The Global Community

Paper Summary:

This paper describes the economic benefits of globalization to both industrialized and developing nations. The author believes that when markets are global and protectionism is minimized, nations can focus on producing what they can manufacture efficiently, rather than what they can only produce at great cost, because they lack the natural resources to do so. Various objections to globalization are presented, with the writer challenging each argument.

From the Paper:

"The allegation that globalization costs workers their jobs is not a new one, however. Even before outsourcing, it was alleged that globalization allowed American businesses to profit off of the lower wages in developing nations, and exploit the labor in these low-wage countries, particularly of poorly paid industrial workers such as women and children. According to anti-globalization activist Robert Weissman, "the last 20 years of corporate globalization, even measured by the preferred indicators of the International Monetary Fund (IMF) and World Bank, have been a disaster for the world's poor." (Weissman, 2001) Weissman alleges that these international organizations are dominated by U.S. interests and assumptions about what constitutes economic health, and forced nations to privatize their national industries and deal with more powerful Western businesses, whether this was in the nation's interest or whether their populations desired this to be the case. "Over the last two decades, Latin America has experienced stagnant growth, and African countries have seen incomes plummet," due to the forced promotion of exports and reduction of trade barriers that penalize weaker nations still developing their infrastructures. (Weissman, 2001)"

Sample of Sources Used:

• Drenzer, Daniel. "The Outsourcing Bogeyman." From Foreign Affairs, May/Jun 2004. [7 Oct 2006] http://www.foreignaffairs.org/20040501faessay83301/daniel-w-drezner/the-outsourcing-bogeyman.html>
• Weissman, Robert A. (with Russel Mokhiber). "Bush's Challenge: Globalization Good For the Poor." Aug 2001. Alter.net. [7 Oct 2006]< http://www.alternet.org/story/11297/>
• Wolf, Matt. Why Globalization Works. New Haven: Yale University Press, 2004.

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