I. Globalization improves the economy
A. Via trade, financial flows, FDI
B. Changed the way economies work
C. Free trade-richer nations
II. Globalization linked to rising unemployment
A. Must compete in globally integrated markets
B. Avoiding increase in wage inequality raises unemployment rate
C. Skilled worker favored over less-skilled worker
III. Globalization opens up new entrepreneurial opportunities
B. Cheaper labor rates in emerging nations make their goods more marketable
Globalization refers to "the increasing linkage of national economies through trade, financial flows, and foreign direct investment (FDI) by multinational firms" (Gilpin 61). As such, globalization has had a substantial effect on the world economy and has been blamed by many for subsequent economic woes around the globe. Indeed, as Fainstein and Campbell (33) point out, globalization has changed the way economies work, making the element of place almost insignificant through "the instantaneous transmission of money around the globe, the information economy, the neutralization of distance through telematics," although the authors contend that these are only partial "and hence profoundly inadequate" ideas of the true impact of globalization. Free trade has been an effect of globalization, and evidence suggests that "nations more open to trade tend to be richer than nations that are less open to trade" (Tupy, 2005, p. 2). Columbia University economist Arvind Panagariya states, "On the poverty front, there is overwhelming evidence that trade openness is a more trustworthy friend of the poor than protectionism," and notes that few countries have experienced rapid growth without an accompanying "rapid ex
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