Globalization is a feature in my daily life through what is known as the individual level. Through this, I am able to see small ripple effects on the prices of the goods and service. Yes, globalization is featured in my everyday life, however, it was more noticeable when I lived in a third world county vs a first world country. In the United States, I mainly notice when the price of foreign goods, such as certain gasoline increases. However, when I lived in Ethiopia a lot of things had different barriers such as tariffs and taxes. A good example is when I wanted to purchase my first new car. I was able to go to a few dealerships and compare the prices of cars. The price of new cars was increased significantly by international import taxes and tariffs by tens of thousands of dollars. Now through globalization, Ethiopian citizens, such as myself will not be penalized from different barriers because Toyota Tsusho Corporation has plans to enter the Ethiopian Market through a joint venture with another Japanese company. Resulting in a beneficial financial standpoint for the country and myself. As most of my family still live in Ethiopia this impacts my family greatly. My uncle recently purchased a Toyota for a good price which shows the benefits of globalization, especially in my family. Globalization has been beneficial to the United States as they are able to outsource to third world countries and reap the financial benefits. Forbes addresses the fact that America is able to generate high paying jobs due to outsourcing products such as Apple to counties in Asia. Most Apple products are made in China, Apple’s return on investment is 10 years is 855.11% since IPO is 16,047.69%. So yes, globalization is great for the United States.
By: Faben Henok