Effects of Globalization in Economy and Unemployment
Indeed, as Fainstein and Campbell (33) point out, globalization has changed the way economies work, making the element of place almost insignificant through "the instantaneous transmission of money around the globe, the information economy, the neutralization of distance through telematics," although the authors contend that these are only partial "and hence profoundly inadequate" ideas of the true impact of globalization. Free trade has been an effect of globalization, and evidence suggests that "nations more open to trade tend to be richer than nations that are less open to trade" (Tupy, 2005, p. 2). Columbia University economist Arvind Panagariya states, "On the poverty front, there is overwhelming evidence that trade openness is a more trustworthy friend of the poor than protectionism," and notes that few countries have experienced rapid growth without an accompanying "rapid expansion of trade," and "rapid growth has almost always led to reduction in poverty."

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    Arvind Panagariya | Slaughter Swagel | Fainstein Campbell | Sub-Saharan Africa | Internet Cheaper | II Globalization | Outline Globalization | FDI Changed | Policy Analysis | III Globalization | rising unemployment | globalization entrepreneurial opportunities | increase wage inequality | compete globally integrated | labor costs | globally integrated | wage inequality | integrated markets | linked rising | workers developed | linked rising unemployment | rapid growth | sub-saharan africa | globalization linked rising | compete globally |  
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