Economic Globalization Today the World Term Paper
- Length: 7 pages
- Subject: Economics
- Type: Term Paper
- Paper: #34601163
Excerpt from Term Paper :
"The explosive growth of the global economy threatens the natural systems that sustain life on Earth. Despite some significant successes in reducing industrial pollution and increasing efficiency, globalization is devastating natural habitats, speeding global warming, and increasing air and water pollution" (Anonymous). It is in the nature of such an economic globalization to cause negative effects. Globalization has its benefits as well which hold substantial weight.
Advocates for economic globalization state that it is aimed at removing poverty and increasing wealth among the poor. This has been seen not to be entirely true and the gain of wealth is seen only in the upper or elite classes. The rich are getting richer while the poor are getting poorer. Although food has increased, hunger rates have also increased. It is seen that the top class is becoming multibillionaires and today there are more billionaires than yesterday. However the lower class is now facing days without any food. The largest economies in the world today are corporations. Names like General Motors, Mitsubishi rank among the first thirty largest economies. It is now known that these names have a larger economy than countries like Finland, Chile, Saudi Arabia, Denmark, Turkey etc. The list is endless. Larger corporations do not mean greater and more job opportunities. The fact is that such large corporations employ about 0.5% of the combined workforce of the world. Reason being that they have advance technologies where their machines are mostly robotic in nature and thus lower workforce is needed.
Recently "thousands of protesters flooded Washington on Saturday to stage dual demonstrations against the U.S.-led war in Iraq and economic globalization" (Lisa Lambert). Hence we see today that a large number of people are against the economic globalization because they have realized it ill effects on the people. Wealth gets concentrated among the social elite while others have to suffer with hunger strikes. The elite who know of the benefits that economic globalization brings to their personal selves are usually the only advocates for this. They try to promote economic globalization so that they can benefit the most and their corporations would become economic powerhouses across the globe. Alternates should be used so as to fulfill the goals which economic globalization boasts about. The importance of economic globalization does not exist as such because overall although it is not a bad thing, it is not an efficient system. Though advocates for it say there are no alternates, many people have formulated other options which the world could opt for. Huge corporations have always favored economic globalization and because they control the policy and influence the elections, their policies always promote economic globalization regardless of its negative effects seen globally. The general public is against this view and aims for a system that would help the people to get more jobs and allow the developing countries to get developed. Many somehow still voice their opinion in favor of it because of the other benefits which they receive like low costs on products. It is important the people should realize that economic globalization is not the best option and there is a need to drift to alternatives presented by many economists who aim for a better future. If economic globalization is pursued then it will have an adverse effect globally and the outcome would be disastrous.
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