How Has Globalization Affected On The Year 10 Years? Essay

The world we live in today is going through enormous changes in economics, technology, culture, politics, etc. The effects of the changes are not so clear, since it is hard to predict how each sector would affect the other and how society will be affected. However, analyzing past and present occurrences provides some information for experts to interpret society’s reaction in the future to different transformations. Globalization can be seen as a process in which societies around the world come together and expand through the combination of different forces. This paper will explore the effects of globalization on US companies, US society and economy, and the implications for other countries in the post-industrial world.

Globalization is a process which involves the establishment of economic, cultural, and socio-economic relations between nations around the world. It is a concept that has fascinated me for quite some time because of it’s influence on topics such as; why one country gains while another loses, why certain people thrive while others diminish, how technology impacts human labor and workforce, etc. Specifically, I have always been drawn to the economic consequences of globalization and how they impact the United States and our relations with other nations. After extensive research, I have concluded that globalization can drastically improve the American economy `only when it is properly monitored and subjected to barriers. These barriers restrict the overall role it has played in the past and the role it will play in the future regarding the success of our economy.

Globalization levels the playing field, in a way that makes it hard for developed countries to compete. A country with a lower cost structure (lower wages and benefits for workers, less technology advancement, corrupt government and more lenient rules on pollution) is able to make it hard for prosperity. The world economy is becoming increasingly integrated. While globalization brings benefits to developed countries and economies in transition, embracing globalization can also bring new risks to developing countries. According to Globalization 101/Development and Globalization there are four areas why some countries are richer than other. They are geography, culture, property rights and lack of freedom. Africa

Globalization is a process that connected the world and has exposed people to one another. According to Campbell, globalization is defined as a “complex web of social processes that intensify and expand worldwide economic, cultural, political, and technological exchanges and connections” (Campbell & et al, 2010, pg. 4). It has become easier to connect with people all over the world and mix cultures. Globalization creates new social networks, multiplies existing connections, expands and stretches social relations and connections, intensifies and accelerates social exchange, and appears as objective and subjective plane (Steger, p.9-15). It has become a new way of life for modern people and it would be impossible for nations to become isolated again.

Globalization is a worldwide trending phenomenon for the past century that has affected millions of lives in many different ways. Cambridge English dictionary defines globalization as “the increase of trade around the world, especially by large companies producing and trading goods in many different countries” . Globalization has many facets and may have implications economically, socially, politically, technologically and culturally; it affects each country and individual uniquely. In essence, globalization is the integration of national economies: openness to trade, financial flows, foreign direct

Globalization has impacted nearly every aspect of modern life. While some U.S. citizens may not be able to locate Beijing, China on a map, they certainly purchase a high number of goods that were manufactured there. There is no set definition for globalization, there is also no clear answer to whether or not globalization is good or bad. There are examples of how globalization has helped a country greatly, but there are also examples of globalization causing harm to the growth and prosperity of the nation.

Traditional international trade involves a complex system of trade barriers to ensure the protection of domestic industry and its workers interests. The trade impediments and subsidies include protective tariffs, import quotas, non-tariff barriers such as licensing, and export subsidies. Originally, a country’s economy acted independently of other nations. The growing trend since the establishment of GATT in 1947 is globalization.

The UAE is one of the riches nations in the world as measure by per capita GNP. The economy is primarily based on the oil

The implications of globalization are greatly felt in every part of the world. One of its effects is encouraging the movement of financial capital, trade, and direct and foreign investments. This refers to the economic exchange of goods and services internationally and international financial flows. (Carr and Chen, 2001). Through the perspective of an optimistic globalist, trade has brought an increase in the volume of trade, whereas, pessimistic globalist suggests that globalization on the world economy has made the world less diverse and homogenous. ( Textbook). Under these two major themes, there are four major concepts that will guide in understanding how globalization and economics relates; stretched social relations, intensification

Although connections might not seem apparent, nations around the world have become closer to one another now more than ever before. Countries are creating stronger internal ties; goods and services are being promoted and exchanged between nations, which creates relationships. Globalization is a process of intercommunication and integration within people, companies, and different nation’s governments. Globalization is processed by international trade and investments aided by information technology. This process has many effects on a nation. It affects the environment, culture, political systems, economics, and development. In addition to human’s physical wellbeing in societies around the world. Citizens and companies do not desire to do business with other nations just because, but instead it is an occurrence because there is a better benefit for that citizen or company. Globalization will progress until the government applies rules and regulations to control it, or stop it. Globalization and developing countries have a parallel correlation. As a country develops globalization occurs. Globalization can bring on both great opportunities and disadvantages. Globalization can create aggressive competition.

The United Arab Emirates is one of the fastest growing countries, with a high income per capita $48,800, comparable to the American income per capita of $49,000 (Central Intelligence Agency, 2012). Historically, the UAE had been a poor and underdeveloped region, due to its geographic placement in the desert. About three decades ago however, the country discovered and began to exploit its oil reserves. Since then, the economic stability of the nation increased.

Globalization can be defined as “the development of an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets” (Webster Dictionary). It brings countries closer together and impacts things such as human rights, politics, and economics. While Globalization can have positive factors it has its downfalls.

Globalisation is the process where world communicates through technology, politics and trade. It is a method of communication and combination among the individuals, businesses, and managements of different countries. Globalisation means a mostly economic event, mixture of national economic organisations and the fast increase in cross-border economic, cultural and technological exchange (The Australian APEC study centre, 2002). Globalisation has affected various nations in a different way such as Economically, Socially and politically. Globalization helps to increases an International Trade, mainly creation of new trade treaty between the developing and developed countries. Globalization binds nations together (Tverberg, G., 2013). The most important thing of globalization is impact on environment is that, there is an improvement on use of resources and awareness. There is a worldwide market for the companies and customers which creates good way to get product easily from different countries. This creates steady cash flow into developing countries thus globalization has more benefited to developing countries than developed countries (Jessicahbrt/March 2007). Many people believe that globalization has benefited developed country more than developing countries. However, I strongly disagree that globalization has benefited developed countries more than developing countries. As developing countries has many benefits and developed countries faces some problems due to

United Arab Emirates (UAE) is well known for being one of the wealthiest countries in the world. Their wealth only partly contributed to developing their economy, society, and military, but their culture still mainly comes from their government and geography. With the majority of their population concentrated on the coast, UAE has a history of trading and interacting with other countries that helped evolve their society to what it is today. Since the beginning of their oil industry, UAE’s economy has dramatically changed and they are continuously looking for other sources of income to avoid solely depending on the oil revenue. UAE has established itself as a loyal ally to the United States with its military coalition actions.

The UAE controls 10 percent of the world 's proven oil reserves. The UAE has invested in its natural resources and its strategic location to become one of the most modern and wealthiest states in the world. It uses both large petroleum and non-petroleum sectors such as its hotels and resorts, aquariums and museums.