-this is an excerpt from an essay im writing. It sums up some thoughts ive had on globalization. not sure if this is exactly what I believe, but it made sense when I wrote it.
The future of international trade (and as a result, globalization itself) is not set in stone, however. The WTO could become more or less regulated, and it could encourage increased standard of living for the developing countries of the world more or less. It is my personal opinion that the best path for the WTO in order to encourage global prosperity for the future is to be flexible. As developing countries around the world become more industrialized they will probably become healthier, more productive, and better educated. As this happens, more and more people will want a lifestyle that matches the increased economic power their country holds. Global prices will change, and due to their lower cost of living and lower wages, workers in developing countries will have a competitive advantage. Developed countries cannot expect to be unaffected by this, and if their economies cannot adapt by responding with lower costs of living and lower wages, then they will suffer for it. It is my hope that the WTO realizes that their role is not to manipulate the global economy so that developed countries can continue to make their people earn more for their work than they should and pay more for their lifestyle than they should, but rather to facilitate and regulate the transition that must happen- a transition into a world where prices and wages naturally adapt to a global economy.
