The problem with Globalization
By caroljmcdonald on Oct 24, 2008
yesterday Greenspan admitted that he was surprised and "partially" wrong about the free market. When will economists admit that they are wrong about globalization? A problem with globalization is it encourages over specialization in what a country does best. Over specialization is bad because when the environment changes you die, you see this in the fossil record, generalizers survive changes (I have a BS in Geology). A Haitian neighbor agreed this is a problem, when Haiti specialized in Bananas for example and then Honduras grew them cheaper, where did that leave Haiti?
A country should not over import , a country should have its own farmers, manufacturers , scientists, and engineers.