For decades, American citizens have been complaining about how outsourcing has ruined their lives and that it is only going to harm America and its economy. Unfortunately, jobs are going to be lost and the unemployment rate may rise due to globalization. However, the benefits of globalization are infinite. People in other parts of the world will achieve a greater life than they ever thought possible due to the factories built in their countries.
Due to the poverty in third world countries, these factories will provide a great source of income for the citizens of third world countries. People in America will benefit from the stable economy; prices of America’s goods will stay relatively the same. Despite the misinformed Americans opinions of outsourcing, the benefits are crucial in developing America’s economy Businesses should outsource if it benefits their company. Big corporations are not responsible for the well being of the citizens of America.
If outsourcing is going to benefit companies then why shouldn’t they be shipping their jobs to third world countries? Their goals are to make as much money as they can regardless of the well being of others. This is the goal of the big corporation. On the other hand, thinking about the well being of the American people, many Americans say that the corporations are being selfish and owe something to the citizens. Despite what these people say, the corporations owe nothing to the people. Business are always competing with each other, and if one business does outsourcing then the other businesses have to follow the same path because they will not be able to compete with the outsourcing business. Outsourcing is not a matter of morality but a matter of survival.
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All over the media, people are saying that outsourcing is horrible for America. Unaware individuals believe that globalization undermines America’s economy and only helps big businesses. However, what they don’t understand is that it stabilizes America’s economy and prevents inflation. For example, the New England Economic Review states that “estimates of the Phillips curve suggest that the low level of unemployment over the last few years should have produced a fairly significant increase in the rate of inflation, yet inflation has continued to fall…
Perhaps the most widely cited explanation for the surprisingly good inflation performance of late concerns the increasing sensitivity of the U. S. economy to foreign economic conditions.” (web) This statement by the New England Economic Review not only tells us that globalization has affected inflation in a positive light but also that globalization is essential to the ongoing decline of inflation. Moreover, globalization is necessary to the ongoing success of the U. S. economy.
On a wider scale, in an article about inflation, Kenneth Rogoff, the Director of the Center for International Development at Harvard University, states that “globalization… has played a strong supporting role in the past decade’s disinflation.” (web) In fact Rogoff shows that from 1981 to 2003, the inflation for developing countries has dropped from 12 to 4 percent while the inflation for developed countries has dropped from 11 to a low 2 percent. These statistics are staggering and simply proves one of the overwhelming benefits of the world economy. Moreover, these statistics not only show third world countries benefiting from the fusion of global trade, but also the improvement of the economy for developed countries. The benefits of globalization for third world countries are tremendously unprecedented. Relieving individuals of the horrendous living standards of third world countries, outsourcing has helped creates jobs in places where families are clueless about where their next meal is coming from.
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One vital way outsourcing benefits third world countries is that it helps alleviate poverty tremendously. In an article about the effects globalization on India, Jessica Einhorn of Yale Global states that “globalization opens up tremendous potential for growth and poverty alleviation.” (web) Since India has recently joined in the integration of a global economy, it has yet to see the dramatic effects of globalization on its economy. However, Einhorn says that although the instant results are hard to be seen globalization has already created “healthy foreign exchange reserves (despite high levels of domestic debt), a booming software and services export market, and a burgeoning knowledge economy” (web) On the other hand, those opposed to globalization may argue that although globalization may help third world countries, it leaves the American people at risk of losing their jobs. Albeit this may be true, it does not justify the fact that a great portion of the world is living off “less than $2 a day.” (web) People in America always have opportunities to make money if they work hard enough, but people in the harsher parts of the world do not have that chance.
Therefore, we must help them by giving them jobs that they never thought would ever be attained. It is the duty of America and the developed nations of the world to help the less fortunate in third world countries. Since the corporations benefit significantly from outsourcing, this means that their goods will be priced lowers for the satisfaction of their consumers. If corporations did not outsource then the workers in other countries would not even be able to earn money. Having factories in other countries allow the citizens of third world countries to earn a better wage than they would if they worked at a native factory job. Misinformed citizens of America say that the pay of the workers overseas is way too low from the corporations.
However, what they do not understand is that the wage the corporations are offering is much higher than what the average company in the third world countries would pay. Imagine working for a native factory job in Indonesia for 25 cents an hour. However, a company from the U. S.
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is offering a wage of 75 cents an hour. Although 75 cents an hour is not miniscule in the U. S. , it is great in third world countries. This is why people arguing that the wage of workers overseas is too low are wrong. It is not too low.
In fact, it is much higher than what they could earn. Corporations in America are doing the citizens of the overseas markets a huge favor. They are giving people jobs and dreams that were never thought possible. People who believe globalization is harmful are simply selfish and ignorant. Globalization is simply too essential for the development of third world countries and for the survival of the world economy. The prosperity of developing nations has been attributed to the vital role of globalization.
Without globalization, many people would be in dreadful conditions and third world countries would not be developing as fast as they do now. The gap between third world countries and developed countries would be vastly huge were it not for globalization. Despite all the rumors flying around about how globalization harms the economy, the benefits that have been generated are tremendously crucial to our civilization.