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Globalization: Trade, Immigration, Development

Globalization: Trade, Immigration, Development

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Published by teebone747
Political Paper about the advent of Globalization
Political Paper about the advent of Globalization

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Published by: teebone747 on Dec 06, 2008
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09/07/2012

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University of Michigan
Globalization: Trade,Immigration,Development
Political Science 300 Tyrone Schiff 11/24/2008
 
As Thomas Friedman put it, we are living in a world of Globalization 3.0
1
. The world issmaller and flatter today than ever in history. Information is readily available and can betransferred instantaneously over several thousand miles. Yet, even with all of the recent progress,the system is still marred with several inequalities. In order for globalization to be a successfulendeavor that benefits the whole world, there are necessary changes that must take place. Thereare several areas that are in need of improvement. First, the inequities in trade will be discussedand their implications will be weighed. Second, the concept of immigration will be explored.Both of these topics will be addressed in terms of their affect on development, and vice versa.Finally, these elements will be discussed in terms of their impact on US national interests.Ultimately, globalization is undoubtedly a means to a better end, however, the methods in whichthose ends are achieved need to be reevaluated.“At its core, globalization means that international markets are becoming moreintegrated.”
2
The economic benefits of globalization are extensive, ranging from increasedcompetition to access to a greater variety of products.
3
However, these benefits are applied to theaverage person in a country, which means that with globalization there are indeed winners andlosers.
4
Depending on a country’s comparative advantage, industries will grow and shrink untilsome sort of equilibrium is established. A marvelous example of trade and development isepitomized by China.
5
“There is little doubt that exports and foreign investment have played an
1
Friedman, Thomas L. 2005."It's a flat world, after all,"  New York Times Magazine (Apr. 3).
2
Deardorff, Alan V., and Robert M. Stern. 2002. "What you should know about globalization and the World TradeOrganization," Review of International Economics, 10 (August): 404-423.
3
Ibid. at 2
4
Ibid. at 2
5
Rodrik, Dani. 2002."Globalization for whom?" Harvard Magazine, 104 (6): 29.
 November 24, 2008Political Science 3001
 
important role in China’s development. By selling its products on world markets, China has beenable to purchase the capital equipment and inputs needed for its modernization.”
6
China hasmade tremendous use of the markets that globalization has opened up. China is now in the process of using capital acquired from exports to invest in infrastructure, which will pay hugedividends for the country as it continues its development.
7
At the same time, however, “China’seconomic policies have violated virtually every rule by which the proselytizers of globalizationwould like the game to be played.”
8
China remains fairly protected in terms of its tradeliberalization, only recently joined the World Trade Organization, and refuses to open their financial markets to foreigners.
9
However, this reveals something extremely telling about thenature of globalization.China adapted their policies based on local conditions, which meant that they did whatwas in their best interests, rather than following a textbook Western approach. This expresses thefirst critique of globalization as it relates to trade and development. It is critically important for countries to orchestrate trade during globalization via a process that is conducive to their ownsuccess. Dani Rodrik of 
 Harvard Magazine
claims that, “many of the countries that
have
openedthemselves up to trade and capital flows with abandon have been rewarded with financial crisesand disappointing performance.”
This reveals that there is no single strategy to trading for development in a globalized world. Countries are urged to employ mechanisms that willfacilitate the success of their own development.
6
Ibid. at 5
7
Barboza, David. 2008. "China announces sweeping plan to aid economy,"  New York Times (Nov. 10).
8
Ibid. at 5
9
Ibid. at 5
10
Ibid. at 5
 November 24, 2008Political Science 3002

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