THE DOWNSIDE OF GLOBALIZATION

Abstract

Globalization is the integration and interaction of people and companies at various locations around the globe. It is the flow of goods and services from North to South, East to West - the worldwide expansion of business. Globalization has brought about an increase in international trade, helped assist with greater global communication, outsourcing, and many other activities we now consider ‘the norm’ in day-to-day business. Business magazines and new shows are constantly covering the negative effects globalization has had on the US economy: outsourcing technical jobs to India, moving manufacturing facilities to Asia, skyrocketing unemployment rates and closures all over the country. But what about the rest (and majority) of the world? Are these jobs that are moving to other countries really helping them? On the surface, the simple answer seems to be yes – jobs equal increased economic activity. Digging deeper reveals a different story, however, where not everyone in these countries is benefiting.

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