What is Globalization?

Jul 18, 2022 | Ask "Z" Economist

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Summary: What is globalization? Let’s start with what it should be – fair trade. In this situation, countries balance their trade flows with trading partners that export their economic strengths and import their weaknesses. This should result in a balance of trade flows such that each country imports and exports goods & services of equal value. However, this chart demonstrates that the US trade deficit continues to decline and is currently running close to -$100B per year. If the US was sourcing that $100B domestically, this would represent more jobs and GDP for our country. Also, given the widespread use of geopolitical and economic warfare, this huge US trade deficit represents a substantial national security risk (especially as it relates to Taiwan’s domination of the computer chip market). While past US trade deficits have helped launch China into an economic powerhouse, that decision has proven to be less than strategic as we find ourselves at their mercy.

US Trade Balance Graph

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