Essay #3 - Dejan Cvetkovic Writing 140 A3(Revised Anupa...

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Dejan Cvetkovic Writing 140/ A3 (Revised) Anupa Srinivasan/ TTH 8-9:15 12/1/05 Globalization and the Effects on Society Globalization-the international integration of goods, technology, labor, and capital-is everywhere to be seen ”. Globalization refers to an economic system where raw materials, manufactured goods, intellectual property, and financial transactions occur and flow freely across international borders under the supervision of an international trade authority. No one knows all of the environmental or social effects of globalization but there are many debates as to whether or not the consequences of this economic system are worth the risk. This paper focuses mainly on the effects of globalization of jobs and wages due to the shift of demand from less skilled individuals to those who are more skilled in labor markets with advanced economies outside of the United States. This in turn creates a widening gap in the wages and classes of individuals here at home. Although globalization has boosted our economy and created many new and well paying job opportunities, it has also created larger gaps in the social classes and higher unemployment. This causes problems with healthcare, education, and widening income inequalities between individuals in the workforce, especially in the US. Global superpowers need to focus on what gained and what is lost when this issue arises. There is no doubt that global free trade has given rise to numerous products. These products, which have been manufactured in other countries, imported here, and sold for a fraction of the U.S. manufacturing price. We here in America have the choice to purchase goods from all over the world. This competition between different countries 1
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products brings prices down and makes things more affordable for the middle and lower class citizens. If one looks at free trade from this perspective, globalization is a positive factor in society.
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