Discuss the effects of increasing economic globalization
What will be an ideal response?
Feedback: Global trade entered a new phase after the World War II, evolving a global trade network, the integration of peoples and nations, and a global economy, with a common ideology: capitalism. This shift has been accelerated by the removal of tariff barriers. The North American Free Trade Agreement (NAFTA) and the General Agreement on Tariffs and Trade (GATT), both passed in 1994, are two examples of agreements that increased the flow of goods (and jobs) across national boundaries. The globalization of the economy is not a neutral process. Decisions are based on what will maximize profits, thus serving the owners of capital and not necessarily workers or the communities where U.S. operations are located. Most significant are the corporate decisions regarding the movement of money from one investment to another (called capital flight). Most of the manufacturing by U.S. transnational corporations is now done in low-wage economies. Both blue- and white-collar jobs formerly done in the United States are now done in countries with lower pay. The U.S. economy is transitioning from manufacturing jobs to service jobs.
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