Political Economy (Canada and the Global Political Economy) - Essay Example

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Developed and developing countries have realized the benefits of globalization and free trade. However, numerous arguments have been presented against the impact of…
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Political Economy (Canada and the Global Political Economy)
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Download file to see previous pages What are the arguments supporting and against globalization? Is it possible for Canada to make free trade and globalization benefit all stakeholders in the country?
In support for globalization, Lynch (2010) points out that globalization and free trade has increased the economic opportunities in developing countries. Free trade increases the ability for foreign companies to venture into new countries. For developing countries, foreign companies increase employment opportunities for both foreigner and locals. This minimizes competition in the job market. On the other hand, free trade increase the export opportunities for developing countries. Consequently, this fosters the growth of local companies. Globalization also expand the business opportunities in both developed and developing countries. Developing countries are provided with advanced technology and experience in creating products that are desired and significant in the global market. The exchange of technology improves the potential of local companies to compete fairly with international corporations (Lynch, 2010).
Lynch (2010) is of the assumption globalization and free trade make developed nations take advantage of developing countries. In free trade, developed countries have more than enough products and services to export to developing countries. Consequently, developing countries have it difficult to develop their own product since their local market are dominated with imports. The increase in imports also require the import of foreign workers. This increases unemployment competition. Globalization also increases the level of labor requirements in developing countries. For this reason, the market is required to pay less for labor services. This is also influenced by the fact that globalization and free trade increase the number of foreign employees. This creates disharmony in the domestic employment market.
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