Globalization and Its Impact on the United States

8

2000

Globalization is the increased integration and engagement of countries across the world. Globalization is the phenomenon that depicts an on-going procedure that is linking and integrating the national economies, regional societies, different cultures, and people by an enormous and extensive mode of global communication and implementation (Bhagwati, pp. 11-13, 2004). The term globalization usually implies to the globalization of different economical countries. Economical globalization is a phenomenon where national or regional economies of different countries across the globe link together and desegregate into an international economy through various factors like international trade, investment abroad, monetary flows, migrating to other countries, effective communication, and technological advancement.

The process of globalization as determined by its factors seems like an inevitable and unbeatable procession. However, the process of globalization has its own advantages and merits, and disadvantages and demerits. The benefits attained by the process of globalization for the United States include lesser trade limitations and constraints and lowered regional restrictions in order to integrate with the economies of the rest of the world. This phenomenon gives rise to the concept of the international market, where the fruits are inevitable for developed countries like the United States. The lesser limitations and barriers for international trade render the opportunity to open up trade markets around the world those results in increased trade of the country. This, in turn, results in economical development caused by the functioning of international trade markets throughout the world (Bhagwati, pp. 14, 2004).

Another benefit of globalization is the increased capability of consuming and buying better products, goods, commodities, and services at relatively lower prices as compared to the prices of regional goods. This allows people to increase their quality of life that is a very significant factor in terms of the prosperity of the country.