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team7___paper - Christian OConnor Michael Erhardt Adam...

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Christian O’Connor Michael Erhardt Adam Spieker Tom Tracy RJ Rampersad Globalization: Globalization is about what is happening to economies on a world scale. Most countries fall under two groups: developed countries and developing countries. Places like the United States and Japan are examples of developed countries. There considered developed countries because they already contain modern industry and technology. Countries that do not already possess these characteristics are considered underdeveloped or developing countries. Examples include Africa, Latin America and Asia. Furthermore, the economic relations of globalization are fundamentally about big capitals of the developed countries that operate around the world. Sometimes called multinational corporations, they, along with a handful of global agencies like the International Monetary Fund and the World Trade Organization dominate the economies of the developing countries. Effect of Globalization in Developed Countries: The total effect of globalization in developed countries has yet to be seen. The process of transferring of high tech jobs to underdeveloped countries is so new that it is too early to positively determine the effects. Many companies including Bank of America and Fluor Corporation are sending jobs to foreign countries. Some experts believe that the transfer of high tech jobs will help American companies survive. Struggling American companies may now be able to lower overhead costs and improve efficiency while keeping costs low. Helping struggling American companies survive will
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help the American economy; however globalization may have a negative effect on the U.S. labor force. Effect on Developed Countries Workers: The jobs that are transferred to underdeveloped countries are at the expense of American workers. The loss of American jobs is a great concern for many experts. Workers who are laid off when their companies transfer jobs to underdeveloped countries are returning to college to get up to date with today’s technology, while some are getting their real-estate licenses. Many experts believe that the transferring of routine engineering tasks will allow American engineers to focus on cutting edge research and development. Some workers will not be able to find work in their own field and those that do may not earn the same income as before. Effect of Globalization in Underdeveloped Countries: Globalization has helped underdeveloped countries become more advanced. Corporate back offices of American companies are now located in India, Manila,
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This note was uploaded on 12/11/2011 for the course EML 3004c taught by Professor Staff during the Fall '11 term at FSU.

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team7___paper - Christian OConnor Michael Erhardt Adam...

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