Globalization's Double-Edged Sword: Unveiling the US Economy's Triumphs and Tribulations
DOI:
https://doi.org/10.58445/rars.917Keywords:
Globalization, US Economy, job displacementAbstract
Globalization and trade have become increasingly influential in the global economy, enabling the spread of ideas, goods, and culture worldwide. While globalization has brought about numerous benefits, it is essential to also consider its negative impacts on certain groups within the United States. This research explores the benefits and drawbacks of globalization for different segments of the U.S. population. Understanding how globalization affects the U.S. economy is crucial, as it has far-reaching consequences for individuals, their environments, and the nation as a whole.
The paper highlights the adverse effects of globalization, including job displacement, declining wages, wealth inequality, and environmental degradation. It discusses potential solutions and strategies to address these challenges, such as free retraining and upskilling programs, counseling and job placement services, and support for entrepreneurship. Safety net programs, including unemployment benefits and relocation assistance, can provide essential support for individuals facing job losses due to globalization. Environmental regulations and incentives for environmentally friendly practices are also proposed to mitigate the environmental impact of globalization.
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