Increasing trade and production, in other countries, while dropping American jobs and raising demand, results in decrease in worlds economy from globalization.
By emmabriscoe
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China enters the World Trade Organization
"In 2001, China gained access to the U.S. and other international markets when they entered the WTO" (WorkingNation). China's trade sky rocketed because companies in china were selling very discounted items to the U.S. The U.S. couldn't keep up with shipping goods to China. This resulted in, 3.2 million American jobs were lost to China. -
Unskilled Workers= Lower Wages
In 2011, trade with under developed countries reduced *wages by 5.5 percent, or taking away $1,800 for full-time workers without a four-year college degree. When U.S. jobs move overseas, its because there is people in "different countries are willing to do the same amount of work for less pay" (WorkingNations). American workers who once had that job become laid off, or even fired. These workers then, too, find lower wage jobs to work at so they know they won't get their job taken again. -
Intellectual Property
Globalization has reduced the value of *intellectual property. In the 1960's it was very hard to get people to watch american movies in china, and if they did, it was hard to get movies across the pacific. However, in 2011, pirated movies were abundant in evolving nations. This increased the amount of intellectual property, which reduces demand, and the value. -
Skilled Workers= Higher Wages
Trade doesn't have to be so bad, it actually tends to increase an economy’s total *income, which can affect many people variously. College level workers have always been paid more than those without college. *Workers premium has been rising over the years, in 2015, those who only had a high school diploma earned $678 a week, compared to $1,137 for those with a bachelor’s degree. -
Analysis
I think that it is important to continue studies on globalization because it is a real world problem and it does affect many people and countries differently. -
Works cited
Team, WorkingNation Editorial. “Four Ways Globalization Affects American Workers.” WorkingNation, 13 Dec. 2016, workingnation.com/four-ways-globalization-affects-american-workers/.
Grover, Sam. “How Does Globalization Affect the World Economy?” Bizfluent, 26 Sept. 2017, bizfluent.com/info-8587960-globalization-affect-world-economy.html.
“Patent.” Dictionary.com, Dictionary.com, www.dictionary.com/browse/patent. -
INDEX
-Intellectual Property- Law. property that results from original creative thought, as patents, copyright material, and trademarks.
-Income- the monetary payment received for goods or services, or from other sources, as rents or investments.
-Workers Premium- Insurance. the amount paid or to be paid by the policyholder for coverage under the contract, usually in periodic installments.
-Wage- money that is paid or received for work or services, as by the hour, day, or week.
