Outside, demonstrators trashed a McDonald's restaurant. The Battle in Seattle Never mind the riots. This week, a meeting of the United Nations Conference on Trade and Development in Bangkok sums up the globalization disjunction. We are very much in doubt about the benefits. Usually, the topic comes up in relation to international trade, but it goes far beyond that.
Globalization really means changing the way things are done at home.
The import of foreign goods not only affects domestic manufacturers, it changes consumer expectations about quality, price and even lifestyles. The entry of foreign businesses forces local companies to adopt new practices ranging from improving corporate governance to cutting staff. Make no mistake - change can be good. Asia's development over the past half-century is a prime example. The changes go beyond the economy.