BUS 3800 Lecture Notes - Lecture 13: Newly Industrialized Country
22 Feb 2017
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Document Summary
Pro 1: the basic idea economically is that of placing production in the lowest-cost location and that this ultimately benefits everyone. We can then ultimately all work at what we are most efficient across the world. The lower costs are often temporary - adjustments cost jobs in existing production areas and the time-lag in regaining employment is slow if at all. Communities and whole regions are ruined for a generation or more. Pro 2: exchange of goods and services globally means medicines and technologies can be made available to all eventually and the rising tide" of global prosperity will lift all boats" or nations economically. Pro 3: the world as an integrated economy can be far more efficient at providing for humanity than a series of smaller isolated economies. Con 3: studies show we are not doing well at supporting more people and lifting them out of poverty wealth is concentrating ever more in international corporations.
