The Benefits Of A Free Trade Economy Essay

1153 Words Oct 12th, 2016 5 Pages
Globalization is not a new concept but is still highly debated. No one can deny that we are experiencing globalization they do debate if this is good or bad phenomenon. However, theorist Thomas Friedman believes that globalization is happening because of ten factors. Overall, with having more people than ever able to collaborate and have equal opportunities it is leveling the global competitive field (Altermatt,n.d.,p.1). The best place to start understanding a complex concept is the definition. The Merriam Webster dictionary defines it as “the development of an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets” (Globalization,n.d.). Research allows us to breaking the globalization characteristics down to singular understandable details. The benefits of a free trade economy is that it lets international trade happen without tariffs, quotas, or other restrictions. Having a flow of capital means there is movement of money for the purpose of investment, trade, or business production. While tapping of foreign markets allows for countries to have access to less expensive sources of labor. In 2008, Thomas Friedman wrote a book called The World is Flat which is analyzes the concept of globalization. Friedman (n.d.) explains “how the flattening of the world happened at the dawn of the 21st century; what it means to countries, companies, communities & individuals; how governments &…

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