Another well-known economic analyst Milton Friedman, believed that everything wrong in the world could be righted with free market trade. He promoted such ideas of private utilities and removing government involvement from society and business in every conceivable area (the Great Experiment: The Facts About Globalization (http://www.americanassembler.com/issues/globalization/index.html).
Recent studies indicate that such ideas, while looking good in theory are not conducive to successful society. California is a classic example of what can happen if free market utilities are allowed to roam unfettered by government standards of any type.
Friedman believes that complete free growth opportunities without boundaries, such has been the case in some areas of globalization actually harm the worldwide economy and in turn society in general (the Great Experiment: The Facts About Globalization (http://www.americanassembler.com/issues/globalization/index.html).
Conclusion
While globalization has been occurring since the beginning of time the recent expansion of electronic communication has caused the concept to explode with growth. Free trade is not a new concept, though the past few decades have seen in expand to include competition across different nations instead...
Adam Smith has a valid point in the balance and counterbalance impact that globalization has on the world. While blue collar workers are experiencing some negative affects of world trade, the other areas of business are experiencing extremely positive aspects of the globalization process. Overall globalization is providing a positive and forward thinking ability for society to succeed, however, it will be important along the way to monitor its progress and be sure it is fairly distributed.
References
History of globalization (Accessed 6-10-07)
http://www.answers.com/topic/history-of-globalization
The Adam Smith address: what difference does globalization make? - speech delivered at the 30th annual meeting of the National Assn. Of Business Economists, Sept. 10-13, 1995 - Transcript Business Economics, Jan, 1996 by Paul Krugman (Accessed 6-10-07)
http://findarticles.com/p/articles/mi_m1094/is_n1_v31/ai_17900497/pg_5
The Great Experiment: The Facts About Globalization (Accessed 6-10-07)
http://www.americanassembler.com/issues/globalization/index.html
The Free Market God
What is Globalization? (Accessed 6-10-07)
http://www.imf.org/external/np/exr/ib/2000/041200.htm#II
