Globalization

Paper Summary:

For companies to survive in today's marketplace, it is almost essential that they spread their resources overseas. Outside of the United States, opportunities exist for cheaper means of production, labor, and even customer service. This paper examines the history of the concept of globalization, tracing it to the the wake of the Second World War with the ideals of Harry Dexter White and John Maynard Keynes. It then continues to the fall of the Berlin Wall in 1989 and the growing trend for businesses to take advantage of the technological advances in travel and communications to further their profits. The paper examines the consequences, both negative and positive, of globalization.

From the Paper:

"One clear result of this change in the marketplace is that the consumers of today lack the strong bias towards products that were manufactured close to home a bias that accompanied consumers early in the post war era. "Thus, the decline in bias, or its equivalent, expanding globalization, has apparently enabled the United States to finance and, hence, incur so large a current account deficit". (Greenspan 2004). Basically, because Americans are generally unconcerned with the origin of the products they consume, they have accumulated debt with respect to foreign markets."

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