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Rayshawn Fisher
Professor Bonnie Oliver
Micro-Economics 2023
1 March 2018
Its A Small World After All
The planet Earth is smaller than its ever been before and continues to shrink. Not in a
literal sense, but in a matter of perspective. People, more than ever, are able to influence one
another no matter the distance, language, or culture, this change is Globalization, and many
people have opposing opinions on the subject. In this article, we will be discussing
Globalization, the fears it stirs in people, and it’s impact on the world, mostly from an economic
standpoint.
Globalization is the phenomenon of widespread and increasing communication and
cooperation between people globally. This trends pace gradually increased throughout history,
on a worldwide scale, due to advances in technology. These advancements profoundly affected
things, such as transportation and communication. In other terms, “Globalization is the process
of moving toward a world in which we produce, distribute, sell, finance, and invest without
regard to national boundaries.” (Paoli) With borders becoming less of an inconvenience, people
gain the opportunity to cooperate in ways never before possible. With these new opportunities
between states, companies and individual people benefited greatly from international trade,
culture, travel, and even ideas.
Many people, however, fear Globalization and believe that all of its to blame for many
issues we experience today, ranging widely from unemployment issues to global climate change.
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“Globalization has been unjustly criticized by special interest groups that fail to appreciate the
powerful opportunities created by economic integration.” (BusinessWire) From an economic
standpoint, people fear that with this trend, more and more companies will continue to outsource
their labor to foreign companies to maximize profit. If this were to happen, jobs once available in
the originating state would no longer be available to the local population and, even worst, may
cost current employees their job. In relation to Macroeconomics, this capital leaving from one
state to another will usually benefit the receiving state, financially. Even if it is only one firm
outsourcing resources, that firm may be the catalyst that causes other firms also to outsource
their labor to keep in competition or to leave the market.
Another change people fear that may be brought about by Globalization is its effects on
culture. As interactions between people around the world become more accessible and ever
