The Negative Impact Of Globalization On US

Have you ever bought a t-shirt or even something as minute as a piece of paper and wondered where it was actually produced? The average consumer doesn’t concern oneself with the notion of where their products are from or how they were produced so long as they meet the satisfaction of the consumer. The answer quite frankly, is what allows for products like clothes people wear to travel to more places around the globe than most individuals will ever travel to in their entire lives. Globalization, in a more sophisticated term, is the interaction between people, companies, and governments that are driven by trade and investment and traditionally results in an exchange of different technological advances, people, cultures, and philosophies. Following

In the article, Globalization: A Brief Overview, it depicts how the amount of global GDP growth [gross domestic product: the value of all goods and services produced in an economy] grew from 42.1 percent in 1980 to a staggering 62.1 percent in 2007. In the course of thirty years, the world GDP has increased by an unprecedented rate of double digit inflation rate. On a more micro level, many individuals have benefited from the effects of globalization. Take for instance the facts presented in the article, Globalization’s Negative Impact on U.S. Unemployment is Exaggerated by Daniel Griswold, which states that the impact of globalization brought many countries and about three billion people from subhuman conditions of life into modern standards of living. While the world’s fastest growth is occurring in less developed countries, notably India, China, and Indonesia, who are now some of the world’s largest producers. A perfect example of this is China, experiencing the greatest reduction of inequality in human history going from a life expectancy of 41 years in the 1950’s to 72.2 years in 2005. With conditions improving as a direct result of globalization, many people, much like the Chinese, experienced a higher standard of living and therefore had a higher rate of life expectancy. Furthermore in the article Globalization Is Increasing

In addition to companies and governments increasing output as a result of global trade, many of those workers who make up the labor force of these industries are being paid low wages while these companies expand their profits. Although it is true that the wage difference between that of an owner or executive of a top company and that of the average wage earning worker is drastically different, who is to say that those predominantly poor workers aren’t reaping the benefits of globalization at the same time? For instance, as expressed in the article Globalization: A Brief Overview, in the last two decades the level of income inequality has risen in most regions and countries, however, the average per capita income has risen in all regions involved in globalization. This claim includes even the poorest parts of the population, meaning that at the same time wages for the richest portion of the population are increasing, so are the wages of the poorer section of the population, thus the poor are left better off than they previously were prior to globalization efforts. This is supported by World Bank economists David Dollar and Aart Kraay in the same article who claim that in globalizing countries in the developing world, income per person grew three-and-a half times faster than in non-globalizing countries