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Benefits of a country remaining isolated in globalized economy

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What Are the Costs/Benefits to a Country of Remaining Isolated in an Increasingly Globalized World Economy?

1-What is economy globalization: all aspects including cultural, financial, and social.

2-Benefit of Globalization:
? Lower Prices for Consumers
? Greater Choice of Goods
? Bigger Export Markets
? Specialize a certain Good
? Greater competition

3- Cost of Globalization:
? Environmental Cost
? Labor Drain
? Less Culturally Diverse

4-Benefits of Isolating from a Globalized World Economy:
? Reduction in Environmental Waste
? Utilization of skilled workers
? More financial Stability

5- Cost in remaining isolated:
? Less Competition
? Less Export of Goods
? Higher Prices for consumers
? Less Specialization.

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The solution discusses the benefits of a country remaining isolated in a globalized economy.

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What Are the Costs/Benefits to a Country of Remaining Isolated in an Increasingly Globalized World Economy?

1-What is economy globalization: all aspects including cultural, financial, and social.

Definition: "Economic globalisation" refers to increasing economic interdependence of national economies across the world through a rapid increase in cross-border movement of goods, service, technology and capital. ...en.wikipedia.org/wiki/Economic_globalization
Refers to free trade and increasing relations among members of an industry in different parts of the world (globalization of an industry), with a corresponding erosion of national sovereignty in the economic sphere. ...www.newworldencyclopedia.org/entry/Globalization
REFERENCE: http://www.google.com/search?hl=en&client=safari&rls=en&defl=en&q=define:Economic+globalization&sa=X&ei=hG9UTZiyAoL98Ab85vXECQ&ved=0CB8QkAE

Economic Globalization: http://www.ucc.org/justice/advocacy_resources/pdfs/economic-justice/what-is-economic-globalization.pdf

Globalization - This is the process where all aspects of culture, financial and social cultures become inter-connected by a network of communication, transportation and the exchanging of goods.

Globalization has several affects on different aspects:
Economic: A global market place is free to exchange goods and capital. These markets are then connected which poses a good aspect (the exchange of goods) but also a potentially negative effect if one of the economies has a downturn or even crumbles.

Political - The US has always been a political power and with that being said our globalization with China has afforded them to grow in all aspects. With the new growth comes more power and wealth. This will allow China, who was a once weak political power, to become more powerful and potentially rival the U.S. Again both positive and negative aspects.

Cultural - Globalization allows different people all over the world to connect, learn and understand new cultures. The spreading of multiculturalism and achieving a better understand of those around you from other cultures allows people to be more accepting and harmonious of those around them. This also promotes tourism and travel which leads to people of various cultures supporting foreign economies. ...

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