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Finance and Accounting - Essay Example

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Finance and Accounting

The author’s claim makes it seem as if globalization was the only reason that so many people came of poverty during this timeline. I think that the author’s argument lacks an in-depth analysis of other factors that also contributed to the economic progress in these countries. For instance in China the governments’ policy to open up the economy into the free market was equally or more influential than the globalization movement at reducing poverty. Another factor that helped the people of China get out of poverty was industrialization (Xinhua, 2007). The globalization movement has helped China and India become major players in the global trade of goods and services. In 2009 China overtook Germany to become the world’s top exporter (Nytimes, 2010). I agree with the author that the use of free trade initiatives were instrumental in spurring economic activity. An argument that I thought was offensive to the reality of a country that is struggling to help its people out of extreme poverty was the author’s claim that the government and people of the Sub-Saharan Africa are resisting the globalization movement. If this hypothesis was true I would have liked to have seen some evidence to proof the author’s claim. Sub-Saharan Africa is one of the poorest regions in the world. The poverty rate of the region is expected to reach 38% by the year 2015 (Undp, 2012). The virtues of globalization would greatly help the people of Africa. Sub-Saharan Africa has deep issues that are limiting economic growth such as a lack of infrastructure in terms of roads, electricity, and water scarcity. The author in the article should have pointed out some of the constraints that are limiting Africa from reaping benefits from globalization instead of making the biased claim that Sub-Saharan Africa is against globalization. I thought that the author made a good argument in regards to the impact of trade barriers. Trade barriers are government imposed restrictions on free exchange of goods and services internationally (Businessdictionary, 2012). A statement that I liked from the article was the opinion that the barriers imposed by poor countries against one another are more detrimental than those imposed by rich countries on developing nations. Developing nations have to learn that they have to work together to improve the standard of living of its people. The use of trade barriers are a constraint that lowers the total trade in the market because they make goods more expensive to acquire (Younkins, 2000). I completely agree with the author’s claim that the elimination of trade barriers benefits everyone. The elimination of trade barriers can also help the economy because it spurs job creation (Wto, 2012). An argument made by the author that has a lot of validity is the fact that the elimination of regulations would help investors and corporations act more freely and as a consequence prosperity would rise for everyone. Governmental intervention is an undesirable action in a free market economy. Governments seem to believe that the best course of action during a crisis is to increase governmental intervention (Schuman, 2008). One of the cons of business regulations is that ...Show more

Summary

One of the first arguments that the author of the article stated is that globalization has helped reduced poverty worldwide. “The economic arguments in favour of globalization stress the positive relationships between increasing international trade and investment flows and faster economic growth, higher living standards, accelerated innovation, diffusion of technological and management skills, and new economic opportunities” (Un, 2012)…
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Finance and Accounting essay example
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