Globalization: A Global Network

Globalization is a process that integrates a global network of economic, political, social, and cultural interdependence on a worldwide scale. This international phenomenon unlocks new pathways for a universal marketplace that permits the flow of economic trade of capital, goods and services, financial investments, and distribution of resources across different countries and institutions. With the rise of regional economic integration blocs such as NAFTA, ASEAN, and Mercosur, manages and facilitates a smoother flow of free international trade and financial investments, reducing the barriers and policies amongst member countries within the same trading bloc. There is also a major growth in financial flows, allowing countries and institutions to do foreign currency exchanges. The free flow of capital also authorizes foreign transactions around the world such as foreign commercial and investment banking, and foreign bonds. By having access to larger markets, consumers are exposed to international commodities, thus, tastes preferences and lifestyles are also converging across different countries. However, at the same time there is a negative cultural impact surfacing as well. As commodities become standardized to meet a wider range of audience, unique cultures, traditional values and lifestyles are also becoming overshadowed. What makes us unique seems far from unique when everyone carries the same products. And as global markets continue to expand, the competition also becomes fierce. Companies are offshoring to developing worlds, seeking new ways to reduce cost by shifting productions and manufactory facilities overseas where cost is significantly low. As production and services shift abroad, so are we as consumers, who will also f...

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...and low paying wages in certain parts of Asia and Africa may seem unethical, but some laborers are blessed to even have a job. Furthermore, critics may also stress that market liberation may cause us to lose touch with our national identity, but without it, we will never be moving forward. Even though there are pros and cons regarding globalism, we cannot deny the fact that it opens up new doors for businesses and consumers, like myself, to explore the other side of the world. In a sense, divulging to similar living patterns can help us learn more about different cultures. Consumers in Tokyo, for instance, can now have a taste of our American culture by taking a sip of Coca Cola. We can enjoy a hint of Tokyo by having Sushi at a local restaurant. Without globalization, we will never taste the wonders of the world, or better yet, we will never know they ever existed.