National economies are more connected today than ever before with nations focusing on their comparative advantages and a global economy has been created but because of this, the world’s economies have become increasingly interdependent and volatile. Oil is the backbone of the global economy, but oil is a quickly depleting resource and eventually government protection of oil resources will lead to the collapse of global trade. Globalization causes negative effects on the world’s economies, with increased interdependence leading to issues like Contagion. Governments are steadily becoming more involved in regulating their economies and protecting their own economies will hurt globalization. Government involvement in the economy makes globalization unsustainable. The most condemning argument against globalization is certainly the fact that our world’s oil resources are quickly and irreversibly depleting. Oil is integral to globalization as it is the international fuel of transportation and international transportation is the key to globalization. Globalization is essentially the exchange of resources between global economies, so it is inevitable that globalization will cease to exist if countries cannot afford to exchange their resources. For instance, the reason many of the goods in North America are produced in countries like China is because developing countries have a human resource advantage. Chinese companies can pay their workers a fraction of what North American workers are paid to produce the same goods, thus leading to cheaper prices for North American businesses when purchasing the goods. The exchange of goods globally is built upon importers receiving cheaper prices than what they would pay at home, but the cheaper price o... ... middle of paper ... ...ue University, 1995. Web. 13 Dec. 2013. . Prasad, Eswar S., et al. “Effects of Financial Globalization on Developing Countries: Some Empirical Evidence.” The National Bureau of Economic Research. National Bureau of Economic Research, 2003. Web. 10 Dec. 2013. . Radelet, Steven, and Jeffrey D. Sachs. “Currency Crises.” The National Bureau of Economic Research. National Bureau of Economic Research, Jan. 2000. Web. 10 Dec. 2013. . Rubin, Jeff. Why Your World Is about to Get a Whole Lot Smaller. Toronto: Vintage Canada, 2010. Print. Shangquan, Gao. “Economic Globalization: Trends, Risks, and Risk Prevention.” Development. United Nations, 2001. Web. 10 Dec. 2013. .
Fan, G., and X. Zhang. "How Can Developing Countries Benefit from Globalization: The Case of China." Eldis. N.p., n.d. Web. 20 Apr. 2014.
Regarding “The Age of Globalization” by Alan Brinkley I thought that the reading selection provides good details on timeline of significant events that significantly affected the global economy. The reading selection from the American History textbook starts off with a summary of event of September 11, 2001, and the role they played in the changes within global economy. On the next page we are presented with a timeline of events that will be described later in the reading selection. The purpose of this section is to illustrate how each of those events contributed to the world we live in today, particularly their influence on the global economy.
The case studies and examples in his book support key theoretical arguments; but the primary deficiency is it doesn’t have real life examples that elaborate on the theories. The book’s youngest audiences are undergraduates, and it is intended to educate and guide them towards the true meaning of globalization. No matter how explicate the theory is, it is very important to support it with specific examples. In chapter one Dicken points out “There is real danger of resource exhaustion in specific areas…geopolitical complication that access to localized resource (like oil, for example) may be restricted from time to time by states within whose territory it is located.”(Dicken2007 p.25) Imbedding an example such as “When the 1973 Arab Oil Embargo removed about 25% of the worlds daily crude oil from the market ─ oil prices increased significantly.” (McPherson) brings additional insight and understanding to a significant issue or event. Dicken’s writing style doesn’t emphasize on examples. They are the cornerstone of good reasoning, drawing pictures and allowing the reader to relate and receive an enhanced view of his arguments.
Although the origin of the GFC might have been the housing and financial crisis in the US, it affected both developed and developing countries in a devastating way. More specifically, the crisis has destroyed global financial systems and government budges, strike the confident and security of financial markets. It was universally recognized the worst global economic downturn since the Great Depression in the 1930s (Ciro, 2012). Before the financial crisis, the increasing food and oil prices had affected the non-producers and because of the developed economies are more integrated within the global financial systems and markets, they were the worst affected by the GFC in the short term. Developing countries were looking more optimistic in the short term as their economies were not as integrated into the global financial market system. Nevertheless, the escalated impact of the crisis did affect the real economy of developing countries especially on the export-orientated nations. As the demand of goods and services has been weakening from the developed countries, the output of manufacturing or services companies decreas...
This book review is divided into four parts, which are (i) Introduction, (ii) Chapter Summary, (iii) Review proper, and (iv) Concluding words. In the chapter summary, I just explained simply the gist of the chapters in 4 - 5 sentences. While in review proper, I quoted from the book the sentence / paragraph that I agreed in. lastly, you will see the things that I have agreed in to. Lastly, in the concluding part, I just recommended the book to the people who are in globalization and economic development.
Velde,D.K (2008). The global financial crisis and developing countries. Available at: http://www.odi.org.uk/resources/download/2462.pdf (Accessed: 5th August 2010).
Just imagine waking up in squalor, a once prominent society, now a desolate wasteland. All because foreign interest has raped your land of its natural resources and you seen not a cent in profit. Although, globalization is unifying the worlds developed nations and is bringing commerce to nations that have struggle in past years. True, globalization has many positive effects but do the pros outweigh the cons. In this essay I will discuss Globalization ruining the integrity of many countries and also is forcing many undeveloped nations into a bind, and is causing economic distress on some developed nations. Also, due to economic globalization the nations of the world are diluting their culture, sovereignty, natural resources, safety and political system. My goal is not to change your way of thought, but only to enlighten you of the negatives of global economic expansion.
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?
Globalization involves a variety of links expanding and tightening a web of political, economic and cultural inter-connections. Most attention has been devoted to merchandise trade as it has had the most immediate (or most visible) consequences, but capital, in and of itself, has come to play an arguably even larger role than the trade in material goods. Human movements also link previously separate communities. Finally, there is the cultural connection. All the individual data would indicate that we are undergoing a process of compression of international time and space and an intensification of international relations. The separation of production and consumption that is the heart of modern capitalism appears to have reached its zenith. Globalization is not just another "buzz-word" (globaloney), but very much a real and significant phenomenon.
Warwick J. McKibbin, and Andrew Stoeckel. “The Global Financial Crisis: Causes and Consequences.” Lowy Institute for International Policy 2.09 (2009): 1. PDF file.
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.
Globalization is a term that is difficult to define, as it covers many broad topics in the global arena. However, it can typically be attributed to the advancement of economic, social, and cultural interactions among the companies, citizens, organizations, and governments of nations; globalization also focuses on the interactions and integration of countries (The Levin Institute 2012). Many in the Western world promote globalization as a positive concept that allows growth and participation in a global community. Conversely, the negative aspects rarely receive the same level of attention. Globalization appears to be advantageous for the privileged few, but the benefits are unevenly distributed. For example, the three richest people in the world possess assets that exceed the Gross National Product of all of the least developed countries and their 600 million citizens combined (Shawki and D’Amato 2000). Although globalization can provide positive results to some, it can also be a high price to pay for others. Furthermore, for all of those who profit or advance from the actions related to globalization, there are countless others who endure severe adverse effects.
Using 1997 financial crisis and other examples, discuss how globalization is important to the modern business journalism. Introduction
Globalization’s history is extremely diversified and began during the beginning of civilization. Now we live in a world that is constantly evolving, demanding people to use resources in locations that are very difficult to obtain certain resources. This could make it completely impossible to operate in these specific parts of the world. However, globalization allows people across the world to acquire much needed resources. Globalization creates the opportunity for businesses to take advantage and exploit the ability to take part of their business to a different country. Nevertheless, globalization is part of today’s society and will be involved in virtually all situations.
Science Initiative Group Institute for Advanced Study, 2007, Globalization: Trends and Prospects, Available from: http://sig.ias.edu/files/Egwang-_Welcome.pdf