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What is Globalization?


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Globalization’s benefits have come under increased scrutiny as slow income growth of the middle class in developed countries and political populism has been pointed to as an outgrowth of this trend.  This video puts things into perspective with the work of Branko Milanovic from the World Bank who created the “elephant chart” which tries to answer the question of who are the winners and losers from globalization.

Points that were omitted from this video and are influenced by globalization include the products that would not be able to be produced, input costs like energy and transportation, and technology advances. There are winners and losers with globalization but in total the size of the overall worldwide economic pie would not be as large without globalization’s influences (worldwide GDP increasing by 50% since 2010). The free movement of goods, services and people in a seamless, integrated manner appears to have provided more benefits than disadvantages.

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