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You will prepare and submit a term paper on Comparison between the effects of globalization on the USA and Saudi Arabia economics. Your paper should be a minimum of 1500 words in length.
You will prepare and submit a term paper on Comparison between the effects of globalization on the USA and Saudi Arabia economics. Your paper should be a minimum of 1500 words in length. Countries, which previously depended on their own resources for the production of goods and services, are now able to choose from one further option. They can purchase cheaper materials needed for production. Hiring cheaper or more highly skilled labor that is available in a different country is now a feasible option. Even simply buying finished products from different countries is possible due to globalization. While on the surface, this liberalization seems to help only the country that is able to avail these goods and services, this is not the case. It is true that the country importing the goods is able to take advantage of the lower prices of raw material, services, and products in the other countries. This country is most often a developed country. On the other hand, the country it imports these cheaper goods and services from are usually developing. This liberalization helps the exporting country as well. This is because these countries have excess of these goods and services. For example, many developing countries will have an excess of unskilled labors, and not enough employment opportunities for them. This would not only result in unemployment, but also an economy in recession. To be able to use this excess labor to fulfill the need for cheap labor in other countries is a considerable benefit to the developing country (Stallings, 2001).
The liberalization that accompanies globalization can also result in several problems for the country, which need more immediate attention. For instance, the high growth that liberalization in trade will cause will result in that country’s carbon dioxide emission increasing inevitably. The emission of carbon dioxide (CO2) is an example of how this high growth in the world economy would be detrimental to the natural environment. Issues like global warming and pollution would only be aggravated due to this effect of globalization, and seems to decrease the importance of stressing on a high growth strategy.
