Essay about Costs and Benefits of Globalization and...

The debate over globalization and localization has long been fought as whether or not to pursue an international or isolationist foreign policy. Essentially, the term globalization means an integrationist approach to policy, whereas localization refers to a fragmentational approach to foreign policy. There are many issues in this debate, but none as complex and important as that of the costs and benefits of the economy. Other issues consequential to the topic are the political and social implications to these policies. Economics runs all countries, whether or not they have a global or local approach to policy. Globalization, like all things, has both costs and benefits. Economically, the downfalls to globalization include the†¦show more content†¦One such benefit is the expansion of production, trade, and investments (Rosenau 17). This expansion can also travel across national boundaries extremely fast (16). In addition, both sides of the great income divide stand to benefit from globalization: the developed countries by reaching a larger market for new innovation, and the developing economies by enjoying the fruits of those innovations while sharing in global production via multinational enterprises(Sachs 101). The industry will also benefit from the opening of countries with cheap low-skill labor while not taking away jobs from countries such as the United States that does not have an industry of low-skill jobs (107). The emergence of low cost labor in the openness of globalization allow s for the increase of higher skill jobs in developed states and the introduction of industry in lesser developed states, while bringing the cost to the consumer down for the product. The global economy creates a free market where most businesses and industries can flourish. The other form of foreign policy, localization, has its own costs and benefits to the populations of the world. In localization the dealings of producers and consumers are constricted (Rosenau 17). Localized economies choose to create high tariffs in an attempt to protect domestic industry. Other countries retaliate and make trade for resources and products not available in the localized country difficult through their ownShow MoreRelatedEssay Costs and Benefits of Globalization and Localization2526 Words   |  11 PagesGlobalization is unstoppable. Even though it may be only in its early stages, it is already intrinsic to the world economy. We have to live with it, recognize its advantages and learn to manage it, said Maria Livanos Cattaui in her article, The global economy - an opportunity to be seized (Business World, 1997). 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Before I get to in depth I will clarify the difference between Globalization and Localization. Globalization, in simpleRead MoreGlobalization Provides More Benefits Than Localization 1012 Words   |  5 PagesGlobalization is an ongoing trend in the present world and includes diverse processes embracing political, social, economic, technological, and cultural change. It encapsulates the scope of the uniformity of political ideas and practices: the geographical extent of social interaction and reflexivity; the degree of integration of economic activities; the diffusion of technology (information, communications, transport), which overcomes the significance of space; and the extent of the disseminationRead MoreThe Various Perspectives of Globalization in Bill McKibbens Book Deep Economy893 Words   |  4 Pagesantithesis to globalization. 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Granted if the wrong concept is attempted in the wrong country, the affects it will have in the long run can be extremely harmful to the citizens of the country and all of its aspects. And