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Cato Daily Podcast
Globalization Delivers the Goods (and Liberates Our Time)
Dec 27, 2023
Globalization and trade liberalization have brought the world's bounty to our doorsteps, providing us with more leisure time. This podcast explores the benefits of globalization, including lower prices, reduced barriers, increased accessibility of goods for workers, and the growth of cross-border services. It also highlights the transformative impact of trade liberalization on living standards, consumption, and global connectivity.
10:39
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Quick takeaways
- Globalization saves time by allowing specialized production and exchange of goods and services, enabling individuals to invest in their skills, families, and leisure time.
- Globalization in cross-border services, such as digital platforms, offers cost and time savings, access to innovative products, and interconnectivity with people and cultures worldwide.
Deep dives
The Non-Financial and Intangible Benefits of Globalization
Globalization not only delivers goods and services from around the world, but it also provides non-financial and intangible benefits. Trade liberalization and globalization save people time by allowing for specialized production and exchange of goods and services. This specialization enables individuals to focus on developing their skills, investing in their families or communities, or simply enjoying more leisure time. In addition, lower prices in a globalized economy reduce the amount of time people need to work to earn the same goods. The freedom to trade has also contributed to a significant reduction in extreme poverty, with the share of people living in extreme poverty dropping from 50% in 1820 to 8.5% in 2019. Trade barriers, particularly tariffs, disproportionately burden the poorest and reducing them has helped raise real incomes for those in the lowest income brackets.
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