World Wide Market Essay -- Globalization

Few causes can unite agriculture corporations, labour unions, and industrial lobbies, but anti-globalization is one of them. Economic globalization is the process of creating one world wide market through freer trade, flow of labour, and flow of capital. It is a phenomenon inseparable from today' economy, and is a trend that will continue for the foreseeable future. There is much discussion in the academic community about the political ramifications of economic globalization. However, I will be solely discussing the economic aspects of globalization and how it effects the prosperity and living standards of people around the world. Though the current international economy faces many challenges, the idea of trade liberalization is superior to its alternatives. Economic globalization improves the world and is ultimately good. By integrating markets, globalization generates economic growth by fostering efficiency and specialization. In addition, globalization uplifts those in poverty and creates more technologically advanced societies. Moreover, many of the problems associated with the process of economic globalization can be solve through adjustments in how trade liberalization occurs. Ultimately, the gains of economic globalization far outweigh the costs. The integration of economies benefits all those involved as larger markets ultimately create greater growth and efficiency – an assertion that is grounded in both theory and practical experience. Economic theory states that larger markets are more efficient by nature because they allow for the realization of greater economies of scale. Furthermore, the free trade brought on by economic globalization allows countries to specialize and exercise their comparative advantage – ra... ...better. Works Cited Bhagwati, Jaghish. In Defense of Globalization. Toronto: Oxford University Press, 2004. Easterly, William. â€Å"The Rich Have Markets, The Poor Have Bureaucrats,† in Globalization: What's New, ed. Michael M. Weinstein. New York: Columbia University Press, 2005. Frank, Matthew, Lisa A. Hyland, Sarah O. Ladislaw, Frank A. Verrastro. â€Å"The Geopolitics of Energy: Emerging Trends, Changing Landscapes, Uncertain Times.† Report from the Center for Strategic and International Studies, October 2010. Frieden, Jeffry A.. Global Capitalism: Its Fall and Rise in the Twentieth Century. New York: W. W. Norton & Company, 2006. Legrain, Philippe. The Truth About Globalization. Chicago: Ivan R. Dee, 2004. Moyo, Damisa. Dead Aid. Toronto: Douglas & McIntyre, 2009. Wolf, Martin. Why Globalization Works. New Haven: Yale University Press, 2004.