Current world problem Research Paper Example | Topics and Well Written Essays - 500 words

Current world problem - Research Paper Example According to an index of 72 countries by A.T. Kearney small, rich, and stable countries tend to be the most globalized (The Economist, 2011). Two of the most globalized areas in the world are Singapore and Hong Kong. The people of Singapore enjoy a higher standard of living than American citizens. The article entitled One Minute Case for Free Trade written by David Veksler discusses some of the cons of the globalization movement. Globalization has taken millions of jobs away from the US as companies are outsourcing their manufacturing production to developing countries that offer cheap labor and lower overall production costs. The reason globalization helps promote efficiency in the world markets is because countries that are good at certain things specialize their labor. For example the Japanese are good at producing electronics, while the United States produces a lot of pharmaceuticals. Each country has a talent they can exploit to increase their gross domestic product. â€Å"Some isolationist argue that foreigners have unfair advantanges due to lax labor or environmental regulations, industry subsidies, or restrictions on import abroad†(Veksler, 2007).