Describe the arguments for globalization as both a positive economic force that will raise the
standards of living and a negative economic force that will bring about a “race to the bottom.”
Which argument do you find more persuasive and why?
Globalization is the process by which integration has increased and economic
interdependence has expanded among countries worldwide. It is an expansion of economic
activities beyond political boundaries (Pal n.d.). The phenomenon is attributed to an increase in
openness among domestic economies. Globalization is associated with a rise in cross-border
movement of products and services, information, people, technology and capital. Further, it is
associated with economic activities that straddle boundaries (Pal n.d.). Globalization has been
regarded as the strategy that has raised all boats for both poor and rich countries. The
phenomenon has opened up markets for multinationals and economic gains while expanding geo
political cooperation. The phenomenon has been beneficial to developing countries that can
access and export cheap products (Pal n.d.). There are, however, opinions that globalization is a
negative economic force that has continually resulted in deindustrialization o...
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