Global Interdependence Essay

1418 words - 6 pages

As technology of the past gives way to the technology of the future, the world is becoming a smaller and smaller place. In economic terms, Global Interdependence is increasing as time goes on. In other words, we as the United States, as well as other countries, rely on each other for the three factors of production, Land, Labor and Capital. As noted in Thomas L. Freidman’s book, The World is Flat, there are several instances in which the Global Interdependence started. For example, the introduction of the Internet created a common forum in which people could connect to each other instantly was revolutionary in the interdependence process. In addition, the Global Interdependence Center, located in Philadelphia, PA is a non-profit organization that has a global goal. According to the GIC their mission is to “encourage the expansion of global dialogue and free trade in order to improve cooperation and understanding among nation states, with the goal of reducing international conflicts and improving worldwide living standards.” The American Economic system has become closely linked to foreign economies through global interdependence by the rise of new technologies, methods of communications and transportations that break down barriers that previously could not have been broken. This is shown in our relationships with countries and organizations such as China, The European Union, and OPEC.

As Globalization increases, countries become more reliant on each other for resources such as oil. Oil, nicknamed “Black Gold,” has become one of the most valuable resources in the world. According to the Central Intelligence Agency (CIA), the United States of America is the largest consumer of oil in the world, devouring a whopping 19,150,000 barrels per day. Next in line is the European union with 13,730,000 barrels per day. Third is China with a total of 9,189,000 barrels a day. In addition to consumption of oil, multiple countries produce and export millions of barrels a day. Topping the list is Saudi Arabia. Generating over 10% of the world’s oil supply, they often hold the reins for price per barrel of oil. In fact, 90% of Saudi Arabia’s export earnings are oil based. In addition, 45% of the nations GDP are petroleum based. Saudi Arabia may be the largest oil exporting country, but they are part of one of the most powerful organizations on earth, The Organization of the Petroleum Exporting Countries, or OPEC. Holding over 80% of the world’s oil reserves, OPEC is in a great seat of power. In fact, they can change oil prices globally with the flick of the wrist. The best example of OPEC’s power was in the 1970’s. As a result of an Israeli Palestinian conflict, Palestine influenced many oil producing countries to raise prices on Oil to western countries that supported the state of Israel. In November of 1973, OPEC cut oil exportation to “non friendly countries” by 25%. This caused a realization of how significant oil was to multiple countries including...

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