Globalization and Technological Advancements Questions and Answers

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How did globalization affect the US economy in the 1990s?  

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The 1990s was a time of increasing globalization of the world economy, mostly as the result of technological advancements, the collapse of the USSR, and new free trade agreements. Naturally, this had a significant impact on the economy of the United States.

One way that the US economy was affected was that imports and exports increased significantly. Most notably, the North American Free Trade Agreement (NAFTA) removed trade barriers between the United States, Mexico, and Canada. This led to more cross-border investment and resulted in the three partners pumping more capital into each other's economy than ever before. There were a number of negative repercussions, however. For one thing, it has been argued that this and similar trade agreements have reduced the American worker's access to competitive wages. Since it became possible to easily relocate American jobs overseas where employee costs are lower, wages and benefits in many sectors of the American economy, particularly...

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