Trans-Pacific Partnership: Economic Boon or Bane?

Recently Barack Obama and twelve other nations came to an agreement on a trade deal that is known as the Trans-Pacific Partnership, or TPP. The agreement was reached on October 5, 2015, kicking off a ninety day period that congress has to review the terms of the agreement, and make an up or down vote on it (Wright, 2015). The Trans-Pacific Partnership can be a benefit and a downfall for some of the economies included in the agreement. The Trans-Pacific Partnership touches forty percent of the world’s global economy. The partnership includes twelve pacific rim countries, including: the US, Japan, Singapore, Malaysia, Vietnam, Brunei, Australia, New Zealand, Canada, Mexico, Chile, and Peru (“TPP”, 2015). The passing of the partnership has been

The TPP demonstrates how nations such as the United States and Japan, who are developed nations, can rule over weaker and non-developed nations. A pro of economic globalization is that it provides poorer countries with assets that are needed to flourish and develop quicker. Also global economy provides free trade creating jobs to help economies get back on their feet and opens up more jobs for their people. Countries also learn more about other countries through trading (Collins, 2015). With knowing more about other countries, it will become easier to help each other in times of need. With every upside there is a downside to economic globalization. With all the positive sides of globalization, there are just as many downsides and bad things that come along with it. One of the biggest downsides to globalization is that it makes the rich, even more rich, and the poor even poorer. This is because of the fact the rich find ways to get what they want made to be produced at a cheaper price, thus increasing their profits on the product. Another downside is that some large corporations and companies can be exempt from paying taxes in some countries (Collins, 2015). The benefit of not being required to pay taxes goes back to the rich becoming richer. I personally think the biggest con in the globalization of the economy is that some countries that are undeveloped cannot afford to pay some prices that big corporations set on their goods. For instance, many of the people living in Japan have small family farms, and they do not want to compete with the large American agricultural giants who mass-produce their goods using machines rather than everything by hand (Wright, 2015). While researching about the TPP I developed mixed feelings whether or not it should be passed. The fact that this agreement was not talked about to the public makes me think that there is