Amidst this technological revolution, the world has found new, more powerful methods of which to globalize their countries, companies, and even themselves. Still, what does globalization mean for us as individuals and the population as a whole?
According to “Alternative Worlds,” a publication by the National Intelligence Council, the most impactful megatrend on the rise goes to individual empowerment (Alternative Worlds). As individual empowerment rises, the world can expect to experience “poverty reduction, growth of the global middle class, greater education attainment, widespread use of new communications and manufacturing technologies, and health-care advances.” As we personally push ourselves onto the global market, we will also feel the effects of globalization. Personally, globalization features in my life both explicitly and implicitly. When I go shopping, especially online, I can see how globalization has broadened my selection to products from all over the world. However, I may not realize that globalization has reduced the price of the product I was purchasing by increasing competition.
Still, globalization does not always to do us favors. My father owned a plastic manufacturing business founded by his grandfather. Within the last few decades, he lost numerous customers to Chinese substitutes, who could offer cheaper prices to his clients using cheaper labor, even with the cost of imports. Unfortunately, globalization can result in job displacement to lower cost area, hurting business disadvantaged by their location.
Looking at the big picture, globalization in the U.S. will benefit and damage members of the population. Cheaper products will broaden selection and lower the cost of living, while cheap foreign labor will put a dent in the job market and increase competition in industries. In the end, the goal is the pros and cons reach equilibrium and we continue working on ways to keep Americans involved in the global economy.