Globalization, Integration & Outsourcing

Paper Summary:

This paper discusses the spread and effect of globalization as a world economic model to facilitate commerce and financial integration. Additionally, the ill-effects of globalization are examined, such as outsourcing, which entails the migration of operations overseas to foreign borders. Outsourcing is particular savage for advanced economies such as the United States where first the manufacturing and production jobs migrate only to be replaced later by service and technology positions later.

From the Paper:

"Globalization is the economic catchphrase of the 21st century. People use it to explain many things but when asked to define it, the term often defies explanation. One source defines globalization as: The integration of the world's culture, economy, and infrastructure driven by the lowering of political barriers to transnational trade and investment, and by the rapid proliferation of communication and information technologies. The term is often used in reference to the substantial impact of free-market forces on local, regional and national economies. (Globalization, Commanding... 1) The key points in the given definition would seem to be culture, economy, and infrastructure, since globalization is often blamed or praised for phenomena within each of these areas. Culture, because globalization tends to blur delineations between them; economy because globalization appears to benefit the more efficient economies; and infrastructure because the mechanisms of communication, transportation, and knowledge transfer facilitate it."

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