The Importance Of Globalization

1) The fall of the Berlin Wall opened the curtain to an interconnected world were countries would start to would begin to be more interdependent than ever before. It is the age of Globalization. Globalization refers to “accelerating global integration” in terms of “growing volume of world trade, particularly as a result of the economic reorientation of the formerly Communist bloc, as well as greater social and cultural exchange.” As the Communist super power disintegrates Capitalistic ideas floods the globe, creating economically driven societies. As individual choice becomes more valuable, the wants and needs of the masses become the driving force of various nations. With pressure on growing world population, demand for world production increases

The world became a huge production line where countries relied on each other to produce all goods it demanded. If one fails, chain reaction would happen and could collapse the world economy. In The World Is Ten Years Old, Friedman describes the 1997 financial crisis caused by the complex economic ties and relation where the fall of one local economy would amplify into a world catastrophe. (9-10) Globalization has brought unimaginable convenience to the people living in developed nations, which is achieved through diminishing communication cost, increasing trade, and new sources of energy. The opening of China into international market, the extreme extraction of oil created the possibility of the production chain which eventually supports the world’s demand for industrial goods. The economic driven world has also exploited slower developing countries, which might hinder their growth which they would always be under the influence of more developed nations. Yet, globalization has established an invisible connection between all humans on earth, the goods that a person consume might have traveled across the world made by various material that has to be harvested in different countries, manufactured by different international factories and shipped into the homes of the consumer. Indeed, globalization have created a interconnected and interdependent