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It is a difficult task to provide a clear-cut judgment on whether economic globalization is beneficial to overall the world economy. We see more states joining the World Trade Organization (WTO). We also see protests where people roaring “down down WTO”. The reason why we see this phenomenon is that economic globalization is a two-edged sword. While providing new opportunities, economic globalization also means risking its own domestic economy. It is important to carefully examine both the benefits and harms of this two-edged sword.
Jeffrey Frankel argues that economic globalization “is overall a good thing, not just for economic growth but also when non-economic goals are taken into account” (2000). He backs up his argument by pointing out that both theory and evidence have clearly revealed the positive effects of globalization on real incomes. For instance, the classical theory tells that the division of labor, known as “specialization”, on the transnational level......

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Approximate Pages: 3 (250 words per double-spaced page)

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