Harvard University Professor Stephen Walt discusses many things in his interview with MUNPlanet including, but not limited to: the importance of non-conventional media sources (e.g. Twitter and blogging), both the current and the future states of the United Nations and the importance of future leaders. Ultimately, one of Walt’s key point of this discussion is regarding globalization. Globalization refers to the process of people, corporations and governments around the world coming together. This is chiefly the result of international economic advancements, such as trade and investments, but it also influenced by information technologies, such as the rise of the Internet.
The debate for and against globalization are both compelling. One of the benefits of globalization is the notion of free trade. Free trade acts as a method of exchange of goods and services between nations while glorifying comparative advantage. This practice highlights a series of specific gains, such as greater competition and overall lower prices for consumers. The second benefit of globalization is the free movement of labour, such that workers are given more leniency to travel where shortages of labour exist. Globalization is also good as it increases economies of scale, making it an attractive choice for international investment. Economies of scale are closely related to comparative advantage, whereby nations who produce a specific good cost-effectively produce that specific good over others. This creates efficacy and efficiency.
On the other hand, globalization can hurt developing economies. Free trade, although seemingly effective, is problematic. In cases we have seen around the globe, lower income nations often lose money due to tax protection Western countries have on agriculture, for example. James Surowicki of The New Yorker wrote an interesting article on this paradox: The Free-Trade Paradox - The New Yorker
Another con lies in the fact that globalization often takes a toll on the labour market. Some nations have difficulty holding onto their best-trained and skilled workers due to other countries offering them higher wages. Nevertheless, globalization, in my opinion, has seen better results than negatives. Indeed, I believe globalization should be embraced as it is one of the biggest steps to take towards world equality and consequently, peace.