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The Bleak Future Of Globalization Essay

2974 words - 12 pages

National economies are more connected today than ever before with nations focusing on their comparative advantages and a global economy has been created but because of this, the world’s economies have become increasingly interdependent and volatile. Oil is the backbone of the global economy, but oil is a quickly depleting resource and eventually government protection of oil resources will lead to the collapse of global trade. Globalization causes negative effects on the world’s economies, with increased interdependence leading to issues like Contagion. Governments are steadily becoming more involved in regulating their economies and protecting their own economies will hurt globalization. Government involvement in the economy makes globalization unsustainable.
The most condemning argument against globalization is certainly the fact that our world’s oil resources are quickly and irreversibly depleting. Oil is integral to globalization as it is the international fuel of transportation and international transportation is the key to globalization. Globalization is essentially the exchange of resources between global economies, so it is inevitable that globalization will cease to exist if countries cannot afford to exchange their resources. For instance, the reason many of the goods in North America are produced in countries like China is because developing countries have a human resource advantage. Chinese companies can pay their workers a fraction of what North American workers are paid to produce the same goods, thus leading to cheaper prices for North American businesses when purchasing the goods. The exchange of goods globally is built upon importers receiving cheaper prices than what they would pay at home, but the cheaper price of labour will eventually be cancelled out by the skyrocketing cost of shipping due to more expensive oil. Developed countries are more than willing to bring goods over if they get a good deal, but that deal will not last much longer as oil supply dwindles and oil prices surge. The cost of transport is directly tied to oil prices and can be seen in the cost of cargo shipping jumping from $9500 to $32000 along with oil increasing from $30 to $100 per every barrel (Rubin 180). Oil prices continue to climb and according to Jeff Rubin, they will probably never stop. Eventually the size of the shipping bill will far outweigh the benefits of cheaper production and companies will cut out the shipping in order to cut the costs. This means that companies will soon be retreating from Asia and heading back home to do their business. The world will need to prepare to say goodbye to the luxury of exotic goods and embrace local ones instead.
The rising price of oil is no mistake either because the depletion of oil is very real, so no one should be expecting a miracle recovery of oil supply. The largest oil fields in the world are running dry and the low-cost oil from Saudi Arabia that sparked the global economy will soon be a thing of...

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