The Impact of Globalization on the US - Essay Example

The Impact of Globalization on U.S Dell Champlin Dell (2001) has mentioned that the integration of the national economies and the wave of globalization have nullified the concerns and restrictions which previously halted the trade and economic relationship between the countries. The globalization has provided the countries with an opportunity to develop trade linkages in swift manner, and such possibility has offered better opportunity to the developed countries, and has facilitated their needs and utilities. The scope of activities and exercises conducted within the developed countries has also enhanced due to the possible opportunities available in the developing countries. The interests of the developed countries have not only remained protected, but have further explored. The level of competition has never distracted the economic and trade activities of the developed countries, much because the level of competition among the developed countries is diluted. Dell (2001) has concluded that the globalization has however resulted in the era of greater interdependence of the economies due to the provisions of the free trade and relaxed taxation policy, therefore the pace of political and economic convergence increased dramatically over the past few decades as states appear increasingly similar in terms of their political structures and economic functions. Title: Obama and McCain Differ Sharply on Economic Policy Author: Roger Lowenstein In the view of the above listed facts, the US Presidential candidates Republican John McCain and Democrat Obama have emerged in the field in quest for the presidential throne. Roger (2008) has supported Obama’s stand, the presidential nominee has adopted liberal economic policies with non-specific mentioned of taxation policies. Roger (2008) reported that the Democrat candidate, globalization of economy has weakened the states, control over their societies; thus, globalization promotes civil liberties and, eventually, democracy, through socioeconomic development, and this caused has resulted in the independence of the United states, therefore the globalization commenced soon after the independence of the United states, the integration of national economies into the global market place has served as a catalyst to the states political liberalization Title: Obama v. McCain: Economic Policy Author: Tom Traina Republican Senator McCain has warned that the globalization has certain limitations; however the extent of those has diminished with the passage of time. Tom (2008) reported that the convergence on the economic and trade agenda has motivated the United States to develop mutual and cordial understanding with the developing countries, and such collaboration has evolved keeping aside the religious, cultural and social differences. The United States has been successful in the development of the trade and economic relationships with Muslim countries in Asian territory, therefore the trade and economic policies of the United States are mainly trade oriented, therefore every such policy has provided economic gain to the country. According to Tom (2008), McCain has favored strong trade policies with mineral rich countries; however Obama has proposed stringent economic and investment policies towards mineral resources project. Title: Globalization, Economic Development and Inequality: An Alternative Perspective Author: Erik S. Reinert According to Republicans, the association with EU shall be further strengthened in terms of economic assistance and borrowing. Democrats have warned that the European Union has placed the interests of the United States economy in jeopardy, therefore the selection of the trade and investment plan has to be undertaken after due consideration towards the feasibility plan. Erik (2004) confirmed that the globalization does not grant provisions for approaching every possible opportunity available in the global market, rather the decision has to be taken with sue consideration on the rate of return and security risk associated with the project. Dell, HP, Microsoft, Exxon Mobil and Wal-Mart has emerged as the strong candidates in the international market, which has been possible only because the companies have avoided and curtailed the possible security risk either through strategy in which the focus has been to avert the security concerns either through provisions for the social welfare of the people in the region, or through relocation. Title: Obama ties McCain to Bushs economic policies Author: Rebecca Sinderbrand As per Obama, the presidency of McCain will result in the downfall of American economy; the recession will continue if not paradigm shift is introduced, the probability of which is low in case of McCain’s victory. Obama therefore claims that he should be elected not for the sake of presidency but for the sake of economic revival and stability. Democrats have been highly critical of McCain’s faltering economic ambitions. Rebecca (2008) confirmed that Obama has righteous stated that he intends to focus upon reduction in tax rates, additional $50 billion economic package, and benefits for unemployed. Obama has promised that his government will proactively pursue role in restoration of the country’s economic health and provide relief to the distressed families. McCain has different sets of priority, the Republic presidential nominee intends to reduce taxes on corporate industries, however he has promised to offer greater role in helping the poor homeowners. Title: Obama, McCain economic policies in spotlight as election approaches Author: Motoshige Itoh Obama has warned that the economic concerns related with the implementation of the globalization has been significant, although in some of the cases the impact has been as per the aspirations of the local traders, but in majority of the American economy has experienced jolts. The emergence of China and India as the economic hub for the Asian countries have resulted in the declination of the imports from the United States, both the countries have been able to produce the items in desired qualitative and quantitative terms, followed by the provisions of cheap labor. Itoh (2008) explicitly mentioned that Democrats have expressed their intention to focus much upon the exploring the potential of US manpower and workforce, to improve the employment figure. Democrats have blamed Republicans for their failure on this particular front, and have failed to bring the shares back to its homeland. However, the corporate sector of the country in consultation with the government of United States have established their industrial units in China and India, therefore the qualitative standards will be certified by the American company but the production will be fabricated in some other part of the world, at possible cheapest expenses, this is the proposal which in under scrutiny by Democrats. Title: Economic policies: More tax breaks from Obama Author: Darrell Proctor Democrats have warned not to offer credits with proper appropriation and evaluation, it has been experienced that in past the country has offered credits to the group of companies with relaxations, such relaxations were offered without any conditions and the requirements of the companies were facilitated, therefore the industrial units relevant to automobiles, pharmacy and consultancy services have remained settled in the United States. The United States has potential to explore future opportunities for itself, but such opportunities should not be snatched rather these should be evolved and shared with the potential industrial units. Republicans have warned that the country has to revaluate the risk factor, and has to take a bold and confident measure aimed at the expansion and progress of the economic and trade aspects. Darrell (2008) recommended that the globalization is not specifically a trade policy; it is the incorporation of the trade policy in the international market such that the interests and concerns of the international clients are delivered. Title: Obama approaches lawmaker about White House Author: David According to the voice of local Americans, the vote will be casted in the favor of candidate having credible and sound economic vision. Obama and McCain have agreed that they share difference of opinion and vision to handle the economic mess. McCain has publicly favored and supported that Bush administration’s policy of tax-cuts on corporations. McCain justified that high corporate taxes will force American companies to expand worldwide, he lamented the policies and stand adopted by Obama, and claimed that he is being financed by those who have vested interest in American economy. David (2008) confirmed that Obama stands by the notion that, the wave of globalization has prompted the local population to actively participate in the decision making policy of the country, which is as per the injunctions of the democratic principles, therefore the acclaimed democratic country of the world has been successful in achieving that mark due to the liberal practices adopted by the Americans. Title: Obama denounces McCain’s strange economic policies Author: Robert Republican McCain has promised to adhere by the economic policies adopted by the current Bush regime, because the trade volume of United States has soared rapidly, and the increase is associated with the industrial development achieved by the country. Robert (2008) mentioned that the United States has been among the selected country which has gained expertise in wide range of activities, the country is renowned for its industrial services, manufacturing, food processing, textiles, agricultural products, construction, aerospace and aviation, automobiles, research and development and pharmacy, the volume of international commercial transactions in the favor of United States increased dramatically after World War II and countries’ economies became internationalized with an increasing percentage of their GNP attributable to international exchange of goods and services. The United States was successful in the development of the concept of the internationalization of national economies which required multiple measures to capture it adequately , and for this purpose the country was able to achieve prominent mark in economic indices relevant to economic internationalization, the volume of international commercial transactions Title: Obama, McCain: Values, by the books Author: Toni Morrison McCain has focused immensely upon tax reduction. In clear distinction between the both presidential nominees, McCain has failed to come up with strong agenda for the homeowners; however Obama has proposed short0term measures as an incentive towards the local homeowners. Toni (2008) has explained that Obama has focused more upon development of infrastructure, development of alternative power resources and dilution of wage inequality. Democrats are firm that with this spirit the United States can maintain its lead in the war of trade and economic stability on global front with the weapons of research, technological advancement and services fully active and supportive. Obama has promised that his economic policies will focus more upon funding towards environmental friendly projects. This will require major investment from the local firms; therefore the interest rates of the banks are likely to be slashed if Democrats are in White House. References 1. Roger Lowenstein. (2008) Obama and McCain Differ Sharply on Economic Policy. Smart Money. pp. 3. 2. Tom Traina. (2008). Obama v. McCain: Economic Policy. Heretical Ideas. pp. 2. 3. Dell Champlin, Paulette Olson. (2001). The Impact of Globalization on U.S. Labor Markets: Redefining the Debate. Journal of Economic Issues. Volume: 33. Issue: 2. Association for Evolutionary Economics. pp. 54. 4. Erik S. Reinert. (2004). Globalization, Economic Development and Inequality: An Alternative Perspective. Edward Elgar Publishing. pp. 23-67. 5. Darrell Proctor. (2008). Economic policies: More tax breaks from Obama. Business Examiner. pp. 9. 6. Robert Barnes. (2008). Obama Denouces McCains Strange Economic Policies. pp. 8. 7. Motoshige Itoh. (2008). Obama, McCain economic policies in spotlight as election approaches. The Nikkei Weekly. pp. 2 8. Rebecca Sinderbrand. (2008). Obama ties McCain to Bushs economic policies. CNN Politics. pp. 5. 9. David Espo. (2008). Obama approaches lawmaker about White House post. Associated Press Writers. pp. 17. 10. Toni Morrison. (2008). Obama, McCain: Values, by the books. Chicago Tribune. pp. 12. Read More