Cases of economic globalization have shown us how people can transform the planetary space into a single zone where various goods, services, information, and capital move without obstacles. Within such an area, ideas can spread freely, creating motivation for the development of modern institutions, as well as establishing their close interaction. While globalization has had many benefits to the world from an economic perspective, Dr. Clausing states that the needs of American workers should be better prioritized (4). She believes difficulties the Americans are facing are genuine, and the economic inequality has only increased with the spread of globalization (Clausing 4). The solution to the problems does not force a departure from globalization but asks for government intervention via proper regulations.
There are many purposes for government regulations, as proposed by Dr. Clausing. Current policies on migration and international trade, despite being quick and secure solutions to financial problems, are dangerous, because they may harm ordinary people. The US needs better regulations that will prioritize American citizens while still favoring globalization. There are some costs associated with introducing such laws. Both businesses and society must dismiss some of their interests to reach the point where their interests agree. For instance, the government may decrease business tax cuts, but allow them to take part in conversations on reforming antitrust laws. There are also financial costs because developing ordinances that will not gradually convert into protectionism and excessive control is expensive and will include a lot of risk management.
The adverse outcomes of globalization traditionally include increased differentiation between the level of incomes of wealthy and developing countries. The same is right at the microeconomic level because the uneven spread of opportunities and wealth within the US led to the stagnation in the development of the working-class population, and prosperity of a minority. Instead of blaming global economic integration for internal problems, the government should impose thoughtful regulations on the globalization process that would benefit the whole society.
Work Cited
Clausing, Kimberly. Open: The Progressive Case for Free Trade, Immigration, and Global Capital. Harvard University Press, 2019.