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The Heavy Price of Globalization We all know that Made in the USA is basically none existent nowadays Our clothes come from China and other parts of the Far East Our primary goods such as fruit come from many parts of Latin America And Japanese corporations make half of our cars Our US firms are heavily involved in foreign commerce both by lending money abroad and owning firms in foreign countries In the early 1990s US profits from foreign investment was more than thirty 30 percent while domestic profits fell That was up from thirteen 13 percent in the 1960s The US export of goods and services rose from five 5 percent to ten 10 percent between 1965 and 1990 The contributing factor for all of this activity is what we call globalization So why does this exist and who pays for this globalization First lets explore why these practices exist Why do we involve ourselves in trade The primary reason why countries trade is the comparative advantage phenomenon Comparative advantage is simply one country would produce a product in which it is most efficient in and trade with another country for the things that it gave up With this everyone is supposingly happy but is that the case Another inciting reason trade is occurring is because of free trade Free trade is suppose to lower prices and ensure job security However it has created dislocation in specific domestic industries and unemployment This is because free trade causes consumers to purchase cheaper foreign goods instead of domestic goods Free international trade also stifles technological development When firms can profit from using low-wage foreign labor they are less likely to develop new more efficient technologies for production at home Governments do not help the cause because when it commits itself to free trade it does not take the necessary measures needed to preserve or nurture general technological developments
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