Advantages and Disadvantages of Globalization.

Globalization is "the integration of states through increasing contact, communication and trade to create a single global system in which the process of change increasingly binds people together in a common fate." Some economists see globalization as being in the best interest of all states involved, while others believe that increasing modern trade and global economic relations is harmful in many ways. While globalization marks a move in the direction of a more open world-trading …

…Americans fear of getting laid-off, especially at those firms operating in import-competing industries. Workers face demands of wage concessions from their employers, which often threaten to export jobs abroad if wage concessions are not agreed to. Besides blue-collar jobs, service and white-collar jobs are increasingly vulnerable to operations being sent overseas. American employees can lose their competitiveness when companies build state-of-the-art factories in low-wage countries, making them as productive as those in the United States.