Minimum Wage and Globalization Essay

Submitted By dbustam17
Words: 325
Pages: 2

My View on Globalization

First of all, globalization is basically the tendency of businesses, technologies, or philosophies to spread throughout the world. In my opinion, globalization is a good thing because the overall benefits exceed its overall costs. For example, as consumers we are winners because we are able to buy within a huge range of better quality goods and services at lower prices. Sometimes employees or owners of business lose one way or another, but the truth is that globalization must create losers and winners on the production side so that resources can be allocated more efficiently.
Some people reject globalization because sometimes globalization has the tendency to worsen income and produce wealth inequality. On the other hand I just want globalization to produce more winners with higher benefits and fewer losers with lower costs, because as inescapable as it may sound, there will always be winners and losers. Things such as globalization and offshoring may cause, or are most likely to trigger a reorganization of employment with some workers temporarily losing their jobs and possibly taking time to find a new one. This is called frictional unemployment. The Economics Glossary defines frictional unemployment as "unemployment that comes from people moving between jobs, careers, and locations." If a person quits his job as an economics researcher to try and find a job in the music industry, then that person is undergoing frictional unemployment. The