Issues of Globalization

ISSUES OF GLOBALIZATION

Globalization is a series of social, economic, technological, cultural and political changes that promote interdependence and growth. Globalization raises the standard of living in developing countries and spreads technological knowledge. Globalization is an issue that may hit closer to home than we may think, whether it be clearing to the lot across the street to build a new home or the shoes on our feet with a made in Hong Kong tag. The effects of globalization make it an important issue for almost every human being on this planet.

Globalization has both negative and positive effects and it is either affected economically, politically or culturally. The basic issues related to globalization include investment, the spread of technology, educated workforce and the existence of a market economy. A common factor which appears to link all highly growth countries together is their participation and integration with the global economy. Many people who are concerned about the fate of the world's poor now attribute their plight to globalization. They argue that globalization has weakened the position of poor countries and exposed poor people to harmful competition. This is expectable as there is a huge gap between the rich and poor.

International trade is a core element of globalization. Greater imports offer consumers a wider variety of goods at lower prices. Exports are a source of economic growth for developing nations, while creating jobs as industries sell beyond their borders. Trade enhances national competitiveness by driving workers to focus on those areas where there is competitive advantage. Developing countries can benefit from an expansion in international trade. Ernesto Zedillo, the former president of Mexico, has observed that, "In every case where a poor nation has significantly overcome its poverty, this has been achieved while engaging in production for export markets and opening itself to the influx of foreign goods, investment, and technology".

The financial markets also have great implications due to the globalization. As countries have strengthened their capital markets, they have also attracted more investment capital, which has allowed a broader entrepreneurial class to develop, encouraged international risk sharing and foster economic growth. Some countries have liked globalization, while countries have experienced significant income increases then other countries that have rejected globalization.

There have been reasons where by people have opposed the concept of globalization. The following reasons will explain the reason why globalization has been opposed.

* It is used as an ideology by the powerful to deceive the people about illusory benefits of a dehumanizing system; in other words, globalization is really a myth that needs to be exposed, a form of false consciousness that prevents people from seeing their true