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THINK

ABOUT IT

Will
???
Globalization
Change	the
SoundofMusic?

Suppose you had only 100 people to whom you could

sell some good. Given this small number, if you want to sell something, you had better sell something that some of these 100 people want to buy. For example, if these 100 people don’t like fruit salad, then you better not produce and offer to sell fruit salad; if some of these 100 people like bread, then perhaps you should produce and offer to sell bread.

Now increase the number of people from 100 to 1 million. Is it more or less likely that some people within a group of 1 million will like fruit salad, as compared to a group of 100 people? The answer is that as the size of the potential customer base increases, the number of things that you can sell increases too. In a world of 100 people, you can only sell bread; but in a world of 1 million people, you can sell fruit salad or bread.

Now suppose you are a musician. As a musician, you can play different styles of music: jazz, pop, classical, hard rock, metal, hip-hop, and so on. If you are limited to selling your music to the people of a single state of the United States, there would be fewer styles of music you could offer to sell than if you could sell your music to the

people who reside in the United States.

The general point is a simple one: the larger the size of the potential customer base (simply put, the more people you can possibly sell to), the greater the variety of goods we are likely to see.

Globalization is, to a large degree, expanding everyone’s ability to potentially sell to more people. American companies aren’t limited to selling to only Americans; they can sell to others in the world too. Chinese firms aren’t limited to selling to only the Chinese; they can sell to others in the world too.

As an example, consider some musician in the United States who is experimenting with a new style of music. With a population of only the United States as a potential customer base (the population of the U.S. is approximately 300 million), the musician might not yet have enough actual customers to make it

worth producing and offering to sell this particular, unique, and narrowly defined music. However, if the musician can draw on the population of the world (population 6.4 billion), then the musician might be able to find enough people who are willing to buy this particular new type of music.

As we move toward a world economy, we see a greater variety within almost every category of goods you can think of: a greater variety of music to listen to, books to read, types of television shows to watch, and so on. Today, the greater variety of goods you see in your world is an effect of globalization.

A greater variety of clubs can usually be

found in large high schools than in small high schools. Does this difference have anything to do with the issue of globalization we discussed in the feature? Explain.

44 Chapter 2 Economic Systems and the Global Economy

E X A M P L E :

Advancing Technology In the past, innovations such as the internal combustion engine, steamship, telephone, and telegraph led to increased trade between people in different countries. All of these inventions led to lower transportation or communication costs, and lower costs mean fewer barriers to trade.

The cost of a three-minute telephone call from New York to London in 1930 was $250. In 1960, it was $60.42; in 1980 it was $6.32; and in 2000 it was 40 cents. Today, it is even less. As the costs of communicating continue to fall, in some sense the obstacle of physical distance (to trade) is overcome. Businesspeople in the United States, for example, can more cheaply talk with businesspeople in China.

What was the cost of a computer in 1960, one comparable to the desktop computer that many people today have on their desk at home? The answer is $1.8 million. (Yes, you read that right — $1.8 million.) That computer was $199,983 in 1970, $27,938 in 1980, $7,275 in 1990, and only $1,000 in 2000. People today not only use computers for their work, but to communicate with others via the Internet. This computer and Internet technology make it possible for people to communicate with others over long distances, thus increasing the probability that people will trade with each other.

Policy Changes Governments have the power to slow down the process of globalization, if they want. Suppose that two countries, A and B, have free economic relations with each other. Neither country prevents its citizens from going to the other country to live and work. Neither country hampers its citizens from investing in the other country. Then, one day, for whatever reason, the government of country A decides to limit its citizens from traveling to and investing in country B. In other words, the government of country A decides to close its political and economic doors.

Just as the government of one country can close the door on another country, it can open that door too. It can open that door a

Policy changes in Vietnam have opened the door to more free enterprise. Nike employs close to 50,000 Vietnamese workers and exports over 22 million pairs of shoes annually.

little, more than a little, or a lot. In recent decades, governments of many countries have been opening their doors to other countries. China has opened its door; India has opened its door; Russia has opened its door. See Exhibit 2-3 for some selected facts showing the recent trend toward globalization.

Here are some “Then” and “Now” facts that indicate a trend toward globalization.

E X H I B I T 2-3 Globalization Facts

Topic

Then

Now

U.S. tariff rates

40% in 1946

2.6% in 2005

(tax on imported goods)

Foreign exchange

$820 million

$1.5 trillion in 2004

trading

in 1998

(buying

and selling of

foreign currencies)

Foreign direct

$23 billion

$644 billion in 1997

investment

in 1975

(companies from one

country investing in

companies from

another country)

U.S. ownership

2% of portfolios

14% of portfolios

of foreign stocks

in 1980

in 2005

Membership in

18 countries

148 countries in 2005

World Trade

in 1948

Organization (WTO)

Americans working

4.9 million

6.5 million in 2001

in the U.S. for

in 1991

foreign companies

Section 2 Globalization

The Costs and Benefits of

Globalization

Some people believe that globalization is, in general, a good thing and that its benefits outweigh its costs. Other people take the opposite view—that the costs of globalization are greater than the benefits. Let’s look at what those who favor globalization say are its benefits, and what those who oppose it say are its costs. As you read, you will probably begin to form your own opinion.

Benefits

Following are some of the major benefits of globalization.

Trade To say that the world is undergoing the process of globalization is really no more than saying that people are trading with more

E X H I B I T 2-4 Globalization and Life Expectancy

Sweden

Canada

Japan

Spain

Australia

Israel

France

Italy

Switzerlan

Austria

Netherland

Norway

Germany

New

Zealand

Finland

Greece

United

Singa

pore

United

Kingdom

States

Portugal

South

Chile

Ireland

Denmark

Korea

Panama

Slovenia

Arg

entina

Czech Republic

Expectancy

Venezuela

China

Romania

Croatia

Mexico

Poland

Slovak Republic

Tun

isia

Saudi

Sri Lanka

Arabia

Malaysia

Hungary

Colombia

Iran

Peru

Philippines

Turkey

Thailand

Egypt

ain

Brazil

Morocco

Lower

Indonesia

Russian

India

Pakistan

Federation

Life

Bangladesh

Sene

gal

Botswana

Nigeria

Expectancy

South

Kenya

Africa

Uganda

The Globalization Index for various countries (prepared by Foreign Policy magazine at www.ForeignPolicy.com) was compared to life expectancy. A strong correlation appears between the degree to which a country has globalized and that country’s life expectancy.

people, at greater distances, than they once did. They are trading different things: money for goods, their labor services for money, their savings for expected returns, and so on. In other words, expanding trade—which is what globalization is about—is no more than extending the benefits of trading to people one might not have traded with earlier.

Standard of Living As both India and China opened up their economies to globalization in recent decades, they experienced increases in income per person. For example, between 1980 and 2000, income per person doubled in India. Between 1940 and 2000, income per person increased by 400 percent in China, much of this increase coming in recent years. According to the International Monetary Fund, these dramatic increases in income per person accompanied the expansion of free international trade (which is a key component of globalization).

Also, according to the International Monetary Fund, in the last 30 years hunger and child labor have been cut in half and life expectancy has dramatically increased in developing countries. According to the World Bank, 200 million people in the world were raised up out of poverty in the past 20 years.

People in the United States have benefited as well. According to work done by two economists, globalization increases U.S. income by roughly $1 trillion a year, or $10,000 per household. In other words, without the United States globalizing, Americans would be poorer by $1 trillion a year.

Another benefit to globalization seems to be longer life expectancy. One study compared the globalization index (a rating based on how globalized a country is; the higher the number, the more globalized) with life expectancy as computed by the United Nations. The study found that generally the more globalized a country was, the greater the life expectancy. See Exhibit 2-4.

QUESTION: How do we know that the benefits you say are a result of globalization are, in fact, caused by globalization? Couldn’t they be caused by something else?

46 Chapter 2 Economic Systems and the Global Economy

ANSWER: Economists are fairly sure that globalization leads to an increased standard of living based on their comparisons of countries with similar characteristics. For example, take a look at Exhibit 2-5, which shows that the annual percentage change during the 1990s in output per person is positive in globalized developing countries but negative in less globalized countries.

Or consider an extreme case, North and South Korea. The two countries share a people and a culture, but North Korea avoided the process of globalization during the period in which South Korea embraced it. What we observe is that South Koreans enjoy a much higher standard of living than North Koreans.

Costs

Described below are some of the costs associated with globalization.

Increased Income Inequality Globalization’s critics often point out that globalization seems to go hand in hand with increased income inequality in the world. Has income inequality increased? Yes it has. For example, 100 years ago people in rich countries had about 10 times more income than people in

E X H I B I T 2-5 Annual Average Percentage Change in Output per Person in the 1990s

		6
	Percent	+4
	Percent	2
		2
		0
		2

Less globalized countries	More globalized developed countries
Source: World Bank.

poor countries. Today, they have about 75	During the 1990s,
times more income. Without a doubt, glob-	the annual average
alization and income inequality (between	percentage change
rich and poor countries) are strongly corre-	in output per person
lated. The question, though, is whether glob-	was positive for the
alization causes the income inequality. The	more globalized
critics of globalization say it does; the sup-	developing countries.
porters say it does not.	The percentage was
	negative for the less
Losing American Jobs Many of the critics	globalized countries.
of globalization argue that globalization can
of globalization argue that globalization can
result in Americans losing certain jobs.
Suppose a U.S. company hires engineers in
India to do jobs that once were done by
	East Indian
	American Express
	employees work at
	their computer in
	Delhi, India. Name
	at least one possi-
	ble cost and one
	possible benefit of
	American Express
	offshoring work to
	India.

Section 2 Globalization

THINK

ABOUT IT

The Price ?

Gap Between

Brains and

Brawn: Is It

Increasing?

The Indian Institute of Technology (in India) is one of

the hardest universities in the world to be admitted to, largely because of its reputation. In an average year, about 178,000 high school seniors in India take the exam necessary to apply to the Indian Institute of Technology. Just over 3,500 students are admitted. In other words, only 1.96 percent of all applicants are admitted. In comparison, the admission rate of Harvard University is nearly 10 percent.

Like the Indian Institute of Technology, prestigious U.S. universities such as Princeton, Stanford, and Duke have very selective admission criteria. Each year, students who have the grade point average and standardized test scores to (potentially) be admitted to these universities are turned away. This has been occurring at the same time that college tuition has been increasing rapidly. For example, during the period from 1990 to 2003, college tuition went up by 130 percent, considerably more than medical care costs, housing, and food. Around the world at other prestigious schools we see the same theme: the admission rate is usually low and the cost is usually high.

As you know, grades (one admissions criterion) and money

function as rationing devices. In the last chapter, you learned that because of

scarcity, some mechanism has to ration the available resources, goods, and services. Still we

have to ask: Why have both of these rationing devices and money—become

when it comes to being admitted to the top universities in the world? Why ever higher grades and ever more money? The answer is twofold.

First, the population of the world increased but the number of Harvards did not. Harvard cannot clone itself. To a large degree, the world has only one Harvard or Oxford (in the United Kingdom) or Indian Institute of Technology (in India). We can produce more computers, houses, and dining room chairs as the population of the world increases, but it seems much more difficult to produce more Harvards. So, what happens over time is an increasing scarcity of topnotch, one-of-a-kind educational institutions. As a result, the rationing devices for such institutions must do more work to ration, which essentially means that it will become harder and more expensive to get admitted to such places.

The second reason involves globalization. One of the things that

pays a high dividend in a global economy is education. “Brains” seem to matter more than “brawn,” which will increase the overall demand for a college education— not just at Harvard, but at all levels of high education.

So, will the premium being placed on education in a global economy cause the demand at the most prestigious schools to rise at a faster rate than at other colleges? The likely answer is yes. With a growing world population, and with the global economy paying a high premium to those who are educated, we can expect admission to the world’s

best institutions of higher learning to become even more difficult.

Some people suggest that the competition to

be the best in a world economy will be much stiffer than the competition to be the best in a national economy. Do you think this assumption is true? Explain your answer.

48 Chapter 2 Economic Systems and the Global Economy

Americans. This practice of hiring people in other countries is often called offshoring. (You will study offshoring and outsourcing in detail in Chapter 15).

It is true that some Americans may lose their jobs to workers in other countries due to globalization. It has already happened. Over the past few years a major New York securities firm replaced its team of 800 American software engineers, who earned about $150,000 per year, with an equally competent team in India earning an average of about $20,000 a year. Additionally, the number of radiologists in the United States is expected to fall significantly because it is now possible to send the data (that U.S. radiologists analyze) over the Internet to Asian radiologists who can analyze the data at a fraction of the cost.

Keep in mind, though, that offshoring is a two-way street. The United States might offshore certain jobs to, say, India or China, but foreign countries offshore jobs to the United States too. Also, while some Americans do lose jobs due to globalization, we must remember that jobs are always being lost (and found) in an economy responding to market changes. Even if the degree of offshoring in the United States were zero, people would still be losing old jobs and getting new jobs every day.

QUESTION: I have heard of the word “outsourcing” but not “offshoring.” Do these two words mean the same thing?

ANSWER: Yes and no. Offshoring is a particular kind of outsourcing. Outsourcing refers to any work done for a company by people other than the company’s employees. More and more companies are outsourcing work to people who live in other countries. This special kind of outsourcing is called offshoring. Sometimes people use the word outsourcing when the correct word is offshoring. It is not uncommon to hear “Yes, many U.S. companies are outsourcing jobs to India and China.” The correct word is offshoring.

One measure of globalization is the dollar amount of exports for a country. The greater the value of a country’s exports, the more globalized it is. For example, in 1998, the United Kingdom had $271 billion in exports, and in 2003 it had $307 billion in exports. So, based on the value of exports, the United Kingdom was more globalized in 2003 than in 1998. Here are the export values for several countries in 1998 and 2003.

	Exports	Exports
	in 1998	in 2003
	(billions	(billions
Country	of dollars)	of dollars)
Austria	$ 63	$ 89
Canada	220	285
China	183	438
France	303	361
India	34	59
Japan	374	449
Mexico	117	164
Norway	40	69
Russia	74	135
Sweden	85	102
Thailand	52	78
United States	672	716

More Power to Big Corporations Many of the critics of globalization argue that the process will simply “turn over” the world (and especially the developing countries of the world) to large corporations headquartered in wealthier countries such as the United States, the United Kingdom, and France. In fact, in the minds of many people, globalization is not as we have defined it in this chapter; rather, it is the process of corporatizing the world. Instead of governments deciding what will and will not be done, large corporations will assume the responsibility.

The proponents of globalization often point out a major difference between a corporation and a government. First, a government can force people to do certain things (pay taxes, join the military). No corporation can do the same; instead, corporations can simply produce goods that they hope customers will buy. Additionally,

offshoring

The term used to describe work done for a company by persons other than the original company’s employees in a country other than the one in which the company is located.

Section 2 Globalization

E X A M P L E :

he Globalization Institute Toperates a blog at www.emcp

.net/globalizationinstitute. If you go to the site, you will find

numerous articles and essays on globalization. At the left of the page you will find categories such as agriculture, outsourcing, immigration, and more. Click on one of the categories and read a few of the articles and essays. For instance, you will see “Cobden,” which stands for Richard Cobden (1804–1865), who was a prominent nineteenth century politician. Click on “Cobden” and read about his life. Cobden was a strong advocate of free trade. He believed that international trade was necessary between major powers if war was to be avoided. If he were alive today, no doubt he would strongly support economic globalization efforts.

These U.S. consumers are shopping for cameras made by a Japanese company. How might this scene represent the hidden benefits of globalization?

the proponents of globalization often argue that the critics overestimate the influence and reach of large transnational companies. For example, in 2000, the top 100 transnational companies produced only 4.3 percent of the entire world’s output, which is about as much as one country, the United Kingdom, produced in 2000.

The Continuing

Globalization Debate

To a large degree, whether one supports or criticizes globalization seems to depend on where “one is sitting.” Globalization doesn’t affect everyone in the same way, and often how it affects you determines how you feel about it.

Suppose Sanders, an American worker residing in New York, loses his job to an Indian worker in New Delhi, India, who will do Sanders’s job for less pay. In this case Sanders incurs real costs, but what about Sanders’s company, and the company’s customers? For the company, this change means lower costs and higher profits. For the company’s customers, prices for the company’s products may go down. So, in this case Sanders is probably a strong opponent of offshoring, while his company and its customers are probably supporters.

When it comes to globalization, it is often much more difficult to see the benefits than it is to see the costs. For example, the supporters of globalization argue that it brings greater economic wealth, lower prices, more innovation, and less poverty. Yet, sometimes it is difficult for us to see all these benefits. When you buy cheaper goods or different goods because of globalization, you probably never say,“Wow, I can’t believe all the benefits I get from globalization!” In fact, you might not even connect the lower-priced goods with globalization at all. The benefits of globalization tend to be difficult to see, partly because they are so widely dispersed.

The costs of globalization, in contrast, are more visible, often because they are so concentrated. A person who loses a job because of freer international trade in the world knows exactly what is to blame for the predicament he or she is in. This person surely could receive some benefits from globalization (in the role of a consumer), but this person also could, for a time, incur some rather high costs from globalization (as an unemployed worker). It is likely that this person will know of the costs but be unaware of the benefits.

50 Chapter 2 Economic Systems and the Global Economy

“The relevant market today is planet Earth.”

—Thomas Friedman

This new IKEA store opened in Russia in September of 2005. How does a Swedish retailer opening a store in Russia reflect the recent trend toward globalization?

A Fad or Here to Stay?

Thomas Friedman states that “globalization is not just some economic fad, and it is not a passing trend.” He also argues that the “relevant market today is planet Earth.”

The basic globalization force that will probably not be overcome—no matter how strong the political forces may be against it—is the human inclination that the founder of modern economics, Adam Smith, noticed more than 200 years ago. Smith said that human beings want to trade with each other. In fact, it is the desire to trade that separates us from all other species, he says. In his words, “Man is an animal that makes bargains: no other ani-

mal does this—no dog exchanges bones with another.”

In other words, we want to trade with people. We want to trade with our nextdoor neighbor, the person on the other side of town, the person

in the next state, the person on the other side of the country, and finally, the person on the other side of the world. Some economists

go on to suggest that this “trading” inclination we possess is a good thing, in that when we trade with people we not only will tolerate them, but have much less reason to fight with them.

Defining Terms

1.Define:

a.globalization

b.offshoring

Reviewing Facts and

Concepts

2.Identify two costs and two benefits of globalization.

3.Why does it make less sense to speak of different economic systems in a global economy than in a world of national economies?

4.What does “changing technology” have to do with globalization?

Critical Thinking

5.Why might it be easier to recognize the costs of globalization than the benefits?

Applying Economic

Concepts

6.If globalization continues over the next few decades, how might your life be different?

Section 2 Globalization

Chapter Summary

Be sure you know and remember the following key points from the chapter sections.

Section 1

All nations must answer three economic questions:

•What goods will be produced?

•How will the goods be produced?

•For whom will the goods be produced?

The two main economic systems are free enterprise and socialism.

Free enterprise, also known as capitalism or a market economy, is an economic system in which individuals own most, if not all, the resources and control their use.

In socialism, government controls and may own many of the resources.

The ideas of Adam Smith, an eighteenth century economist, provided the foundation for capitalism, or free enterprise.

Karl Marx, a highly influential economic thinker, proposed an alternative to free enterprise, and helped formulate the vision for socialism and communism.

Section 2

Globalization is a growing integration of the national economies of the world into a single worldwide economy and is closely aligned with free enterprise, freer markets, and greater movement of people and goods.

The end of the Cold War, advancing technologies, and governments’ policy changes all contributed to the growth of globalization.

Benefits of globalization include greater trade, increases in standard of living, lower prices, and growing innovation.

Costs of globalization include increased income inequality, greater corporate power, and lost jobs for some people.

Economics Vocabulary

To reinforce your knowledge of the key terms in this chapter, fill in the following blanks on a separate piece of paper with the appropriate word or phrase.

1.A(n) ______ is an economy based on customs and beliefs that have been handed down from one generation to the next.

2.A(n) ______ is an economy with a mixture of capitalist and socialist elements.

3.A(n) ______ is the way in which a society decides what goods to produce, how to produce them, and for whom they will be produced.

4.______ is an economic system in which individuals (not government) own most, if not all, the resources and control their use.

5.______ is an economic system in which government controls and may own many of the resources.

6.The ______ is the way all the income earned in a country is divided among different groups of income earners.

7.A(n) ______ is a government program specifying economic activities, such as what goods are to be produced and what prices will be charged.

8.______ refers to the integration of economic activities across (national) borders; a phenomenon by which economic agents in any given part of the world are affected by events elsewhere in the world; the extension of the division of labor and specialization beyond national borders.

9.Karl Marx and Adam Smith each had a ______, or a certain way of looking at and explaining the world.

10.The ______ states that any value in produced goods comes from the labor used to produce those goods.

11.Work done for a company by people other than the company’s employees is called ______ if the people doing the work live in a country other than the country in which the company is located.

52 Chapter 2 Economic Systems and the Global Economy

Understanding the Main Ideas

Write answers to the following questions to review the main ideas in this chapter.

1.What is an economic system? What are the two major economic systems in the world today?

2.List three ways in which free enterprise (or capitalism) and socialism are different.

3.According to Adam Smith, why do the butcher, brewer, and baker provide us with our dinner?

4.How would Marx respond to Smith’s claim that self-interest is vital to the workings of a productive economy?

5.Identify and explain each of the three causes of globalization.

6.By how much (per year) has globalization affected U.S. income?

7.Is there greater income inequality in the world today than, say, 100 years ago? Explain.

8.Might globalization benefit some residents of a country more than others? Explain your answer.

9.Why might it be easier for an individual to recognize the costs of globalization than the benefits?

10.Explain how increased globalization might lessen intolerance and conflict in the world.

Working with Graphs and Tables

1.Which bar (A or B) in Exhibit 2-6 represents the annual average percentage change in output per person in the 1990s in less globalized countries?

2.Which bar (A or B) in Exhibit 2-6 represents the annual average percentage change in output per person in the 1990s in more globalized countries?

E X H I B I T 2-6

		+6
	Percent	+4
	Percent	+2
		+2

Solving Economic Problems

Use your thinking skills and the information you learned in this chapter to find solutions to the problems described below.

1.Application. Do you think that a typical family operates more like a free enterprise economy or like a socialist economy? Might different families operate differently? Explain your answers.

2.Analysis. What does the Adam Smith quotation “Man is an animal that makes bargains: no other animal does this—no dog exchanges bones with another” have to do with globalization?

3.Cause and Effect. In this chapter we identified three recent causes of globalization. Which of the three causes do you think played the biggest role in promoting globalization? Explain your answer.

4.Writing. Imagine two worlds. In the first, you live in a country that is open to other countries (when it comes to trade, movement of people, and so on). In the second world, the country is closed to all these things. Write a two-page essay explaining how your life would differ in the two worlds.

5.Economics in the Media. Find a recent newspaper or magazine article that addresses the issue of globalization in some way. Write a one-page essay summarizing the article.

6.Economics in the Media. Find a story on a television news show that addresses capitalism, socialism, private property, or global economic forces. Identify the major ideas of the story.

Describe these ideas to your class in the form of a short televised news report.

Go to www.emcp.net/economics and choose Economics: New Ways of Thinking, Chapter 2, if you need more help in preparing for the chapter test.

Chapter 2 Economic Systems and the Global Economy 53

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