Goods of Globalization for the United States Michael Cox and Richard Fisher are the chief economist and the president of the Federal Reserve Bank in Dallas. In their article called Globalizing Good Government they enumerate all possible positive impacts globalization can have on the United States of America. They also centre on the impact globalization has on the government of different countries. They state that globalization also influences labour policies of the countries. As they state in their article, “the more globalized nations tend to pursue policies that achieve faster economic growth,” while “the least globalized countries are prone to policies that interfere with markets and lead to stagnation” (Cox, Fisher).
The growth of interaction between nations and countries and creating of one economical space gives more and more reasons to talk about the growing temps of globalization. Nowadays it is a phenomenon nobody can escape. Globalization is understood as economic integration and liberalization, deregulation of trade, development of macroeconomics, changes in the understanding of functions and role of state and integration of globalization of information systems.
Nowadays all the developed and developing countries try to gain more space and open their own markets on the world arena. It goes without saying that the United States is the leading country on the world market and it produces a lot of American goods which are of great advantage on the international market. Economic growth of the USA greatly depends on its exports because exports make one-quarter of the economy. As state the authors of the article, “Nations can no longer sit within their borders and pursue policies incompatible with an increasingly integrated world economy. The types of services, manufacturing and entrepreneurship that generate national wealth are more mobile than ever, and they will forsake countries that shackle business and labor with unnecessary burdens” (Fisher, Cox).
Approximately 12 million American jobs are connected with export and depend on it and people who work in this sphere get wages 13 to 19 percent higher than those who work in the national sphere. The United States has great benefits from the NAFTA and the Uruguay Round as they encourage American businessman to make goods of higher quality, which would be available at lower prices.
Among the goods for which Globalization of the United States has a comparative advantage are footwear, medical equipment, furniture, machinery types and electronics. Among the most exported goods are oil and different kinds of weapon. After the World War II there was the arm race between the USA and USSR. The production of numerous kinds of weapon became the paramount task of the country; the American economy was subordinated to this main task. After the end of the cold war the production of the weapon in the USA was on a high level and it gave The United States got the chance to become the leading exporter of weapon on the international market.
The States is now on the post-industrial stage of the development, it means that informational technologies prevail there. Being one of the leading producers of high technology and automated equipment the USA is also the leading exporter of these goods. Among the American technologies computers and specially designed software are the most exported goods. It is obvious that there are certain rules on technology and weapon transfers to different countries of the world because without these strict rules foreign countries would be able to use them in their own interests and apply weapons to the military programs and so jeopardize the entire world.
One-third of the area of American farms is seeded with crops which also become one of most popular export products. Crops are exported in enormous quantity every year, so grain of high quality that is grown on the territory of the United States is another exported good.
America, being the country of great opportunities, does everything to present goods of high quality on the international market. American economic growth depends on the exports and so the country is interested in the production of exclusive and high-quality goods and the process of Globalization gave America possibility to present thee goods for other countries. “It is clear that countries with solid policies will be more successful in the global economy, if our data demonstrate anything, it is that globalization prompts a race to the top by pushing countries to abandon policies that burden their economies in favour of those that fuel growth and economic opportunity.” (Cox, Fisher) They also add that some recent policies, such as favorable corporate taxes and openness of the world market contribute to the fast economic growth of the country.
I found the article by Cox and Fisher to be very useful and informative. They shape out the perspective created by the US’s participation in the globalization. At the same time Cox and Fisher give somewhat limited description of events. They center only on positive sides of the phenomena. While enumerating all positive sides of globalization, the authors of the article forget about possible dangers caused by the growing temps of globalization. Despite the authors talk about economic growth caused by globalization, they give little argument in order to support their thesis. They do no provide convincing proofs, such as exact data and numbers, in their research. Despite all these counterparts I found the article very interesting and information provided by the author expanded my knowledge.
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