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Critical Review: Globalisation: Good Or Bad?

1662 words - 7 pages

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Critical Review
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Globalisation : Good or Bad?

Word count: 1053

"For globalization to work, America can't be afraid to act like the almighty superpower that it is. The hidden hand of the market will never work without a hidden fist. McDonald's cannot flourish without McDonald-Douglas, the designer of the F-15, and the hidden fist that keeps the world safe for Silicon Valley's technology is called the United States Army, Air Force, Navy and Marine Corps." --Thomas Friedman, New York Times, March 28, 1999

“Globalization- Good or Bad?” is text about whether Globalization is good or ...view middle of the document...

Integration raised the prices for the products of poor farmers - rice, fish, cashews - and also created large numbers of factory jobs in footwear and garments, jobs that paid a lot more than existing opportunities in Vietnam. It is not true in general that globalization leads to increased inequality within countries”, said David Dollar, the World Bank´s Director on February 2, 2004. The author in the text, talk about China and India, both two countries that have experienced a huge economic growth during the past years. “Globalization in India has allowed companies to increase their base of operations, expand their workforce with minimal investments, and provide new services to a broad range of consumers.” (“Globalization in India”, Economy Watch, 14 oct 2010)
The greatest poverty reduction has occurred in Asia, not only China; South Asian giants as India and Bangladesh, or Central Asian economies such as Uzbekistan. The writer says, anti-globalists may argue that in sub-Saharan Africa poverty is in fact increasing, but that is not true as even Sub-Saharan Africa is progressing. The region finally broke through the symbolic threshold of a 50 percent poverty rate in 2008 and its number of poor people has begun falling for the first time on record. (“Globalization Reduced Poverty - UN millennium goal to halve poverty may have been achieved” Chandy.L, and Gertz.G, YaleGlobal, 5 July 2011)

The German Economist Friedrich List (1789-1846) rigorously justified protectionism. For List, the competition is only possible and desirable between strong nations. A forming nation must consolidate its economy through a convergence of productive efforts that should be protected. This is too harsh, but the elimination all types of protectionism, capital regulations or barriers is neither the best option. Many developing countries have done exactly what free trade supporters like the IMF told them to do and have not seen any benefits yet. I do not know any industrialized society that has been developed through such policies. In the past, American businesses were protected from foreign competition. Faith in the free market contradicts statistical evidence and what its more, historical facts. Eliminating barriers and globalization among countries has to be done in a secure way, if not it can happens like in Argentina; where the President Cristina Fernández de Kirchner announced one week ago that her government is going to nationalize the Spanish Repsol subsidiary YPF, declaring that her country’s hydrocarbon industry was a sector of “public interest.” (“Argentina announces expropiation of Repsol oil subsidiary YPF”, El País, F. Peregil, April 17,2012).

Exploitation and Child labor at work in developing countries is an undeniable fact, “The International Labor Organization (ILO) has estimated that 250 million children between the ages of five and fourteen work in developing countries. 61% in Asia, 32% in Africa and 7% in Latin America. Many of these children...

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