Globalization can be defined as the process that businesses use to develop international connections and start running on an international scale. Globalization is featured in almost all aspects of my daily life. These are featured in my furniture at home, my clothing, my electronics, and my car. Simply put globalization plays a part in almost all physical attributes of my life.
Globalization has impacted my near and extended family in the same ways as myself as well as many others. My dad owns and construction company so the majority of materials come from an international source. The reason behind the growth in globalization is that open economic policies have led to more international trade. Directly, technology is sold across international businesses but it has a more drastic effect through information technology such as the shipping time of products and the supply chain availabilities.
Globalization has had positive and negative effects for the United States. In the past 50 years America’s contribution to total GDP has been cut in half. On the positive side globalization has created economic growth and created jobs globally, but at the same time it is taking jobs away from America because there are countries that can create the same products at a lower cost. Going hand in hand with this is that some foreign production markets use prisoners and child workers to do the work at a low cost. Another negative aspects is that many large companies evade taxes by exploiting tax havens in turn not paying certain taxes to the United States. At the same time there are positive effects, such as pollution not being let into the air, and that we have become more open to other cultures. Overall in terms of economics, international trade has been a positive outcome for the United States but only time will tell if this trend will continue.