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Crisis in the Global Economy: Chances of Ending Globalization - Essay Example

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Crisis in the Global Economy: Chances of Ending Globalization The global economy encountered an enormous transformation after the year 1980. Transportation, communication, and information-processing were changed by technological advancements that removed the "traditional barriers of time and distance" (Eckes, 2011, p.viii)…
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Crisis in the Global Economy: Chances of Ending Globalization
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Download file to see previous pages The global economy of the 21st century has turned into an interconnected chain of nations actively engaging in international trade (Bermejo, 2002, p.1). For instance, investment decisions, the employed method of production, labour market policies, as well as environmental laws of one nation already influence how the other nation responds to the shifting economic behavior. Other than nations, these instances also have an impact to companies and to individuals. As a matter of fact, during this point, it seems unlikely to assume that a nation does not have a connection with the world economy (Bermejo, 2002, p.1). Hence, the variation between the global economy in the past and in the 21st century is in terms of its extent, complexity, and rush of change (Bermejo, 2002, p.1). The term global economy refers to the existing economic relations between nations of the world, wherein the markets of all nations expanded beyond their national boundaries in order to establish coordination with other nations (QFinance, 2011). Furthermore, as defined by EconomyWatch (2010), global economy points to an integrated world economy where goods, services, and labour can move freely and unrestrictedly across international borders. It depicts the development of an integrated world where capital freely moves across nations. ...
However, in contrary to that notion, evidences are pointing that the global economy is actually being ruled by large, interconnected multinational corporations. These evidences were obtained from the observations of three Swiss experts in the field of complex network analysis. According to their assessment on the architecture of international ownership, financial institutions are controlling a large portion of the global economy (Folbre, 2011). What describes the current status of the global economy is being reflected in a popular phrase that says "when the American economy sneezes, the rest of the world catches a cold" (Ritzer, 2011, p.95). It means that whatever happens to the US will have an effect to the rest of the world, and that is because of how nations see the US as one powerful nation. Countries often engage in trade because of their inability to satisfy the wants and needs of people. More so, they trade with one another simply because they were not given the resources to supply these needs and wants (Higson, 2011, p.8). Powerful nations influence the flow of trade in the global economy, apparently because they have the capacity to pour on a huge amount of capital for any business endeavor. However, once these nations lose the capacity to control their financial resources in aid of trade or transnational transactions, all else fails in the international market that can lead to a disruption or worst the end of globalization. The world has shifted from a strongly separated international economy to a more interconnected global capitalist economy that is mobilized by the developments in politics, economics, and technology (Gilpin, 2000, p.7). Particularly, ...Download file to see next pages Read More
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