Topic > The fair and sustainable approach to globalization

The term globalization is synonymous with international trade and integration of economies through multinational agreements. According to the Merriam-Webster Dictionary (2013) globalization is defined as “the development of an increasingly integrated global economy, characterized primarily by free trade, the free flow of capital, and the exploitation of cheaper foreign labor markets”. While many disagree about the origins of the idea of ​​globalization, it has been prevalent in shaping the world economy since the 19th century. O'Rourke and Williamson (1999) note how this ideology has effectively guided international economic policy since the 1980s, when the influence and power of multinational corporations grew exponentially along with the spread of capitalism around the world. The European and US economies have been drastically affected by globalization. David (2001) illustrates how the global economy expanded after the North American Trade Agreement (NAFTA) took effect, ushering in an era of trade liberalization, forever reshaping the U.S. economy. The integration of new markets has allowed an increase in trade flows of goods and services, but has also created new opportunities for immigrants and jobs. Furthermore, Hopkins (2002) states that supporters of capitalism and free trade see globalization as a positive force in spreading the ideals of democracy, particularly in nations oppressed by communist regimes. Zurn (2010) provides a great example of the sociopolitical changes resulting from the emergence of the global market: the fall of the Berlin Wall in 1989 and the dissolution of the Soviet Union in 1991. Although economic globalization has helped international markets experience growth dynamics, the most recent financial crisis of 2008 had a... means of paper......disadvantaged. Governments can and should enact minimum wage laws, encourage tax incentives for companies that invest in infrastructure and improvements in public services, and prosecute companies and officials who subject workers to deplorable working conditions. I agree with Stiglitz's (2006) statement that “The most influential aspect of globalization is the interdependence of market systems around the world.” Trade connects the entire world. It is this economic integration that makes a fair and sustainable approach to trade necessary. Globalization influences economic, political and cultural processes. It exposed new societies to the ideals of democracy, free trade and capitalism. While there are many risks, it is a global responsibility to support market liberalization and ensure it is a fair solution for all.