Larger Markets Around The World example essay topic

431 words
After our discussion class about globalization, I changed my point of view about this topic. Before the class I knew little information about globalization but after the class I was amazed about what globalization actually is. Globalization which has acquired considerable controversial force, in some view it as a process that is beneficial which could be a key to future of the world economic development. Others regard it with aggression, even fear, believing that it increases inequality within and between nations, threatens employment and living standards and prevents social progress. I am sure that one of the above is right, but we can only find out the truth in a couple of years. The term has come into common usage since the 1980's, reflecting technological advances that have made it easier and quicker to complete international transactions, both in trade and financial situations.

It refers to an extension beyond national borders of the same market forces that have operated for centuries at all levels of human economic activity in villages markets, urban industries, or financial centers. Generally speaking, markets promote efficiency through competition and the division of labour and the specialization that allows people and economies to focus on what they do best. For example, Brazil is probably the best at producing coffee beans, while Saudi Arabia is the finest at manufacturing oil. Global markets offer greater opportunity for people to integrate into more and larger markets around the world.

It means that they can have access to more capital flows, technology, cheaper imports, and larger export markets. But markets do not necessarily ensure that the benefits of increased efficiency are shared by all. Countries must be prepared to embrace the policies needed, and in the case of the poorest countries may need the support of the international community as they do so. Basically there are to sides to this story, where the solutions were to inequality for all. Unfortunately this will never happen as there are several counties around the world with superior power, and therefore will never change towards a global goal.

So after having a whole hour on globalization, I totally agreed to it, that globalization really is beneficial for many poor countries across the world. With their hopefully large importing countries the poor people can improve their living standards, and optimistically will advance to a better existing pattern of life. I also believe that one day we will be able to trade and benefit more from the less developed world..