Wednesday, December 4, 2013
A World Economy
Over the past few days in class we have been watching documentaries on post-Cold War China. One of the most striking features of these documentaries is the effects of globalization on China. Globalization is the interconnection between all countries economies made possible by the internet. Due to the massive population of people in China it is one of the country's most prominent resource. Unfortunately, the huge population also causes a massive percentage of Chinese people to be poor. Because of this, the labor cost there is cheap, and many Western Businesses are moving their manufacturing centers to China. This has positive and negative effects. It causes westerners to lose jobs in their own country, but also lowers prices for the people in that own country. Chinese are given jobs, but they normally can't afford the products that they make. Does this really benefit the people in the counties, or just the manufacturers. It is hard to say, but one thing is for sure, it could not happen without globalization.
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Why is labor so cheap in China compared to U.S where it costs more money to pay for workers?
ReplyDeleteThe population of extremely poor people in China is greater than the total population of the United States, people who work in the factories making products for the US are considered lucky by the standards of farmers. If a factory worker is not willing to work for the wages that person can always be replaced by someone who is.
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