Pros And Cons Of Globalization Debate

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Register to read the introduction… The debate has opened a dialogue, moving from an argument of total stoppage versus the belief that it is unstoppable, to how globalization can be harnessed to make its benefits exceed its costs. “Continued globalization is taking companies into previously isolated markets and increasing competitive pressures worldwide. As it gets easier and less costly to manage widely dispersed marketing and production activities, new opportunities and threats emerge. Low wages is not all that draws investment by multinationals. A location must offer low-cost, adequately skilled workers in an environment with acceptable levels of social, political, and economic stability” (History and Debate of Globalization). Labor mobility is increasing with globalization depressing wages in some job categories but developing new job opportunities in others. Rich nations could open their markets, slash agricultural subsidies, and increase development aid. Poor nations could improve their investment climates, and improve social protection for the poor. Rich nations could offer workers their wage insurance, subsidized health insurance if out-of-work, and improve education. Rich nations could help the ILO enforce labor standards, help …show more content…
In 2011, Russia became the world's leading oil producer, and the second-largest producer of natural gas; Russia holds the world's largest natural gas reserves, the second-largest coal reserves, and the eighth-largest crude oil reserves. Russia is also a top exporter of metals such as steel and primary aluminum. Russia's reliance on commodity exports makes it vulnerable to boom and bust cycles that follow the volatile swings in global prices. The economy had averaged 7% growth in the decade following the 1998 Russian financial crisis. The Russian economy, however, was one of the hardest hit by the 2008-09 global economic crisis as oil prices plummeted and the foreign credits that Russian banks and firms relied on dried up. According to the World Bank the government's anti-crisis package in 2008-09 amounted to roughly 6.7% of GDP. Russia has reduced unemployment to a record low and has lowered inflation below double-digit rates. Russia joined the World Trade Organization in 2012, which will reduce trade barriers in Russia for foreign goods and services and help open foreign markets to Russian goods and services. Russia's long-term challenges also include a shrinking workforce, rampant corruption, and underinvestment in infrastructure. (The world

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