In What Ways Has the United States Benefited from Globalization
In what ways has the United States benefited from globalization? In what ways has it not?
The United States and the rest of the word have been connected by globalization largely from huge increases in global trade and commerce, and a huge transition into new communicative and advanced technologies, such as the Internet. However, on the US side of things, there have been both beneficial and non-beneficial circumstances with globalization.
– Construction of aircrafts with several nations each manufacturing a certain part to create the whole
–Connecting with around the world became more readily available with the invention of the Internet and other technological advances
–Global financial markets became integrated to an unprecedented extent, allowing capital to flow into and out of the US and the world. (since 1970, financial industry doubled its share of economic activity until the 1990s)
–G8 nations manage global control the World Bank, International Monetary Fund, and World Trade Organization
–US, Mexico, and Canada create North American Free Trade Agreement. (free trade zone in North America)
–Most of the MNC’s(multinational corporations) are based in the United States (walmart)
NOT BENEFICAL:
–Because of China is the world’s fastest-rising economic power and there large population for people to work at a low wage, many American goods got outsourced to get produced in China for lower wages. This however hurt the manufacturing base in the US and it costs many people jobs and affected communities.
-Since 1980, American manufacturing has lost some 6 million jobs and has shrunk from a high of 29 percent of the GDP in 1950 to 11 percent of the GDP today.
–Financial