Discuss Some of the Arguments Made Against Globalization...

Globalization is the interaction of world economies to become one big economy, for the sole purpose of enhancing free trade, growth and efficiency and employment. It emphasizes the neo-liberal economic policies – commonly referred to as the ‘Washington Consensus’ – of free trade, financial and capital market liberalization, deregulation and privatization (Juhasz, pg 408). The supporters of globalization argue that it is essential to an individual’s advancement and economic progress, and constantly reiterate that an integrated market economy will bring prosperity worldwide. Whereas, critics of globalization believe that without a proper framework and policies, the consequence of globalization will have a great impact on world politics,†¦show more content†¦These restrictions also show the double standards of globalization policies. If restrictive polices had been fairly exercised, Japan and US would not have industrialized to such great exten t by importing technology. However, at present the transfer of technological process would be barred under WTO’s Trade Related Investment Measures (TRIMS). But in the past, if New England had not barred cheaper British textiles by imposing very high tariffs – just as Britain had done to India – the United States might have been left out of the industrial revolution altogether (Juhasz, pg 419). Additionally, the renowned Asian financial crisis occurred when the countries allowed unrestricted capital flows and opened their markets to IMF. Before the crisis they used closed market policies to protect domestic entrepreneurs and develop support industries, while importing technology. As a consequence of these flawed policies, developed nations have open access to resources of developing nations, discouraging economic prosperity and efficiency whilst increasing income inequality. While free trade is always better than trade restrictions and distortions, it can exacerbate existing asymmetries between rich and poor nations and therefore result into poverty and inequality (Marks et al., pg 617). The systems in place to ensure free and fair trade do not alwaysShow MoreRelatedInternational Business Multiple Chioce9858 Words   |  40 Pages(Daniels/Radebaugh/Sullivan) Chapter 1 Globalization and International Business 1) The broadening set of interdependent relationships among people from different parts of the world is known as ________. A) globalization B) offshoring C) franchising D) outsourcing Answer: A Diff: 1 Page Ref: 5 Skill: Concept Objective: STUDY QUESTION 1.1: What are international business and globalization? What is the relationship between them? AACSB: Multicultural and Diversity 2) The term globalization is sometimes used to meanRead MoreAirborne Express 714476 Words   |  58 PagesKunnikar Ngandee Chapter 1 : Globalization Talk it Over 1. 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