But globalization brings costs along with benefits.
China's entry into the World Trade Organization in 2001 was based on the calculation that the economic benefits of globalization outweighed the cost of abiding by international norms.
Further, Mr. Yardeni maintains that globalization and corporate cost-cutting have substantially improved long-term efficiency.
Economists argue about the reasons for the great wage slowdown — technology, globalization, health care costs, the decline of unions, the rise of the new wealthy — but it clearly seems to have made people feel more vulnerable to small economic swings.
(Stevens) 'A DECENT FACTORY' (No rating, 79 minutes, in English, Finnish and Chinese) A cursory, irritatingly facile look at the human cost of globalization, this documentary film was shot and directed by a Frenchman, Thomas Balmès, who tagged along with representatives of the Finnish cellphone giant Nokia on a trip to one of the company's suppliers in China.
"The debates that we are having about globalization and the adjustment cost, these are the conversations that we should have been having when we did Nafta, and when China entered the W.T.O.," said Chad P. Bown, a trade expert at the Peterson Institute for International Economics in Washington.
One can easily verify that transport costs have been very low for a long time (actually, low transport costs triggered globalization [28]).
It is wrong to play down the costs of globalization, but the reality is that we've been playing down its benefits for a long time.
It was certainly not news to anyone here, including Mr. Greenspan, that globalization carries risks and costs as well as undeniable advantages.
Globalization has made the cost-benefit calculation much more complex because American manufacturers from Whirlpool to Compaq import a huge percentage of their components from overseas.
