Globalization and Outsourcing Can be Beneficial Essay

For decades, American citizens have been complaining about how outsourcing has ruined their lives and that it is only going to harm America and its economy. Unfortunately, jobs are going to be lost and the unemployment rate may rise due to globalization. However, the benefits of globalization are infinite. People in other parts of the world will achieve a greater life than they ever thought possible due to the factories built in their countries. Due to the poverty in third world countries, these factories will provide a great source of income for the citizens of third world countries. People in America will benefit from the stable economy; prices of America’s goods will stay relatively the same. Despite the misinformed Americans opinions†¦show more content†¦Moreover, globalization is necessary to the ongoing success of the U.S. economy. On a wider scale, in an article about inflation, Kenneth Rogoff, the Director of the Center for International Development at Harvard University, states that â€Å"globalization†¦has played a strong supporting role in the past decade’s disinflation.† (http://www.imf.org/external/pubs/ft/fandd/2003/12/pdf/straight.pdf) In fact Rogoff shows that from 1981 to 2003, the inflation for developing countries has dropped from 12 to 4 percent while the inflation for developed countries has dropped from 11 to a low 2 percent. These statistics are staggering and simply proves one of the overwhelming benefits of the world economy. Moreover, these statistics not only show third world countries benefiting from the fusion of global trade, but also the improvement of the economy for developed countries. nbsp;nbsp;nbsp;nbsp;nbsp;The benefits of globalization for third world countries are tremendously unprecedented. 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