International Trade:Globalization and It's Discontents

As technology increases the access to many supplies increase. Many important industries are becoming multinational. By having many underdeveloped countrys have factories then it will help strengthen other countries economies. But through globablization there could me many downfalls. In order to prevent those events from happening we have regulations to protect the underdogs. Some of the agencies are the World Bank, General Agreement on Tariffs and Trade, and the World Trade Organization.These organizations help protect everyone from getting taken advantage of. Due to some of the poor nations they may have young children working extreme hours instead of getting an education. The companies may be paying the children and other workers next to nothing. Because of the underdeveloped nations have such a poor economy many of the goods that are produced are much cheaper than if they were produced in the country that is consuming the goods. By globalization it can help, or destroy a country.

The agencies protect and support globalization, carefully monitor all the regulations. they watch and manage inflation, open markets, remove government controll when necissary, and privitize state run enterprises. But these policies havent been able to be efficetive in all developing countries which may create doubt in individuals of the effectiveness in Globalization. Many people fear that golobalization only helps the rich, and not the poor because the rich continue to make money, and the poor are payed at sub-minimum wage in underdeveloped countries. Which may only put the poor into over worked and barely paid. Milton Friedman supports the freemarket and there fore would not support globalization because he believes in monetary policy. Monetary policy leaves the government out of the economy and allows the people to make the choices. He would also like to keep everything contained within the country. So the US would rely on goods the US produces so instead of sending money overseas it would just be recycled back into the US ecomony. It would not have other countrys interfereing with our economy and will be separated. Each country will effect its own economy, and therefore would not be relying on other for the countries sucess. Government would be kept out of business, and people will make the choices with the economy. People will be able to create new bussinesses with the free market. If those businesses become sucessful the business owners will support monetary policy because they will want to keep the money they are taking in instead of feeding it to the government.


The free market is what America prides its self on. Many of our ancestors came to the United States for freedom, for opertunity, for prosperity. With the free market more people would be williing to go into business to make more money for themselfs. They will hire workers to work for them, and the works will be productive. In a free market people have insentive to work. If the jobs are contained in the United States then there will be more job oppertunities for us when we get out of school. The majority of us are going to further our education beyond high school and we want to have jobs after we are done with our education. If all the jobs are overseas we won't have a place to work. Without having a job, we can't survive. Idealistically, many people would like to not have to work, but realistically it would not make a good lifestyle. Many of us have grown up in a family that money hasnt been much of an issue. We had a roof over our head, food on the table, and clothes on our back. This is not a lifestyle many of us would want to give up, so in order to keep up our lifestyle we need jobs. Jobs in the United States, and not over seas.