Critical Thinking of Globalization

Topics: World Bank, Developing country, International trade Pages: 4 (1037 words) Published: October 17, 2011
1)Introduction- A thousand year old phenomenon Globalization, initiated by the Silk Road which linked Europe and China has widely broadened in today’s scenario. It is defined as a progression of unification of diverse countries across the globe enhanced by foreign trade, international investment, flow of technology and labour. Globalization has diversely affected the political, social, cultural condition of various countries in negative and positive manner. (1) (10) 2)Argument Against Globalization

2.1) Global Economic Recession- International Trade makes all countries dependent for trade on each other which has currently led to financial crises. For Example, Increase in oil prices and collapse of U.S Market has decreased the global investment as in 2008, industrial average of Daw Jones decreased by 7.7% i.e.679.95 points. (2) 2.2) Exploitation of developing Nations- The powerful nations exploit developing nations for scarce natural resources, cheap labour as MNC’s have massive power and huge capital investment. Developed Nations impose policies on developed nation’s government that destabilizes the democratic process of weak nations For example; Structural Adjustment Program introduced by World Bank in African nations depressed their economies drastically. (3) 2.3) Unemployment in Industrial nations- Outsourcing of Cheap labour has created unrest among workers of employed nations because of unemployment as producers opt for low wages labour. (3) 2.4) Cultural Dissonance- Homogenization of different cultures is observed at materialistic level among elite group leading to socio cultural gaps between them and marginalized strata of society. It leads to Metropolitanism, Gangesterism, Racism, Parochialism and terrorism globally. (4) and (5) 2.5) Income Inequality- Neoliberal policies, a component of Globalization is help responsible for the income discrepancy between agrarian based and industrial nations. As a result of Financial speculation by developed nations...
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