Crash Course Economics

Globalization and Trade and Poverty (1x16)

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What is globalization? Is globalization a good thing or not. Well, I have an answer that may not surprise you: It's complicated. This week, Jacob and Adriene will argue that globalization is, in aggregate, good. Free trade and globalization tend to provide an overall benefit, and raises average incomes across the globe. The downside is that it isn't good for every individual in the system. In some countries, manufacturing jobs move to places where labor costs are lower. And some countries that receive the influx of jobs aren't prepared to deal with it, from a regulatory standpoint. Anyway, Jacob and Adriene can explain the whole thing to you in 10 minutes.