One of the driving forces behind globalization is capitalism, a system of production designed to maximize private profit and gain. In order to maximize profit, producers must minimize materials and labor costs. The objective of this week’s assignment is to understand how capitalism drives globalization.
(1) Find an object in your home that was produced in another country. Describe the object and tell us its country of origin.
(2) Explain why the object was produced where it was produced. Focus on the costs of materials and labor. Be as specific as you can be (for example, tell us the market price for a particular material or the average hourly wage in the country). If you donâ€™t know the answers, Google them: Why are x objects produced in y country?
(3) Are there U.S.-made versions of the same product? Are materials and labor more or less expensive in the U.S.? Why? (Be specific if you can, compare costs in real $$.)