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Why Globalization Is Bad for the Economy - Research Paper Example

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Economics is the social science that deals with money, markets, individuals, investments, economy etc. Economics has two main branches “Micro economics and macro economics” Micro economics deal with individuals and how they earn their livelihood where as macroeconomics deals with aggregate issues or economy as whole. …
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Why Globalization Is Bad for the Economy
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Download file to see previous pages Macro economics consists of concepts that can be applied to the entire world. Globalization is a procedure of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology. This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being in societies around the world. For thousands of years, people and corporations have been buying from and selling to each other in lands at great distances hence globalization is not the new concept, but there have been vast changes in form of technology, advancement and policies over decades. Globalization can be explained as Covering a wide range of distinct political, economic, and cultural trends and discouraging barriers. Globalization became commonplace in the last two decades, and In today’s world barriers and distance don’t matter anymore especially because of the advancement in technology, media and internal and most of all the mode of travelling. By the help of all the advancement and progress in the technology now anyone can travel a thousand miles in matter of hours and days. However Globalization is a very controversial topic, many economist don’t support the idea of globalization as it has many diverse affects on the economy. As many economist believe that Advances in communication and transportation technology, combined with free-market ideology, have given goods, services, and capital unprecedented mobility. And this can affect the local market of the country. Because of globalization “international trade” takes place. International trade is the exchange of goods and services among different countries, no country is self sufficient and can’t produce all that it needs to survive, and hence the countries need to Export and import to meet their needs. With the help of modern techniques, up to date procedures, contemporary practices, globalization and highly advanced transportation system, the International trade system is spreading really fast. in today’s world International trade is important for meeting the needs of the country, not every country can produce all that it wants so in order to meet their needs and demands the trade takes place. International trade can benefit the economy of the country by expanding the local market and increasing the variety of the goods and services available. International trade is the basic source of bringing “FOREX” in the country. Trade often increases competition and it helps in reducing monopolistic pricing and the cons that generate from that. It encourages local investors and manufactures to perform better and keep stable pricing in the market. International trade is one of the major sources of revenue for the country. By doing more exports and fewer imports the country can actually achieve economic stability. international trade can help reduce local dependence on the existing companies and international trade can even help stabilize seasonal market fluctuations. No matter the level of the development of the country there will always be some specific products that other countries must be producing at a cheaper rate, in order to make maximum use of minimum resources the country import those certain goods, The are produced at lower marginal costs, this help countries save and stay in their budget, this concept is known as the “Comparative Advantage”. International trade is one of the best examples of Globalization. In spite of all these benefits international tra ...Download file to see next pages Read More
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