what is globalization exactly and why is it causing such destruction? On this page we will dive deeper into the origins of our global economy, key elements of globalization and the numerous costs for people and planet.

Today, the process of economic globalization is driven by the deregulation of trade and finance, which gives corporations and banks the freedom to operate globally. This process started 500 years ago, when conquest and colonialism laid the foundation of our modern global economy. European powers spread an extractive economic system - one reliant on slavery, the destruction of local cultures and economies, and the imposition of monocultural ideas and practices - all across the world.

Since the mid-20th century, national governments and international institutions have been nearly unanimous in supporting globalization, often through policies that prop up large transnational corporations to the detriment of small and local businesses. With the help of these policies, a single corporate-dominated world market has emerged.

For a brief overview of how slavery, debt, and corporate control have shaped the global economy. Watch this excerpt from our film 'The Economics of Happiness':

Since the mid-20th century, national governments and international institutions have been nearly unanimous in supporting globalization, often through policies that prop up large transnational corporations to the detriment of small and local businesses. With the help of these policies, a single corporate-dominated world market has emerged.

For a brief overview of how slavery, debt, and corporate control have shaped the global economy. Watch this excerpt from our film 'The Economics of Happiness':

Corporate-funded think tanks and media outlets would have you believe that this global market is characterized by the free flow of ideas and technology, international collaboration, interdependence, and a worldwide sense of community - in other words, that the global market has created a 'global village'.

But the reality is far different from this rosy picture.

Our global economic system has become so large and complex - with producers and consumers, CEOs and workers, and cause and effect all far removed from each other - that ethical choices are almost impossible to make, and environmental and human rights disasters have become commonplace.

It can be challenging to understand the workings of a system that is so vast, out-of-control, and deeply ingrained into the fabric of our daily lives. But by breaking the global economy down into five key structural elements, and understanding how it came to exist in the first place, we can begin to comprehend it - and, ultimately, RESIST IT. Use the tabs below to explore these five elements:

A fish served in a California restaurant may have been caught illegally on a Thai fishing vessel manned by slaves. A t-shirt bought in Germany may have been sewn in a Bangladeshi sweatshop, where workers labor in unsafe conditions for starvation wages.
The way trade works in the global economy can be insane - it wastes resources, worsens climate change, and undermines the livelihoods of millions of small-scale producers worldwide.Watch this 3-minute tongue-in-cheek video 'Insane Trade':

In the long term, the globalized economy has no winners. Small farmers, the poor, and the disenfranchised have been the first to suffer its most devastating consequences. But as the economic, social and environmental costs of globalization mount, not even the wealthy will escape its impacts. These include:

Environmental breakdown - Erosion of democracy - Loss of livelihoods - Unhealthy urbanization - Lack of resilience -
Growing wealth gap - Loss of food security - Declining health - Psychological breakdown - Violence and conflict

If you're feeling overwhelmed by the enormity of the global economic system, you're not alone! But the global economy is man-made, and therefore can be changed. Choose one of the topics below to find out:

Find out about the benefits of localization and how we can make the shift from the global towards the local.

Find out what Big Picture Activism entails, and how to take the steps to make a change.

Join the global movement to build resilient local economies. Take action with the tools in this guide.

Globalization and Terror - for people in the modern world, there may be nothing more difficult to comprehend than the group calling itself the Islamic State, or ISIS. For people... Read now →

Globalization and the American Dream - implicit in all the rhetoric promoting globalization is the premise that the rest of the world can and should be brought up to the standard of living of the West... Read now →

Globalization's Deadly Footprint - that pollution is bad for our health will come as a surprise to no one. That pollution kills at least 9 million people every year might... Read now →

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Globalization - why is it so destructive?

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What is globalization exactly and why is it causing such destruction? On this page we will dive deeper into the origins of our global economy, key elements of globalization and the numerous costs for people and planet.

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In my opinion, I think Globalization is good. Naturally there are some red flags to look out for as well. It is believed that one of the benefits of globalization is economic growth for all parties. Through globalization, Colombian workers gain jobs due to the US withdrawing from the floral market. By encouraging trade between other countries, it also promotes cultural exchange, leading to better understanding of others traditions. Another benefit to Globalization is having access to other resources one wouldn't normally have.

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6 Pros and Cons of Globalization in Business to Consider

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Globalization lies at the heart of what makes modern life and business possible. Here, we discuss the pros and cons of globalization in business.

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Peyton McDonald- My conclusion on globalization is that for the most part it is beneficial. As it encourages/produces economic growth, such as giving jobs and boosting the economy. Globalization has opened the world up to new things such as "They believed foreign investments would improve roads and wharves" This is just one of many things that have improved. not just in the U.S but in foreign countries such as Colombia. All of this fosters a flow of how things are and why we are able to keep up in this economy. As the U.S branches out with trade it is forming other foreign relationships that may better the U.S in the future.

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The Heritage Foundation's annual Index of Economic Freedom shows that countries that are open to trade and investment are more prosperous than countries that restrict individuals' freedom to decide how to spend and invest their money.

Trade has played a major role in U.S. history. The Founders citedBritain's "cutting off our Trade with all parts of the world" as a reason for declaring independence. The Framers of the U.S. Constitution created a free trade area among the states that allowed interstate commerce to flow freely. Indeed, the freedom to trade is the foundation of America's modern economic system that provides historically unprecedented opportunities for individuals to achieve greater economic freedom and prosperity.

The process of economic specialization and trade, in which individuals focus on doing the things they do best and then exchange the products of their labor with others who are likewise concentrating on their own areas of excellence, leads to much higher levels of production of goods and services as well as the most efficient use of labor and resources. It is this process that creates and sustains the markets of the "free market" system. The development of this system upended feudalism and brought about the dramatic and revolutionary improvements in living standards that characterize the modern age.

In other words, free and open trade has fueled vibrant competition, innovation, and economies of scale, allowing individuals and businesses to take advantage of lower prices and increased choice. As a result, billions of people around the world have escaped the constraints of subsistence farming and extreme poverty that characterized the lives of most of humanity throughout history.

America Needs Free Trade. Trade-like technology-creates new, higher-paying jobs for Americans as well as for America's trading partners. Attempting to restrict trade in order to "protect" existing jobs makes no more sense than attempting to ban the use of new technology.

Most people understand the benefits of exports, but imports from America's trading partners also benefit Americans. They give consumers greater purchasing power, as trade allows them to buy a wider variety of goods at lower prices. Imports also benefit the domestic manufacturing sector because more than half of U.S. imports consist of capital goods and intermediate products, such as steel for carmakers and lumber for builders, which are the lifeblood of U.S. manufacturing.

These countries with low tariffs and few non-tariff barriers benefit from stronger economic growth. But more open-trade policies do not just promote economic growth, they encourage freedom-including protection of property rights and the freedom of average people to buy what they think is best for themselves and their families, regardless of attempts by special interest groups to restrict that freedom.

Skeptics of trade often suggest that the U.S. "trade deficit" means that dollars are being drained from the U.S. economy due to unfair foreign trade practices. However, once all financial transactions, including job-creating foreign investment, are accounted for, this deficit vanishes.

While the U.S. trade deficit decreased significantly from 2008 to 2009, the unemployment rate increased from 5.8 percent to 9.3 percent. From 2009 to 2014, the U.S. trade deficit increased significantly, but the unemployment rate decreased from 9.3 percent to 6.2 percent. This is exactly the opposite of what would happen if bigger trade deficits caused more unemployment.

Nonetheless, the impact of free trade on America is regularly the subject of contentious debate both on Capitol Hill and in the media. In general, the free trade argument plays out on two very distinct levels: On one level are the efforts by individual industries or firms to obtain special protection from foreign competition through tariffs and quotas, or occasionally through "safeguards" or other retaliatory actions permitted in trade agreements. Such protectionism can be quite lucrative for the industry or firms in question, which often lobby extravagantly to gain the benefit. The cost is borne by the American public overall, which must pay higher prices and choose from a narrowed range of product options.

The second level at which trade is debated is much broader, involving issues such as exchange rates, environmental issues, and labor standards in foreign countries. At this level, those seeking "protection" are generally not seeking special favors in order to boost profits, but are seeking relief from the cost disadvantage imposed on them by burdensome regulations in the U.S. or differences in monetary policy between the U.S. and foreign governments. Broad groups, such as unions or environmental nongovernmental organizations, may join the battle to preserve and extend what they see as regulatory gains. While these motives may seem somewhat "purer" than the rent-seeking lobbying of industries or firms, the end result of such government protectionist action is the same: narrow benefits for a special interest, higher prices and less consumer choice for all Americans, and a loss of overall economic efficiency.

The current Administration is pursuing several initiatives, including the North American Free Trade Agreement (NAFTA) negotiations, tighter "Buy American" rules for government purchases, and investigations of Chinese intellectual property practices along with the national security impact of steel and aluminum imports. The Administration has also chosen to focus on trade deficits as a measure of the success of U.S. trade policy.

Free trade is about rejecting favoritism and expanding economic opportunity for all. Since World War II, government barriers to global commerce have been reduced significantly. Today, the average worldwide tariff rate is less than 3 percent, and has fallen by one-third since the turn of the century alone. The United States should lead efforts to make sure this trend continues, remembering President Ronald Reagan's radio address on free trade:

The winds and waters of commerce carry opportunities that help nations grow and bring citizens of the world closer together. Put simply, increased trade spells more jobs, higher earnings, better products, less inflation, and cooperation over confrontation. The freer the flow of world trade, the stronger the tides for economic progress and peace among nations.
To read more on this issue see Solutions: The Policy Briefing Book

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The Heritage Foundation's annual Index of Economic Freedom shows that countries that are open to trade and investment are more prosperous than countries that restrict individuals' freedom to decide how to spend and invest their money. Trade has played a major role in U.S. history.

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Owen Mitchell- Globalization is good for individuals and the United States for a couple reasons. According to https://www.investopedia.com/terms/g/globalization.asp some key takeaways are that products, technology and information can all by spread due to globalization. The spread of these can make products cheap, new ideas and much more positive takeaways. Corporations throughout the nation can communicate and gain important and competitive knowledge. This is important because different companies can build off ideas from other companies ideas and maybe even be able to make something cheaper or more effective. Another important part about globalization is new developing countries benefit because there tends to be more cost-effective locations and therefore attract jobs.

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Ali Miranda- In my viewpoint, globalization is good in terms of the products that are produced from it, however, it does have negative aspects. In Sharika D. Crawfords, "The Flower Industry in Colombia:The Good, the Bad and the ugly of globalization" there are many instances of negative aspects of globalization. For example, "in addition to the decline in American flower growers, intense debates continue over the quality of Colombian flower industry's work environment". It also cites that 60% of the nearly 100,000 Colombian flower workers are women, who do get sexually harassed in their own work place. These are 2 big examples that highlight the reality behind globalization. While I do agree that individually globalization helps us as Americans especially, it doesn't hide the truth. Another key example is the lack of pay in country's such as Bangladesh which employs "as many as 4 million people, but the average worker earns less in a month than a U.S. worker earns in a day" according to National Geographic.

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Globalization has led to increases in standards of living around the world, but not all of its effects are positive for everyone.

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Alysa Waterbury- In my opinion, globalization is good for us individually because Colombia exports cheap long stem roses to the US, this has caused the US to withdraw from the floral market as well. Globalization is bad for many including Colombian flower employee workers. For example some evidence suggests that children as young as 9 yrs old have had to work all day on Saturdays in greenhouses alongside their mothers. And other employees complain of low wages an difficult work conditions which have also revealed some workers getting pesticide exposure. And although Colombia feeds the demand for cheap long-stem red roses many workers are on temporary contract making them vulnerable to being layed off.

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Elijah Sorrentino - In my opinion, globalization can be good when nothing fishy or illegal is happening in order to work. From "The Flower Industry in Colombia: The Good, the Bad, and the Ugly of Globalization" & "Globalization: A Race to the Bottom-or to the Top?", one reason why Globalization is fine includes good access, transportation, & prices as long as we are cool with the country. The other reason why Globalization is good is that the number of child labor & working poor have drastically been going down even since the 2000s.

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Globalization: A Race to the Bottom—or to the Top?

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The overall direction is one toward better jobs, higher wages, safer workplaces, and less child labor, and it has happened the fastest in the countries that have opened the most and are most integrated in global supply chains.

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Mr. White - Globalization is _________ for individuals and the United States. The two reasons from the article, The Flower Industry in Colombia: The Good, the Bad and the Ugly of Globalization and my source from Harvard's business school are ____ ____. You should answer in well written paragraphs. This is a 40 point assignment that we'll look at Thursday as a class. It is due tonight. Use the class time wisely.

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6 Pros and Cons of Globalization in Business to Consider

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Globalization lies at the heart of what makes modern life and business possible. Here, we discuss the pros and cons of globalization in business.