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A New Look at Globalization: Taking Account of the Dark Side
| Content Provider | Semantic Scholar |
|---|---|
| Author | Weidenbaum, Murray |
| Copyright Year | 2014 |
| Abstract | Listening to high decibel debates on globalization it is tempting to describe the process as ships passing in the night. Unfortunately, the situation is not that benign. Often these ships crash into each other. It is dismaying to observe the current round of high decibel debates. Participants on each side know they are right and are determined to convince everyone else of the errors of their ways. Worse yet, positions are hardening on both sides. Few even now listen to other views of globalization. Let us sidestep the semantic issue of defining precisely the very word “globalization” because globalization is one of the great vacuum words of our time. It sucks up any meaning anyone wishes to ascribe to it. This article focuses on the array of impacts that arise from the increasing tendency for national borders to be crossed by people, goods, services, information, and ideas. There is truth, exaggeration, and error on all sides of the debate on globalization. Very few look at both the bright side and the dark side. Most economists and business leader’s focus on the benefits of globalization.1 their litany is familiar. A greater flow of international trade and investment stimulates economic growth. That rising output requires more employment and income payments and thus generates a higher living standard for consumers. Rising living standards in turn increase the willingness of the society to devote resources to the environment and other important social goals. Global competition also keeps domestic businesses on their toes, forcing them to innovate and improve product quality and industrial productivity. After all, if competition is good, spreading it out internationally must be even better. More fundamentally, rapidly developing economies generate a new middle class, the bulwark of support for personal liberty as well as economic freedom. Finally, we are told that economic isolationism does not work. The most striking case was sixteenth century China, where one misguided emperor abruptly cut off trade and commercial intercourse with other nations. China had been the wealthiest, most technologically advanced, and the most powerful nation on the |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | https://www.mongoliajol.info/index.php/MJIA/article/download/128/129 |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
