This means better products at a competitive price. When there are multiple producers competing for a stake in the economy, it is always a positive sign for consumers, as such competition will bring about the production and delivery of quality goods and services. Take, for instance, in the US, close to 36 percent of all shoes, and clothing is made in China, with only about 4 percent made within the shores of the country. The impacts of globalization on the world economy is quite evident when it comes to buying and selling. Put simply, globalization is seen as the phenomenon which aims to increase business operations on a global scale, and it is facilitated by technological, political, and environmental advancements which create a favorable platform worldwide. It is no hidden fact that globalization has had an impact on almost all parts of modern life, most notably in regards to the global economy. With that said, globalization has become rapid recently, and it has become global advancement all thanks to technological growth that has facilitated the increase of globalization around the world.
Globalization has increased this deficit and the United States has to figure out a way to deal with this deficit if it is to stay the extremely powerful nation it is today.Globalization isn’t something that started yesterday infact, it has been existing ever since humans started moving from one place to another in the world. Another negative effect is that the United States now has a major trade deficit. The American work force now has to compete with foreign workers in companies and often is replaced by those who are willing to work for less. Though globalization has allowed for the ability for prices to be lower in the United States, there is also the drawback that many Americans have lost jobs to foreign workers who are willing to work for less and in worse conditions. These cheaper prices allow for the standard of living for Americans to increase. This is due to the cheaper labor that makes the product. Globalization also allows for cheaper products for Americans to purchase and lower prices. This has impacted the United States in situations such as the 9/11 terrorist attacks as well as it has given the United States the ability to communicate with allies as well as enemies in time of peace, but also in time of conflict. The world has in a sense become “smaller” because the nations can in a sense communicate easily. This has allowed for a greater emphasis on international cooperation. Globalization has increased the real-time communication abilities between international organizations and nations. Globalization also aids in the ability for American corporations to sell their products outside of the country and aids in keeping the nation “on top” or “near the top” economically. There has been a rise of multinational corporations and their influence has greatly increased. Globalization has opened up more markets for the United States, which in effect helps American companies sell their products worldwide. First and foremost, globalization has spread American influence throughout the world.
Globalization has greatly impacted the United States and American citizens.
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