Globalization In Your Daily Life
Author: Chad Otsuji
Imagine living on an island where all you could purchase is local goods, items such as coconuts, pineapples, and surfboards. These items are so popular on the island, so they don’t cost an arm and a leg. Purchasing an item such as steel or granite are nearly impossible, without globalization.
Globalization is a relatively modern term. It is the process by which a business or organization develop international influence or start operating on an international scale. It allows for regional specialization. Different parts of the world can manufacture/product goods that they have competitive advantages over. For example, America produces 370 million tons of corn while Guatemala produces significantly less, so they product bananas (Statista). When these two countries trade, they both benefit. America can produce more corn than they can bananas, and Guatemala produces more bananas than potatoes. So in the end after everyone trades, both parties benefit. Globalization is the reason my bananas only cost 49 cents at the grocery store.
Globalization has impacted my near and extended family by allowing them to purchase electronics at a reasonable price. United States manufacturers are able to outsource their work for cheap, particularly companies such as Apple and Microsoft. By doing so, consumers such as my family are able to purchase these products for a fraction of the price.
Globalization is absolutely good for the United States. By allowing global trade, we are able to increase our exports. We are also able to outsource out work, so domestic products become cheaper as a whole.