Economic Globazation-Source Analysis

778 Words2 Pages
bulb-icon

Recommended: Impacts of globalization on the development of nations

Our global world is being more connected as we become integrated politically, socially and even economically. Due to the Bretton woods agreement, different countries have been economically dependent on each other in fear for war to erupt. From then on different organizations and policies tied more countries into being economic globalized. This economic globalization had then given us many opportunities in trades and more access to natural resources in other countries. Unfortunately, there are some negative effects that are brought to less developed country. Overall, many people believe that economic globalization does a great work on accumulating our economy and our quality of life. Source one is an excerpt from the book called “Transnational Corporations: Knitting the world together”. This book was published in 2004 and the author is Keith Suter, a futurist. He believes that transnational corporations are now the main global economic force as they eroded the national market. He deems that due to transnational companies the world is now involved in one global market. He views transnational companies as a definite source of economic globalization. Transnational companies did not only bring jobs to less developed country but it also stimulated the economy of that country giving them motivation. Transnational companies had given less developed country a better quality of life and well-being. There are some critics about transnational companies but transnational company had given us a way to make our world more globally connected as what Keith Suter would agree upon. The second source is a cartoon. It shows two elephants so induced to themselves they do not notice the little ants getting crushed, as the caption say: “When elephants m... ... middle of paper ... ...ade even more miserable and the workers have their rights violated. Both sources describes the elite nations taking advantages of the less developed countries, it may not be the country but the worker in it. Workers overseas get lower wages compared to the workers working in the more developed countries. Exploited, there’s nothing that the workers can do about it since they aren’t allowed to create unions to protect themselves. Countries are now even more in debt as some people believe that the IMF and the World Bank take advantage of them controlling not only their economy but even their politic. Inflation happens to a country, and in Jamaica, chaos was created due to that issue, the people become pugnacious and became rebellious. Economic globalization can bring many good opportunities but it could also bring some sort of different adverse outcomes to a country.

Show More
Related

  • To what Extent does Globalization Contribute to Sustainable Prosperity?

    1067 Words  | 3 Pages

    Globalization helps many people achieve greatness. But for the majority it brings hardships and struggle. People will be plagued by the effects of globalization and will have a tough time over coming it. We are far from reaching a point where we can say we have sustainable prosperity throughout our world. But before we focus in on sustaining prosperity, we must first reach prosperity and bring it to all corners or the earth.

    Read More

  • Globalization and Lower Living Standards for Americans

    1361 Words  | 3 Pages

    ... of the world together. It's positive effects may very well increase the overall well being of the world due to better cultural understanding and interconnectedness. Economically with the efficient delegation of natural resources globalization to greatly improve the average humans standard of living. However, the affect of globalization on individual countries could very well have a leveling effect that actually decreases the standard of living for those of us in developed countries. In my experience, I have seen both positive and negative effects of globalization. It is true that I gain a lot from learning about other cultures and sharing advances in technology, but at the same time I am concerned about the my economic future. In any case, globalization is going to continue to grow, whether we as American's profit from it or suffer from it is largely in our hands.

    Read More

  • Globalization Has Destroyed the Middle Class

    2246 Words  | 5 Pages

    The world is not a large and strange place anymore. The world is a place that is interconnected and intertwined. The world has become from a place that each country and their peoples are separate and isolated to a place that each country and their peoples are part of a global network. Thanks to globalization this is occurring. Globalization is the ‘international integration” or ‘de-bordering’ – “a number of highly disparate observations whose regular common denominator is the determination of a profound transformation of the traditional nation-state” (Von Bogdandy 2). Globalization is connecting different people from different cultures and backgrounds together. More and more corporations are entering new foreign markets to sell their products to the native populations. But at the same time globalization is negatively hurting people and countries. Globalization is hurting workers and small countries. Workers are forced to work for low wages and small countries are being manipulated by large countries. Globalization is having a negative impact on this world and it outweighs any positive it produces.

    Read More

  • Critical Response On Globalization

    1224 Words  | 3 Pages

    These results change or modify political organizations to be suitable for the needs of global capital. Regions and nations are encouraged to import and export of goods from other parts of the world rather than supplying or manufacturing them in their own homeland. Thus, seeking expensive manufactured supplies or goods from third world countries to import them to the first world corporation’s injunction with the free trade zones of globalization (Ravelli and Webber, 2015). These negotiations raises new organizations, for example, the World Trade Organization (WTO) to aid and supervise both countries to for a legalized trade. However, Neoliberalism amplifies the negative aspects of globalization’s effect on the economy. For example, deregulation, decrease of government benefits, and tax modifications (Bunjun, 2014). Nevertheless, relating these negative aspects to the documentary Made in L.A. (Carracedo, 2007) which is the main issue of increased risk of employment for both the first world and third world countries. In regards to, a switch from full time stable and secure jobs to part time unstable and insecure jobs. This reduces career growth for many employees, which they recognize, and thus switch jobs – where as they may not fit as well (Bunjun, 2014). As a result, globalization causes market inefficiency via labor market segregation and exploitation, unemployment and underemployment, unequal access to employment (Bunjun,

    Read More

  • Globalization of America

    944 Words  | 2 Pages

    Globalization is not all bad. It was this process that created jobs around the globe and allowed companies to develop and grow to heights never imagined. It also encourages competitiveness among businesses which lowers costs for consumers. Along with these lower costs there is also a wider range of product choices available. Companies such as Wal-Mart and Target are in a constant pricing war to gain loyal customers. Goods made in the United States as well as overseas are now widely available at the touch of a button with little to no effort. This interchange of goods opens the door for cultures to become more tolerant of one another. Furthermore, other countries are assisted by the creation of new opportunities due to the financial and industrial aspects of globalization.

    Read More

  • Service based economy in the U.S.

    354 Words  | 1 Pages

    We say that we are heading toward a more global economy because of the fact that competition in today’s markets is global. This means that corporations in the United States can compete in foreign markets and vice versa, therefore U.S. corporations and foreign corporations become interdependent and thrive off each other. This can have a good impact on the United States because it allows U.S. corporations to seek materials and labor outside of the U.S. in countries such as China, India, and Mexico, where workers are paid a lot less money than U.S. workers, thus allowing them to sell their products for significantly cheaper than if they were produced in the U.S.; however, the tradeoff is that many American workers in the industrial sector lose jobs due to this shift of labor to overseas. In the long run this will be beneficial for the U.S. and although some percentage of workers are losing work, new jobs in the services sector, in fields such as computer technology, telecommunications, and language skills are opening up and experiencing growth because of this change.

    Read More

  • Proponent and Opponents of Globalization

    1294 Words  | 3 Pages

    Proponents have a strong belief in free markets and limited governments intervention. According to Preble (2010), globalization has led to the creation of jobs, higher living standards and a higher variety of goods available to consumers. International trade is one of the driving forces behind globalization. Countries specialize in specific goods wherein it has a comparative advantage. This results in a higher efficiency and productivity and ultimately leading to an improvement of the living standards. As a consequence, export increases. Hereto, more jobs are created, a higher variety of goods are available and international competition has increased. This results in lower prices, keeping the inflation in check (Preble, 2010). Furthermore, Preble (2010) states that the increase of trade in goods and services, foreign direct investment and cross-border investment have been important for the success of globalization. Other important benefits, mentioned by the proponents of globalization, are the promotion of information exchange and high understanding of a variety of cultures. Globalization has led to a world where “democracy has triumph over autocracy” (BBC News, 2000, as stated in Preble, 2010, p. 334).

    Read More

  • The Pros and Cons of Globalization

    2091 Words  | 5 Pages

    (Bilton et al 1996:5) The process of globalization has certainly had many changing effects to the world we live in; it has also changed the way many factors operate. Globalization is said "to have transformed the structure and scale of human relationships that social, cultural, political, and economic processes now operate at a global scale with a consequent reduction in the significance of other geographical scales. "(The Dictionary of human geography 2004:315) Globalization has had both positive and negative effects on a local, national, international and global level. Globalization often brings benefits at one level which cause negative effects at another, these results and the scale at which they manifest are often uncertain and unpredictable.

    Read More

  • Globalization: The Path to Destruction

    1766 Words  | 4 Pages

    ... policies. People will continue to suffer in silence because of the world’s greed. So, while we enjoy our cheaply made goods and over consume the planet into demise, we never know of choose not to know the pain that went into the productions of those goods. Globalization may be championed as a gateway to financial growth for all nations, but only certain nations benefit from it. Global trading and integration has a negative effect on undeveloped nations and developed nations in many ways including; political systems, sovereignty, economy, way of life and much more. Earlier in the essay I asked ‘do the pros outweigh the cons when it comes to globalization’ and from my research I don’t see any real benefit. I don’t believe we should eliminate global business, but better the already lacking regulations and probably increase the standard of living equally for the world.

    Read More

  • The Pros and Cons of Globalization

    965 Words  | 2 Pages

    Globalization, a great number of people regard it as a chiefly economic phenomenon, necessitating the additional integration, or interaction, of nationally based economic entities through the development of international trade, investment and monetary flows. Also included in this view is the rapid advances in sharing social and cultural values as well as new technologies as the world grows together. Globalization can be defined as a procedure in which geographic distance is a diminishing factor in the formation and sustentation of international economic, political and cultural relations. Proponents of this process believe that free trade and integration of world markets will facilitate growth in economies both old and new. Proponents also believe that globalization will stimulate the spread of democracy and in turn improve the condition of human rights so intrinsic to the values of democracy. Critics of globalization see globalization quite differently, portraying it as worldwide push toward a globalized economic system under the control of global corporate trade and banking institutions that are not responsible to the democratic system or governments. Many questions surround globalization. What are the costs and benefits of free trade? Does globalization exacerbate global inequality? What impact does globalization have on the environment? Are industries in developed nations being weakened by industries in developing or third world countries that have a lower standard and therefore cost of labor?

    Read More

  • Globalization Argumentative Essay

    975 Words  | 2 Pages

    Globalization on a broader scale, is an integration act, involving cultural, mental, political as well as economic aspects of a person, among countries. It is mostly limited to, economic integration, associated with movement of people, exchange of technology and information, trade as well as financial flows. . This is practice is clearly miles ahead, as demonstrated by the ever increasing capital flows in the world economy as well as the level of importance, the world economy has. As a result of globalization, tremendous pressure is on the nations to keep up with its demands and this has had a lot of consequences. Some pundits will tell you that these effects are only economic based,

    Read More

  • Globalization: An Ideology of Western Elitists?

    1230 Words  | 3 Pages

    Globalization creates and amplifies depolarization on a regional, national and global level. First, the main criticism of globalization is its role in creating and increasing the gap between classes in society. This “developmental gap” is characterized by and increased concentration of national income in the hands of fewer people (Keeling, 2002). When such social hierarchy exists, a small percentage of individuals or groups have total control over production, finances and information. Thus, the labor force is not only exploited for the economic benefit of a country and a select few modern-day oligarchs, ...

    Read More

  • The Impacts of Globalization on Developing Countries

    1374 Words  | 3 Pages

    Globalization, love it or hate it, but you can’t escape it. Globalization may be regarded as beneficial from an economic and business point of view, but however cannot be perceived the ditto when examined from the social sciences and humanities side of it. Globalization can be argued as a tool for economic growth, advancement and prosperity through co-operation between the developed and developing countries. The pro-globalization critics argue that the benefits that globalization brings to developing nations surpasses or outcasts the negative impacts caused by globalization and may even go a step further to state that it is the only source of hope for developing nations to prosper and stand out. However, the real question to be asked is as to what extent are the positives argued upon without taking into account the negative aspects of globalization towards developing countries. Moreover, how many developing countries out of many are exactly benefiting or even prospering from globalization is another question to consider. Therefore, my paper will dispute that indeed growth and advancement provided by globalization to developing countries is beneficial in short-term, but in the long-run, it will only bring upon negative impacts and challenges due to the obstacles involved such as exploitation of labour and resources, higher increase in poverty, and effects of multi-national corporations on local businesses and the economy, and to an extent the effects on the developing country itself.

    Read More

  • Benefits Of Globalization

    1059 Words  | 3 Pages

    Globalization is associated with bringing together world economies and cultures. Globalization is a controvertible conception. This allows powerful corporation change local enterprises and in the future make the gaps big between, rich people and poor people. The benefits of an international market to integrated where labour, ideas, capital and goods can be free and to promote the economic development all of the levels in the society. Globalization is a process to interact and integrate among companies, people and the governments of other nations. Globalization is process which international organization, corporations, individuals and communities has become more interconnected with politics, cultures and the earths environment. “It is characterized

    Read More

  • The History of Globalization

    1807 Words  | 4 Pages

    Globalization is the increasing interconnectedness of people, places, and cultures throughout the world today. The effects of this homogenizing process that we call globalization can be seen in all aspects of life. From McDonalds being in almost every country, to the majority of North American clothes being made in periphery countries, to the technological ability that allows us to instantly communicate with people anywhere in the world, the effects are everywhere. Economically today, globalization has had both positive and negative effects around the world, with many similarities to colonization. Globalization has also led to increased poverty amongst the global periphery, and a specific group of winners and losers within this process of globalization.

    Read More

More about Economic Globazation-Source Analysis

Open Document