Globalization

Running head: Forum 3 – Week 3

Forum 3 – Week 3

Economic Impacts of Globalization

Richard

September 2, 2013

Key Term and Why I Am Interested In It

Economic Impacts of Globalization

As I mentioned in my class introduction, I am pursuing my second master’s degree with Liberty University; the first being a Master of Arts in Leadership and Management. The concept of globalization was discussed in several of my classes and the discussion about the pros and cons of globalization always interested me. Mainly, because I could never really form an opinion on how I really felt about globalization. I definitely see both sides of the argument, for some governments globalization means expanded infrastructure, an increase number of jobs, and overall better economic development. On the negative side, there are the issues of child labor, the possible loss of jobs in the United States, and the simple fact of seeing less and less “Made in the USA” labels on goods. So, with that in mind, I wanted to know more and find articles that addressed globalization from both sides of the argument and also gave statistics to back their stance on the issue.

Explanation of the Key Term

Although the term globalization is relatively new the phenomenon has been an integral part of human history. Early civilizations have been trading with one another in order to receive goods and products they are unable to produce. However, since World War II there have been certain circumstances that have made globalization happen at a quicker pace. . For instance, “the World Bank and the International Monetary Fund (IMF) were founded to aid developing war-ravaged countries and lesser developed countries (LDCs) (Osland, 2003, p. 137). Also, the World Trade Organization (WTO), a successor to the General Agreement on Tariffs and Trade (GATT), enabled trade to flow “smoothly, freely, fairly and predictably” (Osland, 2003, p. 137).

 In the forty-seven years between 1950 to 1997 the level...