Is economic globalization good for the poor as well as for the rich of the United States and the world?

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readerofbooks | College Teacher | (Level 2) Educator Emeritus

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This is a great question. I am sure that there will be differences of opinion, but I would argue that globalization is great for the rich, but not so great for the poor in America. Let me explain.

For the rich, globalization is very beneficial. If rich corporations manufacture their goods oversea, they will be able to save money, because the cost of living in much cheaper in places like India and China. This is precisely why American companies have done this in the last few decades. This benefit the wealthy in two ways. First, they save money on manufacturing, which means more money in their pockets. Second, they are able to buy good at a reduced price.

For the poor, this is greatly problematic, because the jobs that should go to them are now going overseas. This means that there are less manufacturing jobs for the average American. They either have to look for alternate work or collect unemployment. Choices are limited.

In light of this, there is a great push to buy American products. This basically means that we should support American workers. There is also some pressure for American companies not to outsource as much.

The basic point is globalization benefits usually the wealthy who could make use of it. The poor suffer, as is usually the case.

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