GLOBALIZATION AND TRADE
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Today's business environment has been called a "global village," and many Americans simply accept without question the concept that transportation, finance and telecommunications has made the world a "smaller" place. Traditionally, attention has focused on the benefits to consumers and corporations by the global economy, including greater choices for consumers, and lower costs for companies. However, globalization and world trade has not been greeted with universal enthusiasm, and demonstrations at various meetings of the World Trade Organization have illustrated the resentment that globalization in generalùand the World Trade Organization in particularùcan generate. Criticism of the effects of globalization has become more vocal in recent years, and the so-called Washington Consensus has also come under increased scrutiny. This research considers globalization, the criticism of globalization, and the Washington Consensus as well as possible alternatives to the Washington Consensus.Multinational companies came into existence before the twentieth century (the East India Trading Company is a prime example), but advances in telecommunications and transportation systems in the twentieth century resulted in a profound increase in the number of companies with transnational operations. Some companies (referred to as "global" companies by some analysts) market to different nations, but maintain operations in a si
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militancy of labor," suggesting that companies have sought labor markets which are characterized by low-cost both in terms of direct wages and indirect benefits (Duboff and Herman 28). Proponents of globalization argue that wages are likely to stabilize on a global level, and that workers in countries which currently enjoy lower labor rates will increase as they compete with workers in higher-cost nations. The idea here is that workers in poorer nations will be able to bid up wages; so long as the wages remain lower than those in other nations, companies will continue to use these employees (Duboff and Herman 29).
Instead, very much the opposite effect has been observed in a number of labor markets. Unions in the United States have given considerable concessions to companies (including concessions regarding pension plans and termination clauses) in order to keep jobs from leaving the United States. At the same time, workers in other nations are accepting low wages, and employing children, in order to lure jobs away from more developed countries. Instead of wages being pushed up as a result of globalization, there is considerable argument in support of the idea that wages are, in fact, declining on a global basis (Duboff and
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Approximate Word count = 1511
Approximate Pages = 6 (250 words per page)
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