Globalization is the process constructing a common, worldwide economy and set of unifying political, economical, and legal principles by destroying barriers1 that have made each country different.
Ideally, globalization does not negatively affect a nation's culture and traditions. However, the costs of political and economic reorganization on local economies, human welfare, and environment are the focuses of a debate among international organizations and governments.
Openness to trade and investment promotes development and higher incomes, which enable underdeveloped countries to raise their labor and environmental standards. That explains why nations that are open to a global economy enjoy the highest incomes and also maintain the highest labor and environmental standards.
Restrictions deny poor countries of the international trade and investment opportunities they need to increase overall living standards. Restrictions tend to strike at the very export industries in less-developed countries that typically pay the highest wages and maintain the highest standards, forcing production and employment into less-globalized sectors where wages and standards are almost always lower.
Restrictions also damage developed countries' economic interests by sabotaging regional and multilateral trade negotiations.
I think globalization has helped raise the standard of living for many people worldwide but has also driven many deeper into poverty. Small businesses and third world countries are not capable of updating their technology as often as their larger, wealthier counterparts. Unable to compete with multinational firms and wealthy nations, small businesses and third world countries are forced to do business locally, never growing and reaching their full potential. Technological advances are made daily throughout the world. However, it is expensive to rapidly make and transport these advances globally. High production costs cause consumer prices to be unnecessarily high. Today, there are still many countries in the world that cannot afford to pay such a high price for the latest...