Economics Homework Help. EXON 488 UIU Discussion Question Responses
For this discussion I am going to use an example about how some states created a legal framework for flexible wages and flexible working times. This is a great example of anti-globalization policies. This affects our trade all around the world because with flexible working times it will cause less production time. As well as flexible wages that are going to be convenient for the employees and not so much the company they are working for.
Overall, I believe that anti-globalization policies are made to help people and not help the economy. It is meant to stay in reason with the economy, but more to benefit the people. All the examples I had read were really written with a benefit towards society.
Reference:
Encyclopædia Britannica, inc. (n.d.). Antiglobalization. Encyclopædia Britannica. https://www.britannica.com/event/antiglobalization.
R2
I didn’t know what anti-globalization was until now. There are so many different aspects of the economy that I have learned I do not know anything about. This is very interesting. Anti-globalization is, of course, dealing with politics and their beliefs opposed to the emergence of a one world market in which is dominated by multinational companies.
An example from an article, “Globalization Example” by Madhuri Thakur, has an example of economic globalization. KPMG is a multi-international company that has their headquarters based in Switzerland but has satellite offices worldwide. What I really like about this example is that KPMG outsources jobs to people that live in struggling countries which creates new jobs that them and at the same time, it is saving the business money. So, a shirt sold in the U.S. more and likely made using Chinese cotton by employees in a factory in Thailand, then has to be shipped after being made on a French freighter ran by a Spanish crew. To me this does makes sense and benefits everyone involved, especially since more than one country is benefiting from this globalization. There’s a big misunderstanding with what is perceived of the trade agreements. The countries do not do a good job of explaining the direct and indirect effects from globalization. Globalization debates are tinged with nationalism, self-interest, lack of education around economic and economic understanding. Which all leads to the public’s misguided policies. Also causes negative bias in the discussion that could enable more enlightened policies.
REFERENCES
Globalization Example | Top 7 Real Life Example Of Globalization. (2019, June 8). EDUCBA. https://www.educba.com/globalization
?Exploring the anti-globalization bias and the public policy it creates. (n.d.). World Economic Forum. https://www.weforum.org/agenda/2019/10/anti-globalization-bias-and-public-policy/
R3
Anti-globalization policies are meant to benefit domestic workers and companies. These policies in theory, should help maintain higher wages for the workers and keep control of the country’s economy in the hands of the local government. A common theme of those opposed to globalization is that only the rich benefit from this trade. There may in fact be some truth to this, as domestic workers in industries like manufacturing and agriculture are typically the most affected by lower wages and pricing in foreign economies. Whether anti-globalization will help or hurt local economies may be up to interpretation. Certain industries will certainly benefit, while others will be hurt.
An example I think works well here is Brexit. This of course was a decision voted on by Britain’s to leave the European Union. Many felt the EU had not done what it was originally set out to do. Unemployment and living conditions were not up to the standards many felt they should be. Whether this will benefit Britain or not, time will tell. Another example could be the tariffs President Trump placed on imported steel and aluminum. The idea here was to reduce our dependence on foreign steel and aluminum and to boost the domestic metal industries. The results can be mixed however. Yes, domestic companies producing steel and aluminum saw increased profits but this also created a rise in the price of products requiring those materials.
