Globalization, Economic Integration, and Free Trade
Globalization refers to the integration and interaction process between people, governments, and international or national companies. Economically, it involves the application of new technologies, the improved capital on economic resources, and provisions of goods and services. Free trade, on the other hand, refers to a designed policy aimed at eliminating discriminations made on imports and exports. Free trade allows free movements of buyers and sellers without any prohibitions on some goods and services by the government. Additionally, economic integration is a proper arrangement of different regions to reduce trade barriers and fiscal policies by ensuring that consumers and producers tastes are considered. The paper focuses on the impact of globalization, free trade and economic integration on working people and their unions, and on income inequality and social programs.
Impacts of Globalization on Laborers and Income inequality
The results of globalization have been phenomenal in increasing global trade and Transitional Corporation (TNCs). It has expanded the existing disparities and increasing marginalization of developed countries by placing greater obstacles on the current international system way. The standard trade theory enables globalization to narrow the income disparities, resulting from the free trade demands to increase goods and services in scarce sectors. Ending the NA…
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