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Globalization | Definition of Globalization by Merriam-Webster

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Globalization, a factor representing the art by which international trade, information technologies, cultures, and investments are globally integrated has been favored as well as criticized worldwide. As economists state, globalization is both a social, political, cultural and legal phenomena (Mike, 2015) . While it represents interconnections among populations globally in social terms, culturally it is a way of exchanging values and ideas among different cultures worldwide with the objective of developing a single world culture. Consequently, political globalization is the shift in political activities up to the global levels intergovernmental agencies such as the United Nations and the World Trade Organization. By looking at globalization as legal phenomena, it is the way through which laws that govern international trade are created and enforced. Governments worldwide have established policies (drivers of globalization) that are designed to open up economies both domestically and internationally to boost development in poorer countries and thus raise the standards of living of their citizens (Barr & Avi-Yonah, 2004) . Although these policies have resulted in an international free market for all nations, they have however benefited multinational corporations while leaving smaller businesses, commoners and smaller cultures to lag behind. 

Economists who argue for globalization state that it has been far useful for most countries worldwide. The act of free trade among nations globally due to globalization has indeed benefited developing countries by allowing them to catch up to more industrialized nations. This act has enabled increased manufacturing, diversification, improvements in standards of living of individuals in different nations in addition to economic expansions in both developing and developed countries (Barr & Avi-Yonah, 2004) . It is stated that this benefit comes about as a result of the comparative advantages that different nations have concerning the production of goods and services. Although some nations can produce all their products and services more cheaply than others, free trade will allow different countries to trade under conditions that will benefit all of them by putting into consideration the relative efficiency of producing goods and services (Krist) . 

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The benefits of this theory In regards to globalization comes about in that, by specializing in products that a country is comparatively more efficient in, they will increase their total production while at the same time benefiting consumers who will thus have and various goods to utilize (Krist) . Through free trade, countries will maximize their efficiency in production. Consequently, globalization has provided developing countries with the chance to build their nations economically by spreading prosperity through the infusion of foreign capital and technology. By developing countries economically, conditions, where democracy and respect for human rights flourish, are created (Barr & Avi-Yonah, 2004) . An ethereal goal which although has not been achieved in most countries is possible through globalization. 

Although most economists state that the benefits of globalization often outweigh its costs, some have indicated that globalization could have far more significant adverse impacts on both developing and developed nations (Mike, 2015) . Globalization has thus been met with many critics due to its effects on employment and wage rates in industrialized nations, an impact that is brought by international trade and direct foreign investments. Those who argue against globalization state that, due to increased imports from low-wage nations, manufacturing jobs predominantly those in sectors that are labor-intensive will be destroyed (Lee, 1996) . By destroying labor-intensive jobs, the demand for unskilled labor will fall and after that lead to a decrease in wage earnings of unskilled labor relative to those of more skilled labor. This negative impact of globalization thus comes about due to a fall in the relative prices of labor-intensive goods of the importing countries. Therefore, if wages do not adequately adjust to the new wage- labor equilibrium brought about by the importation of products from low-wage nations, unemployment that is concentrated explicitly in lower-skilled workers will rise (Lee, 1996) . Moreover, if wages do no adjust fully, then there will be increased wage inequality that will give rise to both inequality and unemployment. Consequently, anti-globalists argue that due to globalization, all multinational corporations that were restricted to only engaging in commercial activities are now at the forefront of politics and are rapidly influencing political decisions of several nations. For this, they adamantly think that this act will be a significant threat if corporations start ruling the world as they gain power (Mike, 2015) . 

Justifications of international Economic Development as a legitimate component of globalization and its criticisms 

Global economic development is whereby countries worldwide develop their wealth for the total well-being of their citizens on an international scale. Through international economic developments, different nations seek to improve the wellness and standards of living of their inhabitants by creating or retaining jobs in addition to growing income or tax bases. In short, international economic development is the improvements in life expectancy rates, literacy rates and reduction in poverty rates (Barr & Avi-Yonah, 2004) . Global economic development has been clearly stated as a part of globalization by most economists in that for countries to improve the well-being of their inhabitants; they will have to engage in trade with other nations, a factor which often calls for free trade through the removal of trade barriers. Since globalization is the exchange of ideas, technology and culture between nations, countries which allow Foreign Direct Investments (FDI), free movement of goods, services and labor will have the greater liability of developing economically (Barr & Avi-Yonah, 2004) . 

Through globalization, economies grow as jobs are created, health sectors improved and infrastructures developed in nations seeking to progress economically and maintain economic stability. One such example is China which has greatly benefitted from economic globalization and thus has been able to sustain budgetary balance after it successfully fought the devaluation of the Renminbi during the Asian Financial Crisis (Barr & Avi-Yonah, 2004) . Moreover, as a country that emphasizes more on globalization, it has encouraged FDI in infrastructure, agriculture, high-tech industries and on environmental protection. Through these strategies, China was able to reduce poverty from 250 million in 1978 to 42 million in 1998 and is still doing more to improve the living standard of its inhabitants. 

On the other hand, other economists have refuted international economic development as being part of globalization. This they state by saying that although globalization can lead to the significant economic growth of nations, it does not necessarily mean development. Nations across the world can grow due to globalization, but this does not mean they will see significant development. Although globalization is occurring in almost all country across the globe, some nation is still lagging behind regarding development (Krist) . Still, there are huge gaps between the poor and the rich and inequality in income rates are still increasing as never before in some countries although there are substantial growth rates that can be seen in regards to infrastructure and healthcare. For countries such as Brazil, although it has opened up its economy for FDI and has seen significant changes in infrastructure and the health sector, still the gap that exists between the poor and the rich can be seen. A considerable percentage of its inhabitants are still living below the dollar. This phenomenon is also observed in most third world countries that although are growing economically, are not developing. Gaps between south and north are increasing as only 20% of their people consume more than 80% of their nation’s wealth (Barr & Avi-Yonah, 2004) . Additionally, in these countries such as Kenya, poverty, famine, and diseases are increasingly becoming widespread although the country is growing economically. 

Christian Perspective on Economic Integration 

Economic integration has expanded significantly since the opening of other nations to the whole world. Some Christians think that economic integration of the world has become a vehicle for a libertarian and non-Christian culture. Since in economic integration there are both winners and losers, those who criticize economic integration are mainly those who have lost in the process of making the world a better place for humans to live in. In accordance with Christianity, the world was created for everyone. Therefore economic benefits that come with integration should be accessible to all individuals everywhere in the world (Geoff, 2007) . Indeed it is said that unless all countries of the world are economically integrated, there will be no benefits to developing nations. All human beings are created in the image of God, and thus we need the freedom to express and establish ourselves, a factor that requires private property rights and free markets that are however within the context of justice (Geoff, 2007) . Christianity focuses more on issues of world poverty a concept that is further being taken seriously by the Catholic Church who has a preference for the poor in society. When he started his ministry in the synagogue, Jesus said: “the spirit of the Lord is upon me to preach the good news to the poor." 

Economic integration has had far more benefits in that by agreeing to remove trade barriers to allow for free flow of goods and services between nations; different people can come together to help each other by providing employment, health care and other necessities for the sustainability of human life (Geoff, 2007) . Through economic integration, different countries especially developing nations have been able to reduce poverty among their inhabitants. Although we may live in a fallen world, in the market of our economies, there is great respect for human beings and our dignity as people of God. 

There is a great need to thoughtfully understand the nature of human beings in that as people created by God and born of religion, we are inescapably religious. As human beings, we must serve others just like Jesus did. As we work towards understanding our values and the spiritual world at large in our daily economic behaviors, we should strive to give meaning and purpose to our actions towards others. We have a moral obligation to love and care for others. Since as human beings we do not only serve economic efficiency and growth, we should, therefore, institute fairness and justice at the forefront of our deeds. Economic and ecological sustainability is one of the factors that are crucial for the survival of both our planet and us as creations of God. As much as human beings may be tainted by sin, we should at all-time give attention to value and dignity of human beings as a creation made in the image of the Almighty. 

References 

Barr, S. M., & Avi-Yonah, S. R. (2004). Globalization, law, and development: Introduction and Overview. 26 (1), pp. 1-12. 

Geoff, T. (2007, February 2). A Christian Perspective on Globalisation. Retrieved June 2018, from Banner of Truth: https://banneroftruth.org/us/resources/articles/2007/a-christian-perspective-on-globalisation/ 

Gordon College. (2009, Fall). Faith and economics. Retrieved June 2018, from Gordon College: https://www.gordon.edu/ace/pdf/F&E%20F09%20N54.pdf 

Krist, W. (n.d.). Chapter 3: Trade Agreements and Economic Theory. Retrieved June 2018, from Wilson Center: https://www.wilsoncenter.org/chapter-3-trade-agreements-and-economic-theory 

Lee, E. (1996). Globalization and Employment: Is Anxiety Justified?". International Labor Review, 135 (5), 45-63. 

Mike, C. (2015, May 6). The Pros And Cons Of Globalization. Retrieved June 2018, from Forbes: https://www.forbes.com/sites/mikecollins/2015/05/06/the-pros-and-cons-of-globalization/#40362929ccce 

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