To what extent is our nation better off because of globalization?
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Our nation is better off in many ways because of globalization. However, there are also ways in which we are worse off. Overall, I would say that we are somewhat better off because of globalization.
Typically, we hear most about the down sides of globalization. We hear about how jobs have left the US and have gone to places like China or Bangladesh. This is very true. We are worse off in some ways because jobs have been offshored to countries where wages are lower. This has particularly harmed people who do not have college educations.
On the other hand, globalization has helped our consumers and even some sectors of our economy. Some companies are doing better because they can sell their products in new markets around the world. American consumers are benefitting greatly from the lower prices on consumer goods that are made possible by globalization. This has allowed us to have a higher standard of living. It allows us to have everything from clothes to smartphones at lower prices than would be possible without globalization.
Thus, globalization has helped us in some ways and hurt us in others. We are somewhat better off because of it.
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