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International Trade Debate Part II - Essay Example
The last few decades of the 20th century and the early years of the 21st century have been witness to increased Globalization of Trade and Commerce. Again, this was not an unexpected phenomenon and has been predicted from time to time by Economists around the world…
1. While lower-end production jobs have been lost to 3rd world countries, increased use of automation and component-based manufacturing have resulted in an increase of high-paying manufacturing jobs in the US.
4. This increases the employability of Americans, opening up opportunities not just within the US, but overseas too. More Native Americans have migrated out of US in the past 20 years than ever before in history.
1. What is called as outsourcing and off shoring is nothing but one way of implementing balance of trade. The US has more bargaining ability than any other country in the global economy, and any loss of jobs to outside of US would have been offset by a host of other commercial and economic benefits, which are not always visible.
2. Migrants bring high-end skills and specialization to the American economy thereby helping it to maintain its sovereign status. A typical example is the Information Technology industry which employs thousands of migrants, but the largest consumer of which is American industry, which has moved up the value chain, through more automation.
4. Stronger 3rd world economies directly results in lesser migration of low-skilled workers from other countries, and hence less crime, lower unemployment rates and less Government spending on social security.
In the long run, Globalization and International Trade benefits all ...