Bangladesh - Globalization

In a debate of global economic practice, it is apparent that two main arguments develop. While some argue that our global economy is self-correcting and eventually all will balance out, others dispute that while some countries continue to climb the global economic ladder of success other less developed nations continue to sink and suffer from poverty, oppression, and economic failure. I personally believe the latter of the two. Such poverty stricken, economic plunders should be provided with some kind of help from the more advanced, economically stable nations. In a global economy where technology and trade hold enormous amounts of mass in the weight of ones economy, it remains equally apparent that such underdeveloped countries have neither the resources nor the education to fight such an economic battle. Thus meaning, if advancement and evolution require a steady increase in technology, education and trade, the underdeveloped countries incapable of such industrial progress will continue to sink in economic status.

One possible solution for such a crisis remains the closer integration of countries through trade. Brought about by enormous decreases in transportation and communication costs as well as the break down of many artificial barriers of trade, globalization of industry provides developing countries with the resources and capital to aide economic problems. By "increasing the integration of national economies into expanding international markets (Todaro 796)," less developed countries are provided the opportunity to advance through the outside purchase of technology and industry as well as the trade that follows. In essence, successful American industries have found it extremely profitable to produce goods abroad where labor, the primary cost of production, is far less expensive.

Some may argue that because globalization takes jobs with industries abroad, we are detrimental to our own economy. I agree that while Joe Smith, who depended on his $5.50/hour at Sylvania, no longer has a job may be in some trouble, he does not however have to fight for his own survival and continue to feast on minuscule

rations of bread and milk. While Joe Smith may need to shack up with an old pal in an apartment or motel for a week, he is afforded the opportunity to seek additional education or another occupation elsewhere with little to moderate effort. True, globalization will take jobs from our homeland abroad, but in the grand scheme of things, I find it economically and ethically right to provide for those with nothing even if it creates a week long headache for people like Joe Smith.

Others argue that while globalization remains the