Posted by: Samsara August 2, 2007
HIDDEN FACE OF GLOBALIZATION
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There…here comes another sucka warning about globalization! Basic economics…Law of comparative advantage. Those who don't get it will keep yelling to no avail: social scientists and a lil-knowledge is dangerous guys in developmental economics. Globalization is growth and development. Show me any self-sufficient economy in the world today? We all need to import items that are not in abundance and we export that ones we have an excess of? And don’t we all wanna pay a price we feel is worth the item rather than overpay for the same bull? The US/Developed economies are using the abundant labor in other nations and providing them jobs which otherwise they'd never have. Isn't this process helping the poorer nation too as they receive more inflow of foreign reserves now? BTW, as per an article I read a few years ago, most mutinationals corps in India pay much more than the domestic industries do for the same work performed (most had benfits such as schools for the employee's kids, housing and basic facilities that were provided free or at subsidized costs). I'm sure this very article must be on the web too…gotta check and post it here! Get a class in International Trade and then start mocking these sociologist who think they have the answer to any phenonmenon out there but end up making matters worse.
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