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Understanding the Complexity of Globalization - Essay Example

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Globalization has been found to be among the most complex aspects of the modern world and this has been mainly through the ways in which the economy in one part of the planet comes to adversely affect another…
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Understanding the Complexity of Globalization
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Globalization has not only had a huge impact on the political arena of the world but it has also had far reaching effects on the development of the economies of many countries all over the globe. The adoption industrial technologies have been found to be one of the most fundamental aspects of the modern world and for this reason; it has come to receive the attention of many people. The process of the adoption of new technology, as well as other aspects of development by countries from which it does not originate, which started out in the economic sphere where liberal economic policies were developed and adopted by many countries has come to weaken the once strong foundations upon which many of the world’s economies were built. The globalization of the world economy is among the most fundamental aspects of the twentieth and twenty first centuries, because it has enabled the growth of economies, which would previously have remained closed to the world.1 The ability of countries to adopt the technological developments that are alien to them and develop them to suit their own needs is an incredible part of how the world works today. The example of China, the fastest growing economy in the world, can be given in this case, since only some forty years ago, China was a poor developing state in the middle of the Cultural Revolution, with the prospects of its emerging as a major player in the global economy were indeed deem. But all this changed with the opening up of the Chinese economy by President Deng, who managed to bring China from an economic backwater to the path leading to what this country is today. The Chinese have managed to adopt those technologies which were only found in the West, such as the machinery for the large scale production of cotton, and male improvements on it to the extent that it has become the largest exporter of clothes in the world.2 In addition, the fact that the Chinese government has worked towards ensuring that most of the new technologies that get into the market are adopted swiftly and developed even further for export, and this, among other things, has ensured that the economy of this country is on a continuous path of growth. The globalised world developed mostly because of the industrial developments, which took place in Britain during the nineteenth century when there was the invention of mass production of goods for the purpose of satisfying both the domestic and international demand.3 Among the most influenced parts of the British, and later, global economy was the cotton industry, which, through the development of new technologies for the purpose of processing the cotton and spinning the yarn ensured that the price of cotton products became more affordable.4 In time, the cotton industry in Britain grew so fast that it began to need even more cotton from outside and this would eventually lead to its large scale efforts to import cotton for the purpose of keeping up with the demand for it in its markets. As this was going on, the United States managed to acquire the technology of the cotton industry from Britain and this led to the development of the American cotton industry that within a few decades had surpassed that of its country of origin. As a consequence, the United States became the new world leader in the production of cotton and its products, but this leadership did not last indefinitely as China later came to become and has remained a world leader in t ...Download file to see next pagesRead More
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