Global Economy Essay, Research Paper I am a firm believer and advocate of a genuine global economy, I believe that we must allow companies the freedom to produce in lower wage, less developed countries. The perceived exploitation of people in less advanced countries may seem coarse, but this utilization of inexpensive labor clearly boosts the respective economies currency.
Global Economy Essay, Research Paper
I am a firm believer and advocate of a genuine global economy, I believe that we must allow companies the freedom to produce in lower wage, less developed countries. The perceived exploitation of people in less advanced countries may seem coarse, but this utilization of inexpensive labor clearly boosts the respective economies currency. Thus, it is desirable for every party involved. As for overseas production being undesirable for the advanced country due to the loss of jobs for their people, these people are forced to educate themselves in order to be part of a knowledge-based work force.
Naturally, blue-collar jobs will continue to decline as society advances further into an age of extended and virtually infinite information. Thus, specialization for members of society grows increasingly imminent.
I d like to examine why the utilization of inexpensive labor is good for the country that is hosting the development of the production. Also, it will be considered as to why it is perfectly noble for the people and society of advanced countries to be in favor of low wage production abroad. This explanation is especially geared toward those who are under the impression that jobs in their advanced country are being lost to people of these so called, third world nations .
In order for global companies to keep up with overwhelming competition, they must maintain the highest possible quality, at the lowest possible manufacturing costs. Hence, if the less/under developed country has the ability to provide land, labor and capital conducive to optimum quality at a lower overall cost, the global entity has absolutely no alternative but to take advantage of these more efficient opportunities.
20 years ago, Taiwan was a developing country that welcomed foreign investment taking advantage of lower cost manufacturing and assembling activities. Now, partly because of this, they are a developed country with a highly increased standard of living.
The latest generation of young adults have grown up increasingly healthier and are taller on average than preceding generations. This is due to increased nutrition and a more advanced societal system that is currently providing better medical care than ever before. The amenities offered by Taiwan s contemporary life are evidence. People are earning more money, driving nicer cars, living in better homes, and receiving the opportunity to travel and become educated by top universities at home and abroad.
The benefits of producing overseas have exponential monetary gain for all parties involved. The host country, (that country which is offering the comparably lower production costs), benefits by the immense increase in jobs for their people. Hence, some of this factory work/assembly production is extremely menial and mundane. The unfortunate burden is that work of the repetitive nature is not very stable for a persons mind or well being. Also, the pay received is extremely low and not livable from a western reference.
However, whether the job is performed here or there, somebody must perform it. For example, in the U.S., there is demand for people working in clothing factories, and as clerks in convenience stores and gas stations. In addition, people work in fast food restaurants and as dishwashers and general service helpers.
Money the poor people of underdeveloped nations are earning is actually enough to scantly achieve sustenance. This is positive as the people performing these menial and repetitive tasks are working and surviving opposed to suffering the inadequacies of unemployment. They can provide enough food for their families to sustain a meager quality of life.
This is more favorable than suffering greater consequences of malnutrition, starvation and poor health care. It also cuts down on crime and gives people a feeling of worth, adding to their security and well being. Also, they are contributing to the generation of economic transaction and monetary movement, which boosts consumerism and produces a de-lagging effect on the economy.
Companies today are forced to analyze the option of producing at least a capacity or aspect of their goods and services in locations that possess more cost-effective operations.
This Global Management perspective does not only produce jobs that are unhealthy and menial. It also produces jobs of a more mind utilizing and management focus. Underdeveloped nations possess educated citizens who lack stable work. Some are hired as middle managers, foremen, administrative specialists, translators, accountants, systems programmers, etcetera.
The Global location perspective provides jobs for people of the United States to act as coordinators based at home and overseas. It provides more than modest positions for people who can utilize specialized cultural/language skills in combination with business. It produces more incentive for people of the United States to be trained multi-culturally as demand for this knowledge continues to increase. This training is important for the future of all countries competing in an increasingly global marketplace.
A moral dilemma raised is the fact that children of a very young age must work in order to support their families in place of achieving an education. For example, it has been found that companies such as Levi s and Reebok have actually employed children as young as 10 and 11 years old.
These companies are concerned about accusations of exploitation. The reason being is that this produces negative public relations issues for the respective conglomerates.
Thus, respective companies have been phasing out the majority of these young workers. However, it is a very difficult thing for these global entities to control as customs and cultures in these countries vary immensely. For example, in some countries it is customary for children to work and support their families. In several cultures, people breed offspring solely to have able bodies to work and support them.
Yet another flaw concerning jobs of the mundane nature are the physical limitations that may be created after months or years of standing or sitting in the same position, hence performing the same body movements repetitively. To avoid this burden, companies may rotate their staff into different assembly lines and work settings so to engage in using different parts of their bodies, thus eliminating ergonomic discomfort.
Also, companies can educate their employees on how to perform tasks in ways that minimize the health risk. These measures will cut down on mental and physical problems and will increase morale.
With recent technological advances and increased automation, many jobs lacking specialization continue to become obsolete. Citizens face the increased need to acquire unique skills that take time to learn. We live in an increasingly knowledge based economy. Now, there is less need for physical production and more demand for specialized knowledge.
With companies moving existing mundane jobs out of the country, people of the more energetic, motivated nature will come to realize that they must act now, thus becoming specialized faster, to prepare for a more lucrative, self satisfying, and more rewarding life. I believe that most people would prefer to work with their brain, opposed to with their hands and body and mere physical existence.
“Send the manufacturing, low wage, monotonous work out of the country, or at least some of it, and motivate our people to get specialized”
It appears as if a true global economy is better for everyone involved. The world is able to share it s resources, hence, everyone benefits and achieves a more dynamic, prosperous, and higher quality of life.
Clearly, a plethora of benefits are achieved. The people of underdeveloped countries receive economic stimulation. Global companies are able to cut costs, surviving in an increasingly competitive world. Also, it helps people realize that it is increasingly necessary to receive specialized education or training in order to achieve at least a moderate standard of living.
Albeit everything about manufacturing and production in a poor, underdeveloped country is far from perfect, the positive attributes appear to outnumber the negatives ones.
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