Advantages of Globalization
Globalization offers a higher standard of living for people in rich countries and is the only …show more content…
( Bureau of Labor Statistics, Foreign Labor Statistics. On the web at www.stats.bls.gov/flshome.html)
Basically, globalization enabled the Japanese to go from rags to riches in a generation!
Similarly, average manufacturing wages in developing countries have increased from 10 percent of the U.S. level in 1960 to nearly 30 percent of the U.S. level in 1992, showing that average workers in developing countries are benefitting directly from economic growth and development. ( Gary Burtless, Globaphobia: Confronting Fears About Open Trade, Brookings Institution, Progressive Policy Institute, and Twentieth Century Fund, 1998. )
The World Bank Research Report States the following facts: "About three billion people live in newly globalizing' developing countries. During the 1990's this group grew at five percent per capita compared to two percent for the rich countries. The number of extremely poor (living on less than $1 per day) in the new globalizers declined by one hundred and twenty million between 1993