Question

Participate in a discussion with your classmates regarding how globalization affects our lives. Recall that globalization refers to the shift toward a more integrated and interdependent world economy. Globalization has several facets, including the globalization of markets and the globalization of production. Therefore, based on the Discussion Rubric requirements, and your research and analysis, post your discussion explaining the trade policies and outcomes that best serve your self-interests, e.g., lower prices for unblemished pest-free flowers, and the trade policies and outcomes that best serve the social interest, e.g., potentially implementing trade restrictions on rose plantations who misuse a toxic mixture of pesticides, fungicides, and fumigants. When posting and sharing your discussion, please include the drivers of globalization concepts and the globalization debate issues as described in the textbook. In addition, reference the four (4) outcomes of globalization, i.e., growth, wages, poverty, and inequality, as highlighted in the research material.

Answer 1

Globalization is the process of starting a business on the international scale. The globalization has changes the lives of the people and economy. The globalization makes available the accessibility of resources of the business. It is actually make the interdependent and integrated economy of different countries. Integrations leads to the accessing the resources of other countries so that the availability to all the countries. It actually globalizes the Markets, resources, production, manufacturing, the lives of the people change as the opportunity to the workers to perform in different countries or across the border is possible. It actually grows the skills of the individual. The economic conditions have been influenced as the income level rises of the people with the skills which enhances the economy of the country indirectly. Globalization has increase the competition in the market.

Market economy is the economy where the individuals of the market owns most of the resources such as land, labor, and capital. The control their uses also by their decisions. The market components play main role here rather than the government. Here two forces are present such as self-interest and competition. The globalization has amended the trade policies based on the individual self- interests. The trade policies and outcomes that best serve our self-interests such are invisible hand of the market economy. Invisible hand is the concept of the market which balance the economy by automatically where the parties act or interact in the market then unintended benefits has been produced. This only serves the benefits of the individual in the economy.

The trade policies which better serves the trade policies and outcomes that best serve the social interest such as when the social concern has been served. Social concern effects the society as a whole so here the particular government roles and policies effect the benefits of the individual.

For example, a BS- IV vehicle is going to start in the particular economy as it serves the social interest of society. As by using this the pollution would be reduced from the vehicles which major causes the health issues and deterioration in the air quality. Although the economy has more number of vehicle who specification is less than BS-IV who can affords the change at the sudden. But it has been affected by the policies and rules started by the government of that particular country.

The drivers of globalization concepts are as follows:

1. Procurement of goods and services.
2. Capital requirements.
3. Acquisition of technology.
4. Infrastructure development.
5. Develop Educated workforce.
6. No limits or barriers to trade.
7. Spread the risk across the countries.

Globalization debate issues are such as Are technology and globalization destined to drive up inequality? Can globalization have rescued from itself? Is cultural globalization forced for good? Economics: Is globalization a desirable process? Politics: Do we benefits from globalization? Gender issues etc.

Reference:

1. Journal on Globalization and labor market outcomes: wages bargaining, search frictions and firm heterogeneity.
2. Grounding Globalization: The prospects and perils of linking economic processes of globalization to environmental outcomes.
3. Uneven dietary development: linking the policies and processes of globalization with the nutrition transition, obesity and diet-related chronic diseases.
4. Globalization and its outcomes: an introduction.