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Why does globalization lead to a reduction in prices for goods and services?

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Prachi Dabas
Prachi DabasLv10
21 Oct 2020
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Related questions

Why does globalization lead to a reduction in wages in developed countries?
Why does globalization lead to a reduction in wages in developed countries?

Over the last decade we have witnessed that the U.S. economy has become increasingly interdependent with the rest of the world. The question is whether U.S. is getting better or worse with globalization. Some believe that globalization will lead to cheaper ways to make products. This will allow businesses to reduce prices. Therefore, consumers will benefit from globalization. Others believe that globalization will lead to loss of jobs in U.S. causing high unemployment and loss of incomes. What do you think? How will globalization impact our economy in both short run and the long run? State your arguments "for" and "against" globalization and finally summarize your view on globalization.

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