Globalization and International Monetary Fund - Essay Example

Manuel Castells characterizes it as a new brand of capitalism that has three fundamental features:

Productivity and competitiveness are, by and large, a function of knowledge generation and information processing; firms and territories are organized in networks of production, management, and distribution; the core economic activities are global - that is, they can work as a unit in real-time, or chosen time, on a planetary scale. (Castells 2001: 52).2 With globalization at hand, the fashion industry was not exempted from this new economy. The fashion world has become competitive over time and students are excused from this happening.

It the above figures, we can say that globalization has been evident in the clothing industry and the preferences of the students. Though there are a lot of students who were not able to travel around the world, it can be said that they are well aware and knowledgeable of what is happening in the fashion world. Men and women are now getting more and more brand conscious. Through the presence of agents of globalization such as media, more students now are influenced by branding or what others think about what brands of clothes they wear. However, in the figures in the report, it can be said that globalization is still not that strong among students. 78% of the total number of clothes in the group is still composed of US brands with a total of 357 pieces listed. 8% of the total number of pieces of clothing came from Italy's famous brands such as Gucci, Dolce&Gabbana, Armani, and Prada.

Another 8% of the clothing listed came from famous French brands. Lastly, 6% of the total clothing was from the famous brand Mango. Taking note from the Excel report, the tops and bottoms of the students were mostly from American brands. Thus, it can be said that students still patronize brands from the United States of America which are generally patronized by the citizens. The other 22% percent of student's clothing tallied was from famous international brands which are known to be very expensive. But despite this fact, students still acquire these clothes to show status to other students. It is very obvious that when students have clothes bought from Prada or Gucci, others will swoon over these apparel with famous brands. Read More