Economic+Globalization

There are various kinds of globalization; economic, technoligical, political, sociological, ecological,and geographical. There are supporters and opposers of gloablization as a whole. For some, the prospect of globalization inspires the possibility of a "global village", in which every world citizen is linked by the "latest high-technology communications systems". However, for others globalization is "the reason a local factory shuts down, only to reopen thousands of miles away in a country with cheaper labour and weaken environmental laws."

Economic globalization is the term used to describe the rapidly growing integration of countries on a economic scale.This economic integration between countries is achieved by the lowering of trade barriers and allowing goods, services and money to freely move throughout the world. This is called a global market or a single-world market which is the primary goal of economic globalization. In the past, corporations were situated and identified with the country in which they emerged from. But now many Western corporations have become multinational which means that they have expanded their operations to different countries, more specifically, less developed countries. With economic globalization also comes market deregulation or economic liberalization which means that the role of the government in the regulation of economic activity in the country is reduced. Economic globalization is seen by many as the most controversial type of globalization and the concern of whether economic globalization is beneficial to the world or not is still being debated.

Supporters of economic globalization argue that...
 * Investing in developing countries raises living standards because it provides employment for people of the third world.
 * Global competition and inexpensive imports ensure that prices stay low and that inflation is less likely to affect the economic growth of a country.
 * Access to different products from around the world increases.
 * There is a steady flow of money going into less developing countries that will help with the issue of poverty.
 * Sweatshops are not a negative thing for it is better than not having a job at all and it is a step out of poverty.
 * There is also a certain degree of cultural integration that comes with economic globalization because it gives people access to markets and products from around the world
 * It hugely increases the potential profit by corporations because their market expands dramatically
 * When countries take in production of goods from developed countries it gives their economy a chance at expansion
 * This is particularly true with countries such China and India who have used economic globalization to develop at extremely fast rates
 * It is creating a higher standard of living because it is producing greater global wealth.

Opposers of economic globalization argue that... For example those who work in Sweatshops are marginalized and devalued by their employers on a daily basis.
 * Workers in Europe and North America are losing their jobs because of production shifts abroad.[[image:globalization_bad.jpg width="342" height="283" align="right"]]
 * Workers in developing countries who work in the factories of large corporations are being repressed, paid very little money for their labour and are denied rights.
 * Proper regulations are not being enforced by large corporation and the government which creates a dangerous work environment for the workers.
 * Workers endure all kinds of abuse and child labour is practiced in many factories due to the lack regulation.
 * Corporations are dominating over most countries, and these corporations are becoming more influential.
 * the difference between the economy's "haves" and "have-nots" are being increased