Essay Paper on Globalization

Men and women around the world are banded together to a much further extent than ever. Funds and information circulate and flow more rapidly than ever. Goods and services that were fabricated in one end of the world are increasingly available all around the globe. Travelling internationally is much more common. Communicating internationally is very frequent. It’s this phenomenon that has been labelled as “Globalization”. Is globalization a good thing or a bad thing? Globalization can be compared to fire. Would you say fire is a good thing, or a bad thing? If used suitably, it can heat your home, or cook food. If it were to be used defectively, it could destroy lives or homes in a matter of moments. Globalization can be very dangerous and it has its gloomy side, but then again, it can bring forward appalling opportunities and benefits.

Many people do not want to believe that globalization can have negative effects. Many people believe that there is absolutely no evidence that accelerated integration of markets around the world is increasing the sum of human misery. In 1995 the UN concluded, that sadly, people who were living in extreme poverty had grown from 1 billion to approximately 1.2 billion. Right away people had jumped to conclusions that, this was the doing of globalization. But people on the side for globalization would not accept this as evidence that globalization can be harmful. We have to look at the constant rise in the human population. Over the last 7 years, the population has jumped from about 400 million people to 6.1 billion people. Imagine how much worse the numbers would be, if there were no benefits of trade liberalization, foreign investment or the knowledge economy. If the UN’s numbers were correct, then the opposite had been done. An extra 200 million people were now classified above the poverty line.

People don’t understand how the government will help the poor, if they hold back the three main components of the global economy; the flow of trade, information and capital. People truly don’t believe that economic growth simply benefits the rich, and it leaves out the poor. On that statement, I would have to agree also. A recent World Bank study showed that incomes from any sectors grow proportionately at the same rate. The study also showed that the openness to foreign trade benefited the poor to the same extent that it benefits the whole economy. But leaving aside the war of figures and statistics, it is surely no more than common sense to see that the more wealth and cash that is moving around the world and being distributed, is what is better for everyone. So globalization is a good thing, since it can help the poor people. But then again, some people oppose to that, which would bring us to the gloomy side…

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