Economic Globalization Essay

1139 words - 5 pages

Globalization has been a start of a new modernized era in history. The source states that as an individual you are given prosperity, stability, and also predictability, and also points out that it helps developing countries modernize and catch up with developed countries, and also reduce poverty since new businesses are formed allowing more employment in the country due to the subsidies that wealthier countries give to them. The person who wrote this source is a pro globalist, and has probably experienced the prosperity that was given to them because of the global trading system. His perspective on globalization suggests that globalization is the key to advancing technology, good relations ...view middle of the document...

Although we have a high value on our currency, we are in a position of an expecting boom, but our government will cushion the bust, so it does not become extremely devastating. The predictability of how stocks and markets will turn out will be really well. The world in this current state is a like a charity that gives everyone wealth. There are so many ways to make money, whether it is online or just getting a job, there are many transnational corporations that need workers. If you want to become really rich you just need to work hard to get it, but also to a degree where you can control governmental policies. For example, Facebook was created by a college dropout, but now has become a millionaire because he turned his ideas into something everyone can use. You can also get money by buying internet currency, such as Bitcoins; One Bitcoin is worth around 550 USD due to the constant exchanges with the currency.
The source shows that globalization has been an underpinned and unprecedented period of economic growth. The main reason for this is the destruction of the communication, transportation barriers. Over the past six decades we have been advancing our technology at the point where we can see our faces on a screen when we are on the other side of the globes. Because of this, businesses and individuals can share their ideas, which will lead to a new level of technology and create more competition in our global trading system which will generate more wealth. Transportation was never this easy and cheap, clothing companies are able to transport massive amount of clothes and make huge amounts of money from consumers. Also, the goods can be shipped from ships or planes which is guaranteed to be shipped to a location under a week which is insane compared to the past where ships take around a month to get back from America back to Europe. With all this constant and fast spread of information and goods, people are able to increase their productivity, and consumers are able to buy more because of the variety of things you can buy from the things being imported to their countries. Huge businesses such as YouTube uploads millions of videos everyday where you can be entertained or you can learn new things because of the tutorials being uploaded every second. Because of these technologies we are able to receive and...

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