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GLOBALIZATION Globalization has become one of the biggest issues in the economic world today Many people believe globalization is a good thing and there are also many people who think it is bad Some of the comparative advantages of free trade are that the allocation of the worlds resources are more efficient it will lead to lower prices for consumers and it will also provide more choice for the consumers Even though there are these noticeable advantages of free trade there are still people who believe globalization is a bad thing In the news many of the reasons for and against free trade are examined Here are some of the points given from those articles On January 13 1998 Stephen Golub professor of economics at Swarthmore College led the sixteenth seminar in AEIs series Understanding Economic Inequality His presentations sought to dispel fallacious but widespread views concerning the effects of competition from low-wage countries in international trade including the view that such competition has significantly increased wages inequality in the US The argument that low foreign wages has provided an unfair competitive advantage has been widely believed in the United States for at least 150 years On the question of whether competition from low-wage countries is the cause of the widening income gap in the US many agree that wage inequality reflects greater demand for skilled labor as evidenced by the growing wage premium earned by college students There are two possible causes of the increasing demand for more sophisticated skills international trade and skill-biased technological change International tra de does not increase the demand for relatively higher skilled labor as would be expected from the theory of comparative advantage But many studies of this issue conclude that trade with low-wage countries has played at most a secondary role in income inequality The studies show that technological change is the main reason for the shift in demand for labor As a result this article
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