Globalization++s+benefit

Globalization s ben - A Demonstration of Globalization's Benefits for the Economies of the World by Morgan Dawer Plano West Senior High School

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1 A Demonstration of Globalization’s Benefits for the Economies of the World by Morgan Dawer Plano West Senior High School, Plano, Texas Sally Meek, Teacher Since the dawn of man, economies have been changing and expanding, but most importantly, converging. In recent years, although economic convergence has been occurring for ages, this idea has become a hot topic of political and economic debate. Do the benefits of globalization outweigh its costs? How can the costs and benefits even be empirically measured? These questions may be left to interpretation, but this discourse has the intention of evaluating both and proving the benefits to be greater than the costs. Globalization is a trend difficult to define. Paul Masson describes it as a “phenomenon whose economic dimensions involve increases in the flows of trade, capital, and information, as well as mobility of individuals across borders” (2). Others have defined globalization as a “historical process, the result of human innovation and technological progress” ( Globalization). Thomas L. Friedman, after 469 pages, comes to more or less the same conclusion. Globalization spans so many fields: labor, the economy, politics, and technology; therefore, it is difficult to capture. The virtual absence of borders in the transfer of ideas, capital (including human capital), and technology is a very concise and fitting characterization of globalization in the twenty-first century. To account for the most recent wave of globalization, Masson, as well as Friedman, provide compelling and plausible causes. Masson highlights a decline in transportation and communication costs over time, an increase in health and education, and more free trade than ever before (5–8). For example, it cost $60.42 to make a 3-minute telephone call from New York to London in 1960, but only $.40 in 2000 (Masson 6). The world has drastically become more accessible to the producer and the consumer. Trade, commerce, and other business transactions are thus significantly expedited. Friedman touches on a few specific historical events that contributed to the modern wave of globalization. The fall of the Soviet Empire and the end of Communism in Eastern Europe, the creation of the World Wide Web and new software, and finally, the outsourcing and offshoring of jobs and entire industries are a few of the main causes he presents (Friedman). These events did indeed bring about much political, technological, and
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This note was uploaded on 11/23/2010 for the course ECONOMICS Econ 13 taught by Professor Georgesarraf during the Winter '10 term at UC Irvine.

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Globalization s ben - A Demonstration of Globalization's Benefits for the Economies of the World by Morgan Dawer Plano West Senior High School

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