Globalization Is a Story Still to Be Written

Despite all the commentary on globalization, the ultimate question of whether the phenomenon enables progress or detracts from quality of life remains to be answered. Undeniably, globalization delivers tangible benefits, many visible in the US. A greater array of high-quality goods at lower prices is one benefit, while foreign direct investment can provide new employment opportunities. Such employment resulting from foreign investment compensates for the more publicized loss of blue- and white-collar jobs to outsourcing. While the US trade deficit grows, in part, from a seemingly boundless demand for imported goods, continued growth in importation actually enhances the ability of citizens around the world to consume US exports. In countries like India and China, globalization has lifted millions from poverty. Yet globalization does pose challenges for some individuals, and those problems must be acknowledged so that strategies can be developed. Globalization's benefits to workers in one country could come at a cost to workers in another country. As the appetite for energy and other natural resources grows unabated, the world must confront the increasing. Furthermore, as people in other countries attain lifestyles that mimic US consumerism, that type of globalization will impose environmental costs. Economist Sheldon W. Stahl does not claim to have the solution to problems that include intense competition for limited resources. But he raises pertinent issues, suggesting that informed dialogue and preparation could ease the future challenges associated with the ongoing process of globalization. – YaleGlobal