Core Pillars of Globalization Essay

Core Pillars of Globalization Essay

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Topic 1- Globalization
Growing up in twentieth century, the subject of globalization has drawn numerous supporters and opponents alike. According to the International Monetary Fund (IMF), the core pillars of globalization are movements in trade, capital investments flow, human resources and information knowledge transferred across geographic boundaries. (IMF, 2000) While some view this process as beneficial and needful, others regard it with hostility and even fear.

In Ladakh, “Little Tibet”
Observing first-hand the effects of globalization on local communities is Helena Norberg, founder of the International Society for Ecology and Culture (ISEC). Under the leadership of the Indian government, Ladakh was propelled into the global arena in 1975- as the world raced for rapid economic growth and development.
Over the next 2 decades, Little Tibet saw economic success like never before. Highlighting this achievement is the tourism industry which contributed up to 50% of the nation’s Gross National Product (GNP) due to the steady influx of foreign tourists- from a mere few hundred to an estimated of 15,000 annually. (Alex G., 2008) As such, globalization brought about an increase in wealth for the Ladakhis community as a whole.
On the hind side, Helena and many others witness the pernicious repercussions of this phenomenon. In particular, “globalization created a sense of inadequacy and inferiority primarily amongst youth” as they compared their simple agriculture-centred way of life against the affluent, pleasure seeking lifestyle of urban tourists. (Helena N., 2010).
Caving into the psychological pressures, the Ladakhis readily despise their traditional values and norms and are quick to embrace whatever is seen as modern. Case in p...

... middle of paper ...

...Furthermore, benefiting from globalization, Singapore established itself as the premier global financial hub. As such, it was successful in attracting Multi-National Corporations (MNCs) and Foreign Direct Investments (FDIs). Quoting a study by the National University of Singapore (NUS), “Globalization was the primary centrifugal force that led to the success of the financial industry in Singapore”. (NUS, 2004)
Putting things into perspective, we must also be cognizant of the disadvantages globalization brings. For example, the loss of traditional cultures as reflected in the case of Ladakh, or influx of foreign talents competing for jobs; or even the brain drain effect.
However, paramount to our discussion, we understand how globalization has greatly benefitted the Singapore community as a whole; and how, the positive impacts have preponderated over its shortfall.

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