Name: Instructor: Course: Date: Introduction The world is in the center of an economic and industrial revolution more advanced than the one that lead to the transformation of Europe and North America in the 19th century. This revolution is a juggernaut that cannot be controlled by either the governments or multinational corporations (Greider 331)…
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In his book of One World Ready or Not, Greider advocated for some steps that he believed could avert this disaster: change labor practices specially in the developing economies, control the flow of commodities by imposing tariffs as a means of correcting trade deficits, and give chance to labor to share in the capital ownership (Greider 334). He sees multinational corporations as not just looking for cheaper labor but a huge power base. As multinational firms compete for global power and market share, they forget their national mandate of their home country and take no notice of any social obligation will not be profitable in the short term including exploiting and displacing labor. On his book specifically in regards to the statement in page 335; Grieder helps us to visualize the ultimate impact of globalization, and above all to realize that economic globalization is unattainable without similar revolution in the political, social and even the spiritual dominions (Greider 335). The globalization of business enterprises is a world-shattering force- akin to the sort of revolutions shaped in the past on a nation-by-nation basis by such improvements as the assembly line, steam power, and the proliferation of the combustion engine-that is, today, responsible for the world’s total political and social order (Robbins 298). The quintessence of this global revolution is the fact that finance and commerce have jumped importantly above the existing consciousness of people and societies (Hopper 302). Trade has adopted a global outlook, in essence, fast creating a new practical reality for numerous everyone’s life, a new order which has its base in the dynamics not cramped by the traditional social structures. This is a bitter fact that many may wish to shun away from unless one does not live in an industrialized nation. The global production system is a powerful teaching tool: it gives power to every individual to express their capabilities all over the world. Every country especially those with greater resources and wealth, promotes its own description of national arrogance, a natural egocentricity that cannot be isolated easily. But the essence of global commence undermines-and may destroy in the future- the ancient, native pigeonhole where by different people are ranked and rank themselves. The difficulties and disarticulations of the modern world economy can be attributed to a single reason: that is more supply than the available demand (Greider 221). An upward trend in efficiency in the developed countries and new industrial centers appear in the developing world, demand is not able to keep up, for the reason that the consumers are not able to cope up with increasing number of new production being produced. As a result, there is an unrelenting global excess capacity, producing always a downward pressure on prices and more importantly the labor wages (Greider 223). Because of this overproduction there exists a counterpart increased income where by every dollar sales has to be a representative of dollar profits or wages to somebody. But this income can only be saved or spent. Now, a global oversupply problem seems to be a complement to global excess of savings compared with the investments prospects. If anything we seem to experiencing declined savings rates in the developed economies while savings have had an upward trend in
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