Benefits of an Economicly Globalized World
by Storm on December 11, 2015 - 10:50am
There is a massive debate whether the spike in globalization, specifically economic globalization, over the past century has done more harm than good. While both arguments have valid arguments, it becomes absolutely clear that free trade has had positive effect on the world, if we look at the big picture. Economic globalization has lead to a higher standard of living for everyone, and free trade creates a culture of innovation that for the most part helps humans. The world has grown so incredibly interconnected, that it is nearly impossible to imagine what life would be like without the spike in globalization, but it certainly would be worse.
Over the past 100 years the standards of living have risen for everyone. Life expectancy has almost doubled, infant mortality rate has plummeted, and the world is safer than it ever has been. All of this is due to the increased economic globalization, but that is not to say that the standard of living has risen equally for all people in the world. The foundations of capitalism and free trade promote a culture of oppression and inequality. However, the fact still remains that the lives of the oppressed are undoubtedly higher than they were 100 years ago. Citizens in developing nations, have access to products that are only around because of an individual’s incentive. A perfect example of this would be medicine; the pharmaceutical industry is one of the most profitable industries in the world, and while the morals of these companies are questionable, they provide a product that has the potential to save lives. Another improvement to the standard of living is the world's overall investment in public education. Global Literacy rates has more than tripled in the past 2 centuries. Again, the access to education is disproportionate in the world, but the same argument still applies when debating whether economic globalization has had a net gain or net cost to humanity.
Economic globalization has created a culture of innovation, where new inventions and advancements are incredibly profitable. This encourages companies to develop innovations that would make production more efficient, or products that could easily be sold to people, and improve their lives.