Does Globalization help or hurt the state of Alabama? Argumentative essay Name Class Professor Date Introduction Globalization of the economy refers to unification of economies of the nations in the world. It can be achieved through elimination of trade barriers set by the government to protect their local economy…
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Globalization effects are dependent on the state of development of the nation. Countries that are termed as developing may not benefit from globalization compared to developed nations. This can be attributed to the lack adequate fund to acquire technology to compete with developed nations. Globalization can thus be evaluated with regards to the effect it may have on the nation it affects. The state of Alabama will be positively affected by globalization (Mishkin 2009: 187-196). Alabama’s economy depends on various industries to ensure that there is economic growth in the state. Alabama generates its revenue from agriculture with leading products being livestock products. The state’s agricultural produce includes broilers, cattle, eggs, cotton, horticulture and calves. Crop farming comprises 18% of revenue generated from agriculture. The State has manufacturing industries that add value to the raw material imported or from the country. Manufacturing industries in the State increase the revenue generated as the products from the manufacturing industries retail at a higher price compared to the raw material exports. Fishing along the golf of Mexico provides the State with revenue. Mining provides the state with most of the State's revenue with some of the minerals mined include coal, natural gasses and limestone. Mining in the State provides the local people with employment which improves their lifestyle. The service industry also contributes significantly to the State’s economy. The services provided in the state include community based, business government, and personal services (Cunat, 2009:179-212). Effects of trade The revenue generated from taxes levied on imports and exports from local and international businesses enable the government to run its operations. Globalization of economies requires that such trade barriers be eliminated to facilitate the free movement of commodities. The government can generate additional revenue from the business with globalization. Globalization encourages international investors. International investors increase the employment opportunities through the industries they venture into in the State. Imports will increase through globalization. Increased imports enable the citizens of the State to choose from a wide range of products provided in the market. The free trade also facilitates exports such that the industries in Alabama can market their products in all markets they may find profitable. The trade in processed good from the industries in the state ensures that it enjoys favorable terms of trade. Unlike other nations especially the developing nation which star in sale of raw material, Alabama’s finished products may retail at a higher cost thus improving the States terms of trade. Improved trade between other States would ensure that the nation reduces its budget deficits. Budget deficits are as a result of increased government spending compared to the revenue it generates. Increased trade between other States enables the government to collect more revenue from the workers and the industries in the nation thus more revenue generated. Government spending in improvement of infrastructure and provision of some basic amenities can also be reduced by encouraging foreign investments (Andres 2011:885-901). Competition may be viewed as a local industry destroyer with many weak industries falling under the pressure of competition. Competition
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