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Has the 2008 financial meltdown in the U.S. And the ongoing economic crisis in Europe have practically ended the era of economic globalization?
Following the financial crisis that marred the U.S. economy along with other global economies as well as the ongoing Eurozone debt crisis, there have been projected concerns that this predicament would end economic globalization. The purpose of this paper is to assess this claim. Going by Immanuel Wallenstein's World Systems Theory, the political economy of Third World economies and developed economies of the West are mutually dependent. Wallenstein's conjecture is that the growth and expansion of Third World economies relies on constant interaction with Western developed economies seeing as the world is characterized by a structural division of labor where the developing nations of the Third World provide cheap labor and raw materials while the developed economies are the holders of capital and controllers of…
Ebrahimi, H, 2012, "John Lewis warns Amazon's tax avoidance 'will drive UK companies out of business" The Telegraph
Held, David; The Open University, eds. (2004). A Globalizing World?: Culture, Economics, Politics (2nd ed.). London; New York: Routledge, in association with the Open University. p. 84.
Katz, I & Christie, R (2011) "Geithner Called Housing Giants Biggest 'Moral Hazard'" Bloomberg
Lynch, Katherine (2003). The Forces of Economic Globalization. Kluwer Law International
"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…
1) Anonymous - Economic Globalization. [Online website] Available at http://ucatlas.ucsc.edu/economic.php[Accessed on: 10/11/2005]
2) Anonymous - Mennonite Central Committee "Economic Globalization." [Online website] Available at http://www.mcc.org/us/globalization/ [Accessed on: 10/11/2005]
3) John N. Pearson, Jeffrey S. Bracker, Richard E. White - Article Title: Operations Management Activities of Small, High Growth Electronics Firms. Journal Title: Journal of Small Business Management. Volume: 28. Issue: 1. Publication Year: 1990. Page Number: 20+.
4) World Council of Churches - REPORT OF THE POLICY REFERENCE COMMITTEE II. [Online website] Available at http://www.wcc-coe.org/wcc/who/cc2001/pr-ii3-e.html#glob [Accessed on: 10/11/2005]
Economic globalization has affected every American in some way. In some cases, globalization has had a negative effect, for example when jobs are sent overseas. This occurs because globalization has reduced barriers to trade in both physical goods and services. As a result, people can lose their jobs to workers in foreign countries who are paid less. The reverse of this is that there are more opportunities for growth for American businesses. This will ultimately create new jobs, though usually for different categories of workers. A friend of mine's brother works for a company that sells most of its goods to the Asian market, which is something that was a lot harder to do prior to globalization. The reduction of trade barriers in particular creates opportunity, and if we use our comparative advantages we can take advantage of that opportunity (Investopedia, 2013).
Our lives are also affected quite a…
Eitzen, D.S., & Zinn, M.B. (Eds.). (2012). Globalization: The Transformation of Social Worlds (3rd ed.). Belmont, CA: Wadsworth.
Investopedia. (2013). How globalization affects developed countries. Investopedia. Retrieved September 18, 2013 from http://www.investopedia.com/articles/economics/10/globalization-developed-countries.asp
Mohr, A. (2013). The effects of economic globalization on developing countries. Houston Chronicle. Retrieved September 18, 2013 from http://smallbusiness.chron.com/effects-economic-globalization-developing-countries-3906.html
By means of automation, specialized works that were predominantly done by men in the manufacturing industries situated in the developed nations were diminished. Conversely, non-specialized jobs mainly in the electronic parts manufacturing industries, particularly the microchip, in which unskilled women in a number of developing nations find employment, became bigger. Thus, the electronic parts manufacturers, instead of investing in huge capital-based units, had favored to make use of manual workers based in nations wherein inexpensive, quiet, and for that reason mostly women workers was quickly accessible. (Mitter; owbotham, 1995) Hence, women in Asia could get several jobs from the electronics manufacturing industry. Fresh high school passed out graduates from the tiny villages moved to the cities for jobs available in the semiconductor units. Usually the daughters of those villagers who were high-incomes, these young females, irritated by the absence of clerical as well as semi-skilled employment prospects in their villages,…
Ahmed, Fauzia Erfan. (2004, Summer) "The Rise of the Bangladesh Garment Industry:
Globalization, Women Workers, and Voice," NWSA Journal, vol. 16, no. 2, pp. 34-45.
Ainina, Fall M; Petrick, Joseph a; Scherer, Robert F. (2003) "Loss Control in High Technology
Electronics Manufacturing: A Longitudinal Study of Occupational Safety," Review of Business, vol. 24, no.3, pp: 35-42.
economic globalization over the past twenty years sparked demand for a single, worldwide set of high-quality accounting standards" (Benjamin 2012). The SEC's allowance for American companies with international holdings to use IFS supports convergence to some extent by providing an incentive for filers to use IFS. Companies that use IFS can be compliant with both U.S. And international filing requirements, without having to keep 'double books.' All firms with an international scope are now likely to consider using IFS because of its compatibility with U.S. And worldwide standards. Given the globalization of the economy, even small and mid-sized U.S. organizations may begin using IFS, which will make firms which use GAAP more isolated. Convergence will be facilitated, with a likely bias in the new, universal standards towards using IFS with minor (or no) modifications.
Q2. The EU is one of the most powerful trading blocks in the world. The wholesale…
Benjamin, Michael. (2012). IFRS convergence: What it means and where it stands. BPM.
Schneider, Bob. (2013). Accounting basics. Investopedia. Retrieved:
a positive trend?
In order to fully understand the complexities of economic globalization, one must first sufficiently define the term in regards to how it is viewed in today's world. Thomas L. Friedman defines globalization as a system or a paradigm, "an approximate set of rules by which to conduct life," yet he also points out that globalization itself presently serves as a replacement for the old system begun and fostered during the Cold War which came to a close when the Soviet Union collapsed in 1991 (Sjursen, 3).
However, others have countered that globalization is defined by trends related to third-world countries that economically become stable as a result of re-defining their old national standards. For example, Juan Enriquez argues that the global trade market "allows a small region to break its dependency on a larger nation state," whereby "protection is no longer necessary," with the result…
Bergsten, C. Fred. "The United States and the World Economy." The Internationalization of the American Economy. Beverly Hills, CA: Sage Publications, 1982.
Haynes, Jeffrey. Globalization and the Third World. London: Routledge, 1998.
Herman, Edward S. "The Threat of Globalization." Global Policy Forum. Internet. Winter 1999. Accessed September 7, 2005. http://www.globalpolicy.org/globaliz/define/hermantk.htm .
Miller, Berna, Ed., et al. Developing Nations. Farmington Hills, MI: Greenhaven Press, 2003.
(Chandrasekhar and Ghosh, 2005)
Chandrasekhar and Ghosh state that the macroeconomic policy in China resulted in macroeconomic mechanisms that "differed substantially from those in predominantly market-driven economies. These differences relate to the availability of monetary or fiscal levers of the kind available in market economies, to the nature of the institutionally determined transmission mechanisms and to the outcomes of what appear to be similar policies. Only inasmuch as "economic reform" results in the generation of features characteristic of market driven economies in centrally planned systems, would the transition result in a gradual process of convergence in the nature of the policies, mechanisms and outcomes being addressed." (2005) It is related that despite the complete control of the Chinese government over the creation of money and fiscal policy "..., in the sense of using deficit financed expenditures to prime the economy, does not appear to have been a major thrust of…
Fischer, Stanley (2003) Globalization and Its Challenges. Ely Lecture. Online available at: http://www.iie.com/fischer/pdf/Fischer011903.pdf
Chandrasekhar, C.P. And Ghosh, Jayati (2005) Macroeconomic Policy, Inequality and Poverty Reduction in India and China. Online available at: http://www.ideaswebsite.org/featart/dec2005/IND_CHN.pdf
Srinivasan, T.N. (2002) China and India: Economic Performance, Competition and Cooperation. Paper presented at seminar on WTO Accession, Policy Reform and Poverty sponsored by the World Trade Organization in Beijing, China June 2002. Online available at: http://www.econ.yale.edu/~srinivas/C&I%20Economic%20Performance%20Update.pdf
Khanna, Tarun (2003) It's India Above China in New World Order. Working Knowledge. 28 Jul 2003. Online available at: http://hbswk.hbs.edu/item/3604.html
A company working on such a goal might claim that the intent is to use less pesticides, but really they just want to decrease the cost of production.
Another example of why a food organism might be modified is to make the final product more resilient to the means of distribution, such as what is seen with tomatoes being genetically modified to have more resilient skins, so they can be grown, harvested and distributed in mass. Many think of these types of modifications as positive, for the development of sustainable food growth, to feed a growing population, more efficiently and effectively. In many ways the positive aspects of this trend are good, and yet genetically modified plants and foods also create potential threats. Some examples of this are plants that if left on their own can overcome natural and indigenous plants, such as are seen with grain crops that have…
Cook, Guy. Genetically Modified Language: The Discourse of Arguments for GM Crops and Food. New York: Routledge, 2004.
Gaudet, Mary. "Without a Trace: Controversy Buzzes around the Mysterious Disappearance of Bees on Prince Edward Island." Alternatives Journal July 2005: 32.
"Give a Weed an Inch, it'll Take a Smile." The Register-Guard (Eugene, or) 12 June 2005: c1.
Korea and Taiwan in 1960 had a per capita income no higher than Kenya at the time (CIA, 2007). Now, South Korea's income has moved to the top 12 in the world. Taiwan and Japan experienced similar growth. All three countries benefited primarily from freeing their currency, reducing barriers to company formation, and focusing their government policies on increasing productive capacity.
The second, and more dramatic, application of neoliberalistic ideas was in China and India. China's revolutionary changes started with Deng Xiao Ping's reforms in 1977-1981, in which he freed the peasants from communal farms; this followed from the 1965 reforms which allowed peasants 1/3 acre for their own cultivation. The latter action increased Chinese agricultural production by 30%, while the former (freeing the peasants) resulted in an increase in real peasant income in China by 40% during the 1980's. Few recognize that this was the first and most dramatic…
Burkett, P. (2005). American Economic Development since 1945: Growth, Decline and Rejuvenation. Review of Social Economy, 135-144.
CIA. (2007). South Korea. Retrieved November 4, 2007, from World Fact Book: https://www.cia.gov/library/publications/the-world-factbook/geos/ks.html
IMF. (2006). China and India: Expanding Roles in the World Economy. IMF Book Forum (p. n.p.). Washington: IMF.
Prbyla, J. (1982). Economic Problems of Communism: A Case Study of China. Asian Survey, 1206-1237.
In spite of the progress undergone by poor countries, things are still critical in these areas and it is impossible for one to even compare the situation there with the one in developed countries. The advancements experienced by developing territories are impressive, but put side by side with those in the west they are quickly made mediocre. hereas individuals in developed countries can rapidly adapt new technologies in their everyday lives, those in poor countries are less likely to do so, since "many developing countries lack the technical skills necessary to master new, or even older, technologies" (Picture This).
Globalization practically means that most countries turn from their old systems to a more general one, which is capitalist-based. Even though for some globalization is a new topic, it actually goes back to the expansionist era, when people were determined to interact with new cultures and to increase their sphere of…
1. Masood, Ahmed. "The Next Frontier." Retrieved August 05, 2010, from the International Monetary Fund Web site: http://www.imf.org/external/pubs/ft/fandd/2008/09/ahmed.htm
2. "Picture This." Retrieved August 05, 2010, from the International Monetary Fund Web site: http://www.imf.org/external/pubs/ft/fandd/2008/06/picture.htm
3. "World-System Theory." Retrieved August 05, 2010, from the Globalization Web site: http://www.sociology.emory.edu/globalization/theories01.html
These companies are getting bigger and bigger. Some companies have such huge assets all over the world that they are worth more than many small countries. If you compare the GDP of many countries, you can see that the GDP is even less than the earnings of those big companies (Disadvantages of globalization, 2012).
The governments do not have the power to stop the multinational companies from closing a factory here, and setting up another factory in other parts of the world. They do not have the power to stop the big companies from retrenching workers. As a result, the governments have to deal with the jobless people, while the big companies are still making money. That is why the disadvantages of globalization are so frightening. The big companies will continue to get bigger and more powerful, while the governments of the world grow less powerful. The problem from one…
Disadvantages of globalization. 2012. [ONLINE] Available at:
http://expertscolumn.com/content/disadvantages-globalization . [Accessed 02 June
Grabel, I. (2012). Financial Crisis, Productive Incoherence, and the Evolution of Southern
The term "globalization" is a debatable one. Some view globalization as a process that is beneficial -- fundamental to future world economic development -- and also inevitable and irreversible (IMF, 2000). Others regard it with hostility, and sometimes fear, arguing that it increases inequality within and between nations, threatens employment and living standards and disturbs social progress. This paper offers an overview of some aspects of globalization and aims to identify ways in which countries can optimize the gains of this process, while remaining realistic about its potential and its risks.
Globalization offers many opportunities for future worldwide development. However, it is not progressing evenly. Some countries are becoming integrated into the global economy faster than others. Countries that have been successful at integration have reaped the benefits of faster growth and less poverty.
For instance, global-oriented policies resulted in dynamism and greater prosperity for much of East Asia,…
Daly, H. (2001) Globalization and Its Discontents. Philosophy and Public Policy Quarterly, 21, 2/3.
Danaher, K. (1997). Corporations are gonna get your mama: globalization and the downsizing of the American dream. Monroe, Me.: Common Courage Press.
World Economic Outlook, International Monetary Fund (IMF), Washington D.C., May 2000.
International Chamber of Commerce. (November, 2000). ICC brief on globalization.
In this light, globalization is expressed through regionalism.
Regionalism can also be seen as a response to globalization. As different regions around the world start to share similar views and become cooperative with one another, regional loyalties and models become more accepted and promoted.
In some ways, globalization seems to drive regionalization. For example, globalization is widely blamed for diminishing the American dollar, which means that imports are no longer as attractive. While this is no so good for America, a long-term decline on the dollar will drive local suppliers to develop new capacities. In addition, as the price of oil and fuel rise due to transportation, local, pricier suppliers suddenly do not seem so expensive, as companies are starting to accept the real price that is paid for a good or service.
Globalab (2007) argues that there is no direct causal relationship between globalization and nationalism, but that the…
Bhagwati, Jagdish (2004). In Defense of Globalization. Oxford, New York: Oxford University Press.
Breuilly, John. (1993). Nationalism and the state. Manchester: Manchester University Press.
Brym, R.J., ed. (1986) Regionalism in Canada. Toronto: Irwin.
Kacowitz, Alex. (December, 1998). Regionalization, Globalization, and Nationalism. Albany, NY: State University of New York Press.
The private sector thus becomes the most important factor in the decision making process. Unfortunately, as bad as it sounds the fact that states are losing their powers in front of the private sector, globalization has proved to work, at least in the more developed countries. The weakness of a state is the price to pay for a prosper society.
It is true that globalization weakens the state, but this must not necessarily be seen as a bad thing. More important than a powerful government is a powerful economy, which gives people better lives. States that have adopted the rules of international capital market have known economic growth, at various levels. The price that must be paid is that multinational corporations have the power to dictate policies that are in their own interest and not necessarily in the interest of citizens.
However, when speaking of a state in its cultural…
Armstrong, D., Globalization and the social state, available at http://journals.cambridge.org/action/displayAbstract?fromPage=online&aid=33615 ;
Castles, F., the future of the welfare state, 2004, Oxford: Oxford University Press;
Friedman, L.T., the Lexus and the Olive Tree: Understanding Globalization, 2000;
Genschel, P., "Globalization and the welfare state: a retrospective," Journal of European Public Policy 11(4), 2004;
The general attitude and concern is that globalization will create the disintegration of society, and that regardless of the economic wealth that it will bring, globalization will have a negative effect on the everyone. odrik's intent was to provide a balanced look at these issues, but in the end, the book was decidedly anti-globalization, which leads to an anti-globalization slant in the Globalization eader.
Throughout the book, the authors provide subtle hints that they are biased against further globalization through their selection of material. However, it is not until Chapter VIII that the book demonstrates a truly biased perspective. When the authors address the issue of globalization and the role of religions, it is difficult to discount the bias that is present in the work. The first article that is presented was authored by Frank Lechner, "Global Fundamentalism." In this article, Lechner argues that fundamentalism is on the way out…
Lechner, F. & Boli, J. (2007). The Globalization Reader, 3rd Edition. Oxford: Blackwell Publishing.
A market that dominates more than political and social outcome results in the unequal spread of rewards and opportunities while wealth and power concentrates in a selected population, corporation or nation, hence others are left marginalized (Kim, 2010).
Globalization leads to wealth creation: however, this is only for the few elites occupying the hub of the processes. They enjoy benefits accruing from the surge of global scale financial, technology, mergers and consolidation activities. ecent figures evidence how this has worked. Benefits have only concentrated in certain areas that the total number of world billionaires has increased by 30%, only in the last three years. Collectively, these are only 520 individuals whose combined salaries are worth more than combined salaries of 100 bottom employees (Ferrara, 2010). Such a scenario is only poised to prompt threats to the nation of Thailand. While there may be free trade between Thailand and trading partners,…
Ferrara, F. (2010). Thailand unhinged: Unraveling the myth of a Thai-style democracy. Jakarta: Equinox Pub.
Kim, S.S. (2010). East Asia and globalization. Lanham [u.a.: Rowman and Littlefield.
Stiglitz, J.E. (2009). Globalization and its discontents. New York, NY [u.a.: Norton.
Many manufacturing workers in developed countries are losing work to foreign manufacturers who will work for substantially less pay. As companies take advantage of the significant savings that result by shipping jobs overseas, manufacturing workers in developed countries are frequently forced to take jobs paying significantly less in their own country.
One of the greatest impacts on the global economy is the world's growing thirst for crude oil. The engine of the world still runs on gas which is steadily becoming problematic. In addition, the giant Chinese economy has awakened to the power that comes from combustion engine prosperity, so demand for the precious commodity has reached an all time high. But oil consumption and demand are not simply economic problems for the world. Oil is at the center of many of the cultural problems facing the planet.
Cultural Globalization confluence of cultures has beset the world's richest oil producing…
Applebaum, Anne "Back in the U.S.S.R." New Republic 28 Jun. 2004: 230
Firebaugh, Glenn and Goesling, Brian "Accounting for the Recent Decline in Global Income
Inequality." American Journal of Sociology Sep. 2004: 110
Meyer, Michael, Brown, Frank, Mcguire, Stryker, Conant, Eve "Flowers for Freedom."
Economic Development in Honduras: A Banana ar Legacy
An Analysis of Economic Development in Honduras from 1820 to Present
In many Latin American countries such as Honduras, the historical emphasis that has been placed on agriculture as a money industry for export purposes has resulted in the term, "banana republic" (Nash & Jeffrey 1994). Following their independence, most Latin American countries continued to depend on the export of raw materials for their revenue, rather than investing in an economic infrastructure that would provide value-added services, which only further contributed to this pattern of dependence on foreign states. This is largely what has taken place in the Republic of Honduras as well, and the country continues to suffer from sporadic and inequitable foreign investment, much of which has illegally diverted into private hands rather than infrastructure development. This paper provides an overview of the Republic of Honduras, an assessment of the…
Bates, Stephen. (January 8, 1999). Good friends slip on a banana skin. New Statesman,
Befus, David R., Debbie L. Mescon, Timothy S. Mescon and George S. Vozikis. (1988).
International Investment of Expatriate Entrepreneurs: The Case of Honduras. Journal of Small Business Management, 26(3):40.
This is regressive to any society (Suter, 2010).
The world is faced with not only civilization crisis, but as well as a crisis within civilizations. This is a momentous crisis of worldview and identity. None of the classifications of the past like ethnicity, religion, heritage, culture, social status and the nation, is a sufficient setting of thought and activity in a time that is quickly getting global. Each country on earth confronts this test. This test within countries is part of what has been going ahead in the Middle East for quite some time. Everything about a developing worldwide civilization seems to undermine the social fabric, identity and even the existence of religion, which embodies a billion individuals. Collier, Dollar and World Bank, (2012) show
"While economic globalization cannot do much to help these locations, social globalization -- recognizing an affinity among people that does not stop at national borders…
McKay, J., Lawrence, G & Rowe, D. (2010). Globalization and sport: Playing the world. London: SAGE.
Rahman, S.M. (2008). Globalization: Geoeconomic world order. Rawalpindi Cantt., Pakistan: FRIENDS.
Bass, H.H. (2010). Labor markets and labor market policies between globalization and world economic crisis: Japan and Germany. Mu-nchen: Hampp.
Collier, P., Dollar, D., & World Bank. (2012). Globalization, growth, and poverty: Building an inclusive world economy. Washington, DC: World Bank.
Directly linked with cultural globalization and actually deriving from the basic concepts at the forefront of globalized culture - glocalization and grobalization - is McDonaldization. The term is generically used to present the strategies implemented by the American fast food chain in 'conquering' the world, strategies which are now more broadly applied by other companies in various industries. And their strategies are worth analyzing. In ussia for instance, the company's success is given by their early penetration of the market (only a few months after the fall of the Soviet egime) and by their choice to personally run their operations (unlike Subway, KFC or other American emblems which used franchising and failed in ussia). Penetration of the ussian market was a difficult task for the company at least from a legislative stand point, which demands foreign companies to go through 20 or 30 agencies and get between 50 and…
Hernandez-Diaz, R.J. Summer 2004. The Globalization of Nothing and the McDonaldization of the Church. The SEMI, Issue One
Ritzer, George. 2007. The Globalization of Nothing 2., Second Revised Edition, Pine Forge Press
Ritzer, George, 2007, the McDonaldization of Society, Fifth Edition, Pine Forge Press
Rothkop, David. June 22, 1997. In Praise of Cultural Imperialism? Effects of Globalization on Culture. Foreign Policy
Bhagwati says, "But today's most dramatic change is in the degree to which governments have intervened to reduce obstacles to the flow of trade and investments worldwide (p. 11)." He emphasizes to make this next point, which is:
But this fact forces upon our attention a disturbing observation: governments that can accelerate globalization can also reverse it. Herein lies a vulnerability that cannot be dismissed complacently. The earlier globalization, in the end, was interrupted for almost a half century with rising trade barriers epitomized (p. 11)."
The warning is, of course, as a result of recent "discoveries" by those colonizing countries that unskilled labor is being "outsourced" to third world countries; and the citizens of countries like America, where the unskilled labor jobs have been the bread and butter of America's middle class almost since the birth of America, are becoming very nationalistic and loud about work being outsourced to…
Bhagwati, J. (2004). In Defense of Globalization. New York: Oxford University Press. Retrieved March 20, 2008, from Questia database: http://www.questia.com/PM.qst?a=o&d=103179054
Channa, S.M. (2004). Globalization and Modernity in India: A Gendered Critique. Urban Anthropology & Studies of Cultural Systems & World Economic Development, 33(1), 37+. Retrieved March 20, 2008, from Questia database: http://www.questia.com/PM.qst?a=o&d=5006501843
Krishnan, J.K. (2007). Outsourcing and the Globalizing Legal Profession. William and Mary Law Review, 48(6), 2189+. Retrieved March 20, 2008, from Questia database: http://www.questia.com/PM.qst?a=o&d=5020807564
Globalization profoundly alters relationship global North South
The international exchange and integration of economies, societies, cultures, and governing policies play host to the worldwide phenomenon known as globalization. Countries interact through transportation, trade, and communication; inherently influencing the respective realms of economy and political agenda. Traditionally, globalization is highlighted by this integration of economic and political systems across the globe, however this exchange transcends into societies, ethics, cultures, industry, ecological effects, and a myriad of other global influences. Globalization is a process perceived as "good" or "bad" depending on geography, profession, and how one relates globalization in terms of values (othernberg 2002). A person in Los Angeles, London, io de Janeiro, and Hong Kong would identify differently with the concept of globalization, just as opinions vary between business leaders, elected officials, and the unemployed. Some understand globalization to be the Americanization of world culture and a source of United States…
Arrighi, G. (2003), 'Industrial convergence, globalization, and the persistence of the North-South
Divide', Studies in Comparative International Development, vol. 38, no. 1, pp. 3-31.
Avi-Yonah, R.S. (2005), 'Bridging the North/South Divide: International redistribution and tax competition', Michigan Journal of International Law, vol. 26, no. 1, pp. 1-17.
Escobar, A. (2004), 'Beyond the third World: imperial globality, global coloniality and anti-globalisation social movement'," Third World Quarterly, vol. 25, no. 1, pp. 207-230.
Aside these impacts however, more salient effects are observable, such as a necessity to change internal practices of business. A relevant example in this sense is given by Wal-Mart, in its quality of America's largest retailer, which decided, unlike within the U.S., to allow Chinese employees to unionize (Dessler, 2006). The official approach of the Chinese leaders was that of implementing reforms which further capitalize on the low cost labor force advantage in order to continually attract investors.
5. The Market of Exchange ates
The final step of this analysis is constituted by the look at China's currency policies, in an attempt to reveal if the policies implemented have played any part in the country's competitiveness within the global market. China's currency, the yuan, was pegged to the United States Dollar in 1997, but the link only lasted until 2005. Since then, the mechanism of resetting the value of the…
Brasher, K., 2005, China's Opaque Currency Policy, the New York Times, http://www.nytimes.com /2005/07/22/business/worldbusiness/22assess.html last accessed on October 21, 2009
Bruton, G.D., Ahlstrom, D., Chan, E.S., 2000, Foreign Firms in China: Facing Human Resources Challenges in a Transnational Economy, SAM Advanced Management Journal, Vol. 65
Buckley, P.J., Clegg, J., Wang, C., 2002, the Impact of Inward FDI on the Performance of Chinese Manufacturing Firms, Journal of International Business Studies, Vol. 33
Cavanaugh, J., Mander, J., 2004, Alternatives to Economic Globalization: A Better World Is Possible, 2nd Edition, Berrett-Koehler Publishers, ISBN 1576753034
Greater integration of global economies and capital flow has also become more and more prevalent. Weiss states, "The post-war trend towards greater trade integration, especially marked since the 1960s has been weakening." (Weiss, 1997, pp. 7). Greater integration was, at one time thought to be a boon for developing nations. This was certainly not the case for Thailand as an example, and this premise needs to be completely rethought in order to more adequately allow nations to successfully develop individually. Integration was the core of the old model of globalization, but more and more, economists and scholars are arguing for a nation-centric view of economic growth, one where the nation sets the economic parameters because they quite obviously know their own limitations and strengths better than outsiders; and they know how to grow their own economy in ways that are beneficial to the local population and local investors (Cook…
Athreye, Suma and John Cantwell. (2007). "Creating Competition? Globalization and the Emergence of New Technology Producers." Research Policy Vol. 36, No. 2. pp. 209-226.
Boyer, Robert. And Daniel Drache. (1998). States Against Markets: The Limits of Globalization. Routledge: New York, NY.
Cook, Paul and Colin Kirkpatrick. (1997). "Globalization, Regionalization, and Third World Development." Regional Studies Vol. 31, No. 1. pp. 55-66.
Feenstra, Robert C. And Gordon H. Hanson. (1996). "Globalization, Outsourcing, and Wage Inequality." The American Economic Review, Vol. 86, No. 2, Papers and Proceedings of the Hundredth and Eighth Annual Meeting of the American Economic Association San Francisco, CA, January 5-7, 1996 (May, 1996), pp. 240-245.
Environment and Economic Globalization
It is certain that as people we appraise the value of certain concepts and ideas in various manners, our perception of these many times are dependent on our culture, class, and social upbringing. For some it is of great importance to step outside their home in the morning and enjoy a breath fresh air. hen they pass by a factory emitting CO2 emissions into the atmosphere they are disgusted. However, the people working inside that same factory are probably more concerned with being able to provide the means necessary for their household and family, than enjoying fresh air. Both individuals probably have a valid point-of-view. The regulation of environmental standards is an issue that has been steadily growing and causing political turmoil for several decades. Despite these challenges and differences in viewpoints, we must as a global community come together order correct difficulties that affect us…
Appiah, Kwame Anthony. Cosmopolitanism:Ethics in a World of Strangers. New York City: W. Norton and, 2006. Print.
Harriss, Robert. "Consumption Not CO2 Emmissions: Redefining Perspectives on Climate Change and Sustainability." Enviroment 52.6 (2010): 8-15. Ebscohost. Web. 1 Nov. 2010. .
Rodriguez, Luis C. "What Is the Land For?" Earthscan (2009): 1-3. EbscoHost. Web. 2 Dec. 2010. .
In summary, globalization is essential for global economies to continually grow. Protectionism is allegorical to a person going on strike and not working; it is imperative for nations to not pursue this strategy and instead realize that each of them competes on a global playing field every day. While the critics of globalization voice their fears, they need to realize that the many aspects of competing globally have been in existence within economic systems for centuries, and that the gauntlet of efficiency and ability to respond quickly and accurately to customer's needs, no matter where they are, is the gauntlet any company must pick up if they hope to survive in the 21st century.
Friedman, (1999) - the Lexus and the Olive Tree. Anchor Press. May 2, 1999. New York, NY
Friedman, T. (2005) - the World Is Flat. Farrar, Straus, and Giroux. New York, NY. Published 2005
Friedman, (1999) - the Lexus and the Olive Tree. Anchor Press. May 2, 1999. New York, NY
Friedman, T. (2005) - the World Is Flat. Farrar, Straus, and Giroux. New York, NY. Published 2005
Geert Hofstede (1983). The cultural relativity of organizational practices and theories. Journal of International Business Studies (pre-1986), 14(000002), 75. Retrieved November 7, 2007, from ABI/INFORM Global database. (Document ID: 83259133).
Hall, Peter V (2005). Globalizing L.A.: Trade, Infrastructure, and Regional Development. Economic Geography, 81(3), 329-330. Retrieved November 7, 2007, from ABI/INFORM Global database. (Document ID: 884511621).
Pattern of Global Inequality and Globalization
The extreme inequality in distribution of global income is an issue that has attracted considerable concerns in the recent past and generated questions regarding the effectiveness of the current development model. Global inequality is a major issue for world's economies since it slows economic growth and creates social and health problems. Global inequality continues to occur despite recognition that it's a dysfunctional process with huge negative impacts on development and increased need to ensure equity is at the core of development agenda. Inequality across the globe has been highlighted by existing trends in commodity prices, employment, and government spending. Globalization has played a crucial role in increasing global inequality since it has widened the gap between the rich and the poor. Even though globalization focuses on more integration of countries across the globe, it contributes to global inequality by widening the gap between the…
Milanovic, B. (2013, May). Global Income Inequality in Numbers: in History and Now. Global Policy Volume, 4(2), 198-208.
Peet, R. (2009). Unholy trinity: the IMF, World Bank and WTO (2nd ed.). New York, NY: Zed Books Ltd.
Rodrik, D. (2011). The globalization paradox: democracy and the future of the world economy. New York, NY: W.W. Norton & Company, Inc.
Stiglitz, J.E. (2006). Making globalization work. New York, NY: W.W. Norton & Company, Inc.
21st century underwent many changes. There were political events; civil unrest and terrorism that made countries like the United States take precaution. Although globalization became prevalent within the last decade, economic globalization has taken precedence. The issues surrounding countries and governance as well as the outcomes of such problems have sparked publicized negotiation situations. One in particular will be covered in this essay.
An article by John M. Broder explains the devastating effects of climate change and the need for governments globally to work together. Included in some of the possible repercussions of uncontrolled climate change are possible destabilization of entire countries and the feeding of terrorist movements. Climate change could affect nations through drought, mass migration (animals and insects) and food shortage. Broder continues explaining which areas around the world could be critically hit. Places in the Middle East, South Asia, and Africa could face water crises, food shortages,…
Dingwerth, K. (2014). Global democracy and the democratic minimum: Why a procedural account alone is insufficient. European Journal Of International Relations, 20(4), 1124-1147. doi:10.1177/1354066113509116
Gray, K., & Murphy, C. (2013). Introduction: rising powers and the future of global governance. Third World Quarterly, 34(2), 183-193. doi:10.1080/01436597.2013.775778
Stiglitz, J. (2004). The Future of Global Governance. Columbia.edu. Retrieved 16 January 2015, from http://academiccommons.columbia.edu/catalog/ac%3A126569
Globalization has brought tremendous benefits to human society, in terms of quality of life, but as with anything, it comes with costs. Many authors have argued that there are both positive and negative effects of globalization, and to evaluate the merits of globalization is simply to balance these effects. Do the benefits outweigh the costs? This ends up being a matter of perspective, and it also often compels one to analyze the existing state of the world vs. An imaginary non-globalized state. Globalization is cited for increasing the wealth of many -- living standards have increased for billions. It is also criticized for increased wealth inequality. This paper will demonstrate that the costs of globalization do indeed outweigh the benefits. The costs are not trivial, but they are also overstated in a few key respects. A lot of these costs reflect flaws in the system design of globalization, but since…
Calvo, G. & Mendoza, E. (1999). Rational contagion and the globalization of securities markets. NBER. Retrieved April 22, 2014 from http://drum.lib.umd.edu/bitstream/1903/4291/1/ciecrp6.pdf
Cook, P. & Kirkpatrick, C. (1997). Globalization, regionalization and third world development. Regional Studies. Vol. 31 (1) 55-66
D'Odorico, P., Laio, F. & Ridolfi, L. (2010). Does globalization of water reduce societal resilience to drought? Geophysical Research Letters. Vol. 37 (2010) 1-5.
Epstein, P. (2005). Climate change and human health. New England Journal of Medicine. Vol. 353 (14) 1433-1436.
Globalization and Its Effect on Irish Culture and Identity
Define the term globalization and explain why it is a controversial term.
Societies in the present world are interconnected and gain awareness regarding the events and situations happening on different parts of the world. Global awareness has become important and is also defined as the speeding, deepening and widening up of the inter-connections in context of life, culture, spirituality and even economically (Marconis, and Plummer, 2002). Globalization is also defined as the increasing connections between different societies in a way that they all have an effect of the event that is happening far from them (Marconis, and Plummer, 2002). Some of the main features of globalization are that economic transactions take place across borders, communication is increased, awareness regarding different cultures is increased, international governance is created, common problems and their solutions are shared etc. Although globalization is commonly seen in…
Giddens, A., & Sutton, P.W. (2013). Sociology (7th ed.). Wiley.pp.127-148. Chapter 1.
Inglis, T. (2008). Global Ireland?: same difference. New York, London: Routledge.
Macionis, J.J., & Plummer, K. (2008). Sociology: A Global Introduction. Pearson Prentice Hall.pp.661-662, pp. 33-36.
Ritzer, G. (2012). Introduction to Sociology. London, SAGE Publications. pp 136-141.
..stalling" of Bush's proposal to sign a free trade deal with Columbia. Some unions don't want trade deals "that have advanced globalization" and cost "the loss of millions of American...jobs." Obama and Clinton are both against the Bush proposal for a trade deal with Columbia (fearing jobs will be lost). McCain is for the trade deal. Finally, a third New York Times article (Uchitelle, April 20, 2008) points out that all three candidates have a rough time convincing "blue collar" (factory workers) voters they have the right formula; because the economy is now global, many jobs have gone overseas, and those earning at least $20 an hour fell from 23% of workers in 1979 to 18% in 2007. The social changes that are happening in America because of falling wages and jobs lost to globalization present one of the biggest challenges for whomever winds up winning the hite House.
Hulse, Carl. (2008, April 11). House Votes to Put Off Trade Deal Bush Sought. The New York
Times. Retrieved May 6, 2008, at http://www.nytimes.com .
Mankiw, Gregory N. (2008, March 16). Beyond the Noise on Free Trade. The New York Times.
Retrieved May 6, 2008, at
As a result, political reforms and adjustments of foreign strategies are engulfing the whole world.
(China and its Reactions to Globalization)
Therefore, as the economic changes and reforms in China interface with the international community, the structure of the countries governance also changes. This has led critics to claim that new models of government have begun to emerge in China. But they also suggest that these new models "…differ considerably from those conceived under both traditional socialist and liberal estern models." (Globalization and Changes in China's Governance -- BRILL)
ith regard to the issue of globalization and democracy, there is no clear and definitive link between these two concepts. hile there are broad trends that indicate that an increase in globalization is a motivation that may lead towards the adoption of more democratic forms of governance, this is only one possible scenario. This trend towards globalization in China therefore, in…
Branstetter L. And Lardy N. CHINA'S EMBRACE of GLOBALIZATION.
2006. April 10, 2009. http://www.nber.org/papers/w12373.pdf
China and its Reactions to Globalization. April 9, 2009.
No efforts have been made to create a strong consumer base in the Philippines itself by improving the lot of the Filipino workers (Bello 3). Had a local market been created and some protections afforded to Filipino workers, development may well have proceeded in a more positive direction as the nation would have been better able to take advantage of those aspects of globalization that offered true benefits, rather than sinking all economic hopes into the long shot that the small nation could compete with nations like India and China as a source of cheap labor. Despite this reality, economic reform in the Philippines has consistently focused on re-creating the nation as an export economy, specifically in the it industry. It probably seemed like a natural extension of economic development in the 1980s and 1990s when the Philippines was attempting to embrace globalization. Globalization offered a way to integrate with…
Austria, Myrna S. "Assessing the Competitiveness of the Philippine it Industry." The Philippines Institute for Development Studies. Jan. 2000. 2 Dec. 2007 http://dirp4.pids.gov.ph/ris/dps/pidsdps0003.pdf .
Austria, Myrna S. "Competitiveness of the Philippine it Industry: What Lies Ahead." Philippine Institute for Development Studies. Feb. 2000. 2 Dec. 2007 http://dirp4.pids.gov.ph/ris/pdf/pidspn0002.pdf .
Austria, Myrna S. "Liberalization and Regional Integration: The Philippines' Strategy to Global Competitiveness." The Philippines Institute for Development Studies. Apr. 2001. 2 Dec. 2007 http://dirp4.pids.gov.ph/ris/dps/pidsdps0109.pdf .
Austria, Myrna S. "The Philippines in the Global Trading Environment: Looking Back and the Road Ahead." Philippine Institute for Development Studies. Nov. 2002. 2 Dec. 2007 http://dirp3.pids.gov.ph/ris/dps/pidsdps0215.pdf .
The result has been newfound freedoms of speech, freedom of travel and incredibly, freedom of dissent, even to small extent. Globalization is the fule that nations need to find what their true competitive strengths are. Coddling nations through protectionism and subsidies is like taking protein or iron from their diets; over time, they will atrophy and die due to a lack of infusion of capital, competitive vibrancy and growth. In short, globalization's effects on nations is to make them capable enough to seize freedoms that myopic and ill-advised anti-globalization activists would seek to rob from them through protectionism and ignorance that any given nations' ability to grow is based on its ability to globally compete.
Donald W. Attwood. "Big is ugly? How large-scale institutions prevent famines in Western India. " World Development 33.12 (2005): 2067-2083. ABI/INFOM Global. ProQuest. 13 Dec. 2007. www.proquest.com
Jagdish Bhagwati. "Why the Critics of Globalization…
Donald W. Attwood. "Big is ugly? How large-scale institutions prevent famines in Western India. " World Development 33.12 (2005): 2067-2083. ABI/INFORM Global. ProQuest. 13 Dec. 2007. www.proquest.com
Jagdish Bhagwati. "Why the Critics of Globalization Are Mistaken. " De Economist 155.1 (2007): 1-21. ABI/INFORM Global. ProQuest 12 Dec. 2007. www.proquest.com
Jagdish Bhagwati (2). "Anti-globalization: why?" Journal of Policy Modeling 26.4 (2004): 439-463. ABI/INFORM Global. ProQuest. http://www.proquest.com
Chandana Chakraborty and Parantap Basu. Foreign direct investment and growth in India: a cointegration approach., Applied Economics. Volume 34, pp. 134-158, Number 9/June 15, 2002
Modern science and all the various process that are involved with the modernization process evolved because of the progress made by the western countries and the progress made in the field of science, medicine and the notions held in respect of human rights and liberty. There are several sections of individuals who state that dissatisfaction that people seem to have is that they are troubled with their daily life. But when analyzing we can realize that the actual dissatisfaction of individuals arises forms the modern life that they need and in comparison to that the others around the world lead. The term globalization is used to describe the various changes that have taken place in the social, economical and political scenarios that has brought about change in the current situation.
To explain, globalization is the termed used to describe the technique in which the various far away parts…
Barlow, Maude and Clake, Tony. Global Showdown. Toronto: Stoddart, 2001.p.66-68
Clarkson, Stephen. Uncle Sam and Us: Globalization, Neoconservatism, and the Canadian State, Univ of Toronto Pr; September 2002, p.21
Ellwood, Wayne. The No-Nonsense Guide to Globalization. New Internationalist Publications Ltd., 2001, p. 14
Escobar, Arturo. Encountering Development (Princeton 1995), Chapter 5, pp. 192-211.
Thus, globalization may have several drivers, factors, and aspects that may pose challenges to a nations strength, power and sovereignty. There may be strong influences from private entities, TNCs and MNCs for the government of a nation-state to formulate policies beneficial to these groups. Then there are the international monetary agencies such as the World ank and IMF whose policies also undermine governments. All these are strong influences to weaken a nation-state due to globalization, De Sousa Santos puts it best when he states (2002): "Just as the state has to intervene in order to stop intervening, only a strong state can efficiently create its own weakness." This hits it right on the spot because globalization should not be blamed if a nation-state weakens but rather the nation-state should be the one since whatever happens to it will always be its own doing short of this nation-state gets attacked by…
Bonanno, A. (2004, July). "Globalization, transnational corporations, the state and democracy." International Journal of Sociology of Agriculture and Food. Retrieved September 6, 2011 from http://www.csafe.org.nz/ijsaf/archive/vol12/Bonanno.pdf
De Sousa Santos, B. (2002, December). The process of globalization. Retrieved September 6, 2011 from http://www.fabrikaknjiga.co.rs/rec/68/67.pdf
Haslam, P. (1999, Spring). "Globalization and effective sovereignty: A theoretical approach to the state in international political economy." Studies in Political Economy, 58: 41-68. Retrieved September 6, 2011 from http://spe.library.utoronto.ca/index.php/spe/article/viewFile/6822/3791
Sassen, S. (2006, November 27). The state and globalization: Denationalized work and internal power shifts. Retrieved September 6, 2011 from http://ec.europa.eu/education/programmes/llp/jm/more/confglobal06/contribution_sassen.pdf
Levitt, T. Globalization of markets, Harvard Business Review
Ritzer, G. 2004, the Globalization of Nothing, Pine Forge Press, California.
rnoldy, B. ustralia at the crossroads of globalization http://www.csmonitor.com/2006/0307/p01s03-wogi.html
James, P. ustralian Social ttitudes ustralian Humanities Review 2006 avaliable online: http://www.lib.latrobe.edu.au/HR/archive/Issue-pril-2006/james.html
rnoldy, B. ustralia at the crossroads of globalization the Christian Science Monitor http://www.csmonitor.com/2006/0307/p01s03-wogi.html
Garrett G., Globalization's Missing Middle Foreign ffairs 2004 http://www.foreignaffairs.org/20041101faessay83608/geoffrey-garrett/globalization-s-missing-middle.html
Sauer-Thompson, G. Globalization and ustralia's future: a big worry http://www.sauer-thompson.com/archives/philosophy/002932.html
The Economist Intelligence Unit
Sauer-Thompson, G. Globalization and ustralia's future: a big worry http://www.sauer-thompson.com/archives/philosophy/002932.html
rnoldy, B. ustralia at the crossroads of globalization http://www.csmonitor.com/2006/0307/p01s03-wogi.html
James, P. ustralian Social ttitudes ustralian Humanities Review 2006 avaliable online: http://www.lib.latrobe.edu.au/HR/archive/Issue-pril-2006/james.html
Globalisation is often portrayed as a process of economic, political and cultural homogenisation
Arnoldy, B. Australia at the crossroads of globalization http://www.csmonitor.com/2006/0307/p01s03-wogi.html
James, P. Australian Social Attitudes Australian Humanities Review 2006 avaliable online: http://www.lib.latrobe.edu.au/AHR/archive/Issue-April-2006/james.html
Globalisation is often portrayed as a process of economic, political and cultural homogenisation
East Asia's economies began expanding through the exporting of low-value, labor-intensive goods such as textiles (Qin-Hilliard & Suarez-Orozco 2004).
There are several countries in Africa that have been globalized. Somalia is a prime example of an African nation that has many different factors that can and will result in the success or failure of globalization. On the one hand, there is a great deal of terrorist issues that arise out of the region that complicate the World's perception of Somalia and impedes its efforts to globalize. According to Bradshaw et al. (2004) Somalia was once governed by corrupt leadership from 1969 to 1990. After the fall of this government there were many insurrections which resulted in political and civil unrest. The United States attempted to aid in recapturing stability in the region but efforts failed and the United States withdrew troops in 1995 (Bradshaw et al. 2004). However, the…
Bradshaw M. White, G.W., Dymond J.P. (2004) Contemporary World Regional Geography: Global Connections. Local Voices McGraw Hill. New York, New York
Qin-Hilliard, D.B. And Suarez-Orozco, M.M.. (2004) Globalization: Culture and Education in the New Millennium. University of California Press. Berkeley, CA.
Saunders P.J. (2001) Why "Globalization" Didn't Rescue Russia. Policy Review. Page Number: 27.
Again, Russia showed it either did not wish to play in the world of globalization, or it just fumbles the ball every time it has an opportunity to score.
Indeed, following the "debacle" that resulted in the imprisonment of Kodorkovsky, "sizable losses" were suffered "for Russian companies' stocks on national and foreign stock exchanges, as well as certain downsizing of foreign direct investments due to high political risks," the Yale writer explains.
Another viewpoint as to why Russia stumbles in the globalization game comes from Alexey Portanskiy, Head of the TO Information office on Russia's accession to the TO; one main reason Russia has not made it into the TO (aside from the general reluctance on the part of Russian society to open up), Portanskiy asserts, is "the resistance of sluggish bureaucracy and lack of political commitment from the top" (Portanskiy, 2005) (orld Trade Organization).
But the Yale article claims…
Portanskiy, Alexey. "Russia's WTO accession negotiations." (2005). World Trade Organization Retrieved 19 Nov. 2006 at http://www.wto.org/english/news_e/events_e/symp05_e/portanskyi16_e.doc .
Proskuryakova, Liliana N. "Is Putin an Anti-Globalization Hero?" Yale Global Online (2004). Retrieved 18 Nov. 2006 at http://yaleglobal.yale.edu /display.article?id=4805.
Saunders, Paul J. "Why 'Globalization' didn't Rescue Russia." The Nixon Center. (2001). Retrieved 18 Nov. 2006 at http://www.nixoncenter.org/publications/articles/Russia%20and%20globalization.htm.
The World Factbook. "Russia." Central Intelligence Agency.. (2006). Retrieved 18 Nov. 2006 at http://www.cia.gov/cia/publications/factbook/geos/rs.html .
Globalization and Environment
The driving force behind the phenomena that has become known as globalization is technology (Bhagwati, 2004). Improvements in computer hardware, software, and telecommunications have caused a geometric increase in access to information that has caused a corresponding increase in economic potential. Because of improvements in technology businesses throughout the world have been able to more easily expand their access to new products, ideas, and resources.
The advances in technology have produced many changes in our society. These changes have produced many positive benefits. They have created new jobs, promoted the growth of new markets and products, and increased international trade and investment. However, there have been corresponding costs. Workers in certain segments of the economy have lost their jobs as they failed to adjust to the demand for increased technological skills. The effect on the environment is another possible cost of globalization.
The environment has been a…
Bhagwati, J. (2004). In Defense of Globalization. New York, NY: Oxford University Press.
Pogge, T. (2001). Priorities of Global Justice. Metaphilosophy, 6-24.
Scheuerman, W. (2010). The (classical) Realist Vision of Global Reform. International Theory, 246-282.
United Nations. (n.d.). United Nations Environment Program. Retrieved January 30, 2011, from UNEP: http://www.unep.org/
S.S.. But this phenomenon took birth a few centuries ago when Industrial evolution completely changed the way people thought, behaved, conducted business and lived (odrik, 1997). We all know that Industrial evolution opened gates of opportunity for millions around the world. Despite the fact that there was serious downside to Industrial evolution which involved the emergence of urban poor, we must not forget that it was due to this revolution that some of the poorest nations in Europe managed to stand on its feet and are now literally ruling specific areas of the world. While "The growth of urban slums, the concentration of new monopoly power in the trusts, and the scandalous corruption of politics made many turn-of-the-century Americans feel their nation was losing its democratic promise" (Derber, 14), it also opened doors of blessings for these poor who would have died of starvation if they had not been allowed…
Charles, Derber, Corporation Nation: How Corporations Are Taking Over Our Lives and What We Can Do About it, 2000
Dani Rodrik, Sense and Nonsense in the Globalization Debate. Vol. 107, Foreign Policy, 06-01-1997.
Solita Monsod, Globalization: Challenges and Opportunities, accessed online 21st March 2005:
Globalization of Human Well Being
Globalization has been held responsible for increasing the gap between rich and poor countries and thus giving rise to social and economic inequalities between higher and lower income groups. However the best indicator for measurement of economic inequalities has always been per capita income. Goklany contends that it is not the per capita income, which is important instead there are some other indicators, which can better explain the impact of globalization on poor countries. These indicators include, access to food, elimination of hunger, access to safe drinking water, mortality rate etc. Goklany thus writes: "While wealth or per capita income...is probably the best indicator of material well-being," but there are more important indicators of human well being too including, "such as freedom from hunger, health, mortality rates, child labor, educational levels, access to safe water and sanitation and life expectancy." These indicators are important since…
3. Technological Changes
It is generally agreed that the technological revolution of the past few decades has had major contribution to the globalization of markets and productions. In New Technology and Catching Up, Freeman has gone as far as to state that the new technological changes represent a revolution as important as the textile innovations in the late eighteenth century, the invention of railways in mid nineteenth century and the flourishing of the chemical industry in the early twentieth century (Freeman, 1989).
Basically, the technological innovations have supported the unification of international markets as it eased communications and the data sharing process between players on the economic stage. "The revolution in information and communications technology involves a constellation of industries, such as computers, electronic components and telecommunications. These are among the fastest-growing industries in most leading industrial countries. The new technology has not only resulted in the introduction of a…
Freeman, C., 1989, New technology and Catching Up, the European Journal of Development Research, Vol. 1, No. 1, pp. 85-99
Haces, T.G., Nicolas, DH, 1996, Economic Change and the Need for a New Federalism: Lessons from Mexico's Northern States, American Review of Canadian Studies, Vol. 26
Singh, a., 1994, Global Economic Changes, Skills and International Competitiveness, International Labour Review, Vol. 133
He made a lot of points, but neglected to tie them all together and bring them to his conclusion. Further, he recognizes many things about the new economic world order than Altman fails to address, but he omits consideration of the long-term impacts. He rests his conclusion on what he believes is the self-evident conclusion that promoting free trade is a winning policy. What I would have liked is for him to apply his understanding of the new world economic order to this conclusion. In what ways will the change in the world economic order impact the U.S.' ability to champion the free market?
The criteria that I set out for the evaluation of these papers reveals my biases -- I value facts over rhetoric, efficiency over preponderance, and I prefer at least the appearance of objectivity. Altman argues that the era of globalization is coming to a close, but…
For instance the World Trade Organization reports having "allowed First World countries to raise trade barriers protecting their companies, even as we have served as their forum for insisting that Third World countries lower their trade barriers more and more." (WTO,
The truth is that if richer nations were to open their markets to the LDC countries for increase opportunities of export, generated would be approximately $700 billion in additional trade for developing countries. (UNCTAD Trade and Development Report, 1999; in WTO,
The World Trade Organization relates that no known causal link exists between foreign investment and the reduction of poverty as approximately eighty percent of foreign direct investment in "in the form of mergers and acquisitions, little in the form of productive investment that creates jobs and exports."
WORLD ECONOMY in the LAST TWO DECADES
The work entitled: "The North American Integration Regime and Its Implications for the World…
Sporleder, Thomas L. And Martin, Larry J. (nd) Economic Perspectives on Competitiveness Under WTO, NAFTA, and FTAA.
Abbott, Frederick M. (1999) the North American Integration Regime and Its Implications for the World Trading System - the NAFTA in the WTO System NYU School of law Online available at http://www.jeanmonnetprogram.org/papers/99/990201.html
Answering the Critics: The Myths and Realities of Trade Liberalization. Business Roundtable. Online available at http://trade.businessroundtable.org/trade_basics/answering_critics.html
Trade Liberalization Statistics (2008) World Trade Organization. Online available at http://www.gatt.org/trastat_e.html
Others (such as most countries of the former Soviet Union) face long-term structural and institutional issues similar to those faced by developing countries (http://www.globalizzazione2000.it/developing_countries.htm,2004 para 3).
In theory, globalization is supposed to be for the good of all. In reality, the developed countries on behalf of their companies and financial institutions designed this concept. Their main purpose is to overcome the regulations set up by developing countries to promote their domestic economy and local firms which had been marginalized during colonialism. In practice, following these policies can bring country new opportunities for wealth creation. But it also brings new risks that can destroy prosperity -- as what we have seen in East Asia and later in Argentina (Mohamad, 2002 para 11).
A country must carefully choose a combination of policies that best enables it to take the opportunity -- while avoiding the pitfalls. That is a task easier said than…
Globalization. http://www.globalizzazione2000.it/developing_countries.htm . September 28, 2006
Mohamad, Mahathir. (October 9, 2002). Globalization and Developing Countries. The Globalist. http://www.globalpolicy.org/globaliz/define/1009malaysiamp.htm . September 28, 2006
Stallings, Barbara, ed. (1995). Global Change, Regional Response: The New International Context of Development. New York; Cambridge University Press. http://www.questia.com/PM.qst?a=o&d=5001172615
Williamson, Jeffrey G. (1998). Globalization, Labor Markets and Policy Backlash in the Past. Journal of Economic Perspectives. Vol. 12, Number 4, pp. 51-72. [online available] http://www.questia.com/PM.qst?a=o&d=5008753190
What is globalization, and what are some of the traditional international trade theories that support the concept of globalization?
Globalization is the continual integration of economic, political and sociocultural systems to enable a more efficient and economical level of trade across international boundaries. The pace of globalization itself is accelerating as a result of increased cost and time pressures to continually improve time-to-market and quality levels throughout a myriad of different industries (Ozlen, 2012). The continual evolution of globalization includes progression from mercantilism to free trade, global oligopolies and the inclusion of comparative advantage (Osland, 2003). Each of these theories supports a different aspect of globalization and illustrates how different theorists regard the trajectory of growth that will occur in the next five to ten years (Ozlen, 2012)
List the major drivers of globalization and provide three examples of each.
The four strategic drivers of globalization include cost drivers,…
Osland, J.S. (2003). Broadening the debate the pros and cons of globalization. Journal of Management Inquiry, 12(2), 137-137.
Ozlen Hic Birol. (2012). Globalization in historical perspective. International Journal of Business and Social Science, 3(8), n/a.
Position on Globalization
Globalization is a trend towards a more integrated global economic system that is driven by the reduction of trade and investment barriers by technology and other factors. Is important to note that globalization is not exactly a new phenomenon. As soon as the transportation technology developed to a sufficient level to move around various goods then international trade quickly emerged. The first ships that traded spices and various goods could be considered forms of emerging globalization. However, today's level of globalization is on an entirely different scale than previous trade arrangements. Much of the globalization trend is driven by the fact that many organizations operate internationally and supply chains have become sophisticated, complex, and spans the entire globe.
When multi-national companies are able to access to foreign resources and labor then they can often achieve much higher profit margins. Furthermore, in many cases it can also…
S., despite ardent opposition to the potential prophesized concerns of many. Real progress is being seen and free trade is expanding, exponentially and many U.S. And Canadian concerns of Asian market dominance are being addressed that otherwise would not have been. Additionally the new ground being cemented in negotiation and legal redress is substantially demonstrative of the future benefits of free trade agreements such as CAFTA.
Burtless, Gary Progressive Policy Institute, Robert Z. Lawrence & Twentieth Century Fund, Globaphobia: Confronting Fears About Open Trade, New York: Brookings Institution Press February 1998, pg. 1
Canada." In the Columbia Encyclopedia 6th ed., edited by Lagass, Paul. New York: Columbia University Press, 2004. Database online. Available from Questia, http://www.questia.com/PM.qst?a=o&d=101235420.Internet. Accessed 30 April 2007. http://www.questia.com/PM.qst?a=o&d=37086627
Crookell, Harold. Canadian-American Trade and Investment under the Free Trade Agreement. New York: Quorum Books, 1990. Book online. Available from Questia, http://www.questia.com/PM.qst?a=o&d=37086691.Internet. Accessed 30 April 2007.…
Jerry M. Rosenberg, Encyclopedia of the North American Free Trade Agreement, the New American Community, and Latin-American Trade [book online] (Westport, CT: Greenwood Press, 1995, accessed 30 April 2007), 55; available from Questia,
Finally, examples of competitive drivers are that the global inter-firm competition increases and organizations are forced to "play" international, strong interdependences among countries, and high two-way trades (M. Bauernfeind, 2005).
Some of the effects of globalization on our community are that it ignites the people's desire to increase their standard of living, it makes people want and enjoy products and ideas from other countries, it widens people's understanding on new technology and practices, and it encourages them to participate in a global culture. All of these could be directly attributed on the development in communication that has brought the people of the world closer. The economies of the world are increasingly being integrated. The world is becoming a smaller place. Products which used to be available only on certain places in the globe are now available in the local market. Jobs outside the country are now widely offered for the…
Bauernfeind, M. Drivers of Globalization: Integration of Theories and Models. Georgia State University, 2005.
The Asia-Pacific Economic Cooperation (APEC) was started on January 1989 by Australian Prime Minister ob Hawke when he called for better economic cooperation within the Asia Pacific Region. Currently, the organization has 21 members including, Australia, Japan, Singapore, and United States. At the ogor summit, APEC started discussions regarding the "ogor Goals" which aims to reduce tariffs between zero and five percent in industrialized countries by 2010 and developing countries by 2020 (Wikipedia contributors, 2007). APEC had a combined GDP of $6 trillion in 1998 and 42% of global trade. The main advantages of this organization are deregulation, sharing of technology, and policy certainty ("What is APEC?" n.d.). Some disadvantages include selective policy-making to push the agenda of a specific country using intimidation strategies, increased inequality and poverty, anti-democratism, and high costs with respect to human rights violations and environmental damages (Kelsey, n.d.).
The Association of Southeast Asian Nations (ASEAN)…
Association of Southeast Asian Nations, ASEAN" (n.d.) Retrieved 20 April 2007 at http://www.itcilo.it/english/actrav/telearn/global/ilo/blokit/asean.htm
European Union" (n.d.) Retrieved 20 April 2007 at http://experts.about.com/e/e/eu/European_Union.htm
International Organisations - the European Union" (n.d) Retrieved 20 April 2007 at http://oxfam.org.uk/coolplanet/milkingit/information/international_orgs/international_orgs_eu.htm
Ahmad, Pengiran Mashor Pengiran (2003). "East Asia Economic Community: Prospects and Implications" Retrieved 20 April 2007 at http://www.aseansec.org/15655.htm
Economic Environment of a Business
The objective of this work is to summarize the economic environment of a business including information relating to microeconomics, macroeconomics, and international trade aspects
The business organization is a "micro-economic unit" and the business environment is that which makes provision of the "macro-economic context within which firm operates." (eddy, ) The business environment can be categorized into the 'economic' and non-economic' and the 'micro- and macro-environment. (eddy,, paraphrased) The firm is an economic institution in a market system with the behavior of the firm reflecting the result of the decisions that were economic in nature that the manager of the firm made.
The economic environment of a business in today's globalized business society is complex in nature. There is an inherent link between the business sector and it relationship with the government, capital market, household sector and the international business sector -- all of which…
Palwar, V.K. (2010) Economic Environment of Business 2nd Ed. PHI Learning Pvt. Ltd. Retrieved from: http://books.google.com/books?id=hNBEId591wYC&dq=Economic+Environment+of+a+Business&source=gbs_navlinks_s
Reddy, R.I. (2004) Business Environment. APH Publishing. Retrieved from: http://books.google.com/books?id=NQv9vKgF_3MC&dq=Economic+Environment+of+a+Business&source=gbs_navlinks_s
This program is focused onto the following directions:
Generating stability with exchange rates
ebuilding confidence in the monetary policy
Better managing and restricting public debt
eforming and restructuring the banking sector to insure more transparency and the implementation of internationally recognized policies (The Icelandic Government Information Center, 2008).
4. Short-term forecast for the economy
The 2008 has severely impacted the Icelandic economy. In light of the dramatic effects as well as the efforts put into the reconstruction and reconsolidation of the Islanding economy, major growths are not expected. In other words, it is generally assumed that the country will regain its stability through small and gradual victories, which will, for the time being, only manage to stabilize the economy. Growth rates are expected to remain low and for 2010 for instance, the growth rate of the gross domestic product is expected to be close to zero (Central Intelligence Agency, 2010).…
2008, Economic programme in cooperation with IMF, The Icelandic Government Information Center, http://www.iceland.org/info/iceland-imf-program / last accessed on August 2, 2010
2008, Economic outlook 2008-2012, Landsbanki, http://www.landsbanki.is/Uploads/Maillist/Docs/economicoutlook2008-2012.pdf last accessed on August 2, 2010
2008, Glitnir releases economic forecast for Iceland, IceNews, http://www.icenews.is/index.php/2008/06/02/glitnir-releases-economic-forecast-for-iceland / last accessed on August 2, 2010
2010, Iceland economic statistics and indicators, Economy Watch, http://www.economywatch.com/economic-statistics/country/Iceland / last accessed on August 2, 2010
Two alternative solutions are available. The first sees that the U.S. federal authority uses the budget allocated to support the development of the national industries, without raising barriers to imports. The second possible solution is for the United States to strive to increase its exports by focusing more on international operations.
Criteria / goals
The evaluation criteria for the proposed solutions revolve around the benefits they generate, as well as the costs they imply. Otherwise put, the decision will be made in accordance with the arguments in favour and against each of the two alternatives, and by the solution's ability to meet the established goals. These goals include the insurance of economic stability within the United States (for all population, corporations and the entire system), the maintenance or even development of international relations, as well as the sustained development of the domestic industries.
Evaluation of alternatives
January 29, 2009, Buying American, the Economist, last accessed on February 5, 2009
Steps in the P.A.C.E.D. Model, the Gus a. Stavros Center for Free Enterprise and Economic Education
http://stavros.coedu.usf.edu/EconomicLiteracy/sld019.html. Ast accessed on February 5, 2009
The WTO ecretariat is based in Geneva, with around 600 staff members under a director-general. The main functions of the ecretariat include technical support for the WTO councils and other bodies, technical assistance for developing countries, world trade analysis, and liaison between the WTO and the public and media. The ecretariat can also provide legal assistance for dispute settlements, and advice to governments applying for membership in the WTO.
The World Bank
The World Bank was created during World War II at Bretton Woods, New Hampshire. Its initial function was to help in the rebuilding process after the War, with its first loan to France in the amount of $250 million. Post-war reconstruction efforts were followed by aid efforts for events such as natural disasters, humanitarian emergencies, and post-conflict rehabilitation. While these continue to be a prominent part of the World Bank's function, its main effort today focuses on poverty…
The International Monetary Fund. Globalization: Threat or Opportunity? 2007. http://www.imf.org/external/np/exr/ib/2000/041200.htm
The World Bank Group. World Bank History. 2007. http://go.worldbank.org/2GIYUD9KB0
World Trade Organization. The WTO in Brief. 2007. http://www.wto.org/english/thewto_e/whatis_e/inbrief_e/inbr00_e.htm
Culturally, the legacy of globalization is more mixed. On one hand, connections online and through mass communication have opened up channels of tolerance and peace. To envision a change of government or way of life requires being exposed to new ideas, and globalization has opened many nation's eyes upon the benefits of freedom and choice, and provided a counterpoint to the state media of dictatorial regimes. But there is also the argument that globalization can dilute national cultures and homogenize them, as more and more people imitate others rather than celebrate their indigenous traditions. Furthermore, the West has exported beauty standards of physical perfection through movies, television, and fashion that often can be just as psychologically damaging internationally as it has been to the self-esteem of many young women in the West.
There are no clear winners and losers in the shift to a global economy -- all nations have…
Hill, Charles W.L. (2009). Global Business Today. McGraw-Hill.
Apple, for example, outsources much of their production to a vendor known as Foxconn in China whose working conditions are so severe that the company has actually installed a suicide prevention netting around their buildings to keep employees from jumping to their deaths. Hebron & Stack have pointed out that Nobel Prize winning economist Joesph Stiglitz has identified one of the attributes of what improves the quality of life for the indigent population as being whether the movement was "homegrown"; that is the local residents welcome the changes. Others such as Tulchin and Bland argue that areas without adequate rule of law many corporations take advantage of the local population and corruption is rampant and the locals are not able to demand accountability from their governments.
The financial advantages that have been gained and that can be attributed to globalization are pretty compelling on the whole. However, I think the…
The U.S. is a property owning civilization and a number of the people wanted land and housing. Americans however scarcely ever create savings. "The country itself lives on other countries' savings by issuing bonds to finance its excessive consumption. The current crisis began with cheap housing loans offered by banks. Banks provided loans but instead of holding the loan in their books, they packaged them into collateralized debt obligations (CDOs) and sold them to other agencies. These agencies passed them on to others and spread them globally as assets" (the Current Economic Crisis, its causes, its impact and possible alternatives, 2009).
Interest rates were lowered and housing loans went up with construction activities leading to land prices increasing. The real estate was booming, generating employment and incomes. But as the rate of interest on housing loans came down, banks started to compete to get more business. Because of low interest…
Avizius, R. 2009. Financial Crisis Big Picture: What has the Government Response Been? [ONLINE] Available at: http://www.marketoracle.co.uk/Article9229.html . [Accessed 22 May 2012].
Centeno, M.A. & Cohen, J.N. 2012. The Arc of Neoliberalism. [ONLINE] Available at: http://www.yale.edu/macmillan/transitionstomodernity/papers/CentenoCohen.pdf . [Accessed 22 May 2012].
Crotty, J. 2009. Structural causes of the global financial crisis: a critical assessment of the 'new financial architecture' . [ONLINE] Available at: http://cje.oxfordjournals.org/content/33/4/563.full . [Accessed 22 May 2012].
Esteva, G. (n.d.). The Meaning of the Global Crisis and "Recovery" for Study Abroad: What are we Preparing Students for? [ONLINE] Available at: http://digitalcollections.sit.edu/cgi/viewcontent.cgi?article=1110&context=faculty_symposium . [Accessed 22 May 2012].
Moreover, these firms failed to adjust for changes in their economic environment, such as the increasing value of the Yuan (Associated Press, 2008). Thus, globalization did not result in these failures, poor management did.
One of their main buyers, for example, is al-Mart. al-Mart has reaped substantial benefits from globalization and many of the firm's suppliers have been directly affected by the crisis. Yet, al-Mart has not. This company, which has high exposure to consumer demand fluctuations and turmoil in the Chinese manufacturing sector, continues to succeed despite the adversity. al-Mart has also adopted cost leadership strategy, but unlike the toy factories in China, al-Mart has carefully developed business-level tactics that support that strategy. For example, they have developed over the years a dominant market position that gives them leverage over even Fortune 500 suppliers (Gainor, 2004). The difference between al-Mart and the Chinese toy manufacturers in therefore not the…
Brown, Jeff (2008) Subprime Crisis: A Bouquet of Opportunity Masked a Reek of Risk. Knowledge @ Wharton. Retrieved November 24, 2008 at http://knowledge.wharton.upenn.edu/article.cfm?articleid=1995
Thoma, Mark. (2008). The Fed's View of the Sub-Prime Mortgage Market. Economist's View. Retrieved November 24, 2008 at http://economistsview.typepad.com/economistsview/2007/03/the_feds_view_o.html
Boeri, Tito & Guiso, Luigi. (2007) Subprime Crisis: Greenspan's Legacy. Vox. Retrieved November 24, 2008 at http://www.voxeu.org/index.php?q=node/488#fn2
Amerman, Daniel R. (2008) the Subprime Crisis is Just Starting. Financial Sense University. Retrieved November 24, 2008 at http://www.financialsense.com/fsu/editorials/amerman/2008/0320.html
ealth does not equate to happiness, a sense of purpose, dignity or respect. One of the key underlying assumptions of neoliberal philosophy, as derived from Milton Friedman, is that financial wealth is the ideal end goal of all activity. hile financial wealth solves many problems it does not solve all problems. Opponents of globalization, whatever their other arguments, incorporate this understanding into their protestations.
Naomi Klein goes further, suggesting that the unequal wealth distribution in the globalized economy is deliberate. The march towards globalization is not an altruistic endeavor borne of a firm belief in the power of the free market, but is a calculated strategy on the part of the world's elite to seize the world's wealth and power at whatever expense is necessary. Indeed, any economic benefits realized by the masses are incidental. Casualties -- be they citizens of Iraq, indigenous peoples or indeed any of the world's…
Harvey, D. (2007). A Brief History of Neoliberalism. New York: Oxford University Press.
Klein, N. (2007). The shock doctrine: The rise of disaster capitalism. Toronto: Random House.
Friedman, T. (1999). The Lexus and the olive tree. New York: Farrar Straus Giroux.
Appiah, K. (2006). The case for contamination. New York Times Magazine. Jan 1, 2006.