Globalization is worldwide global economic has generated more problem Research Paper

Globalization is worldwide global economic has generated more problem them benefits for society - Research Paper Example get the job done through cheap labor cost and high technical efficieny.Much of America’s manufactured products are imported from China and hence the country’s own economy is effected by loss of job and production opportunity. In advanced countries like American and U.K. there had been a tremendous demand for high skilled workers and these demands were met by developing nations like China, India and Japan. As per (Overholt) â€Å"The shipment of American jobs to cheap foreign labor markets threatens not only millions of workers and their families, but also the American way of life." The most negative impact of globalization is that it give way to income inequality and lower the normal wages of American workers and in return make the rich corporate even richer. This action can also make the economies of other developing countries progress at a staggering rate while collapsing the economy of outsourcing countries .Much of the population in India, China and Eastern Europe has flourished exceedingly while the U.S. work force had to bear the losses. Millions of worker s in America is undergoing global competition with regard to their employment and job skills. Even manufacturing workers who worked in America had to see their jobs leave for other countries where the wages were low. Problem of American companies moving to developing nations The American companies are moving to less expensive labor countries in order to reduce the cost of production and increase their profit ratio. â€Å"Hundreds of American companies have moved their businesses to China, lured by cheap labor and low production costs†(Davidson).America is losing millions of money due to these actions by big corporate. It is also seen that many of the companies in China do not even manufacture products with... Globalization has changed the face of world as technology and communication have taken a huge leap. It has brought advancement to many sectors of developing nation like India, China and other South Asian countries while impacted negatively to U.S. Due to globalization, American companies tend to migrate to other developing nation where labor and cost of production is cheap. Moreover many service sector and technical jobs have moved to foreign labor market which downturned the job opportunities of American citizens. Americans have been pioneer in technological field and it is unfortunate to see that professions related to IT get outsourced to foreign nations. Huge number of Americans is finding it hard to get jobs even after acquiring best education and technical skill. Even after having higher education, the research and medical developments are undergoing in other developing nations. It is unfortunate that a country with such highly advanced technology and political power is losing out to other nations just because of the look out of business corporate for profit. The technological development has also changed the lifestyle of people dramatically by making them more mechanized. People are under the influence of computer and other modern electronic gadgets and losing their traditional values and concepts.