Globalization: Economics and World Market

This is a reaction paper about the “Globalization: Challenges and Opportunities” written by G.B Madison. In which the writer proposed to cast a rapid glance over the multi-faceted phenomenon of globalization in an attempt to discern some of the challenges it poses, as well as some opportunities it offers. Plus, the writer stated that globalization is something that is not a matter of human choosing. We cannot choose the historical situations with which we must contend but we can do our best to make the best of the opportunities they present us with. One of the supporting ideas which the writer provides was The Phenomenon of Globalization. Which he focus on some of its more strictly economic aspects. Like fundamental transformation in the primary arena of human economic activity, i.e, the “marketplace” or what the Wikipedia define as the arena of competitive or commercial dealings; the world of trade: "the global marketplace". Markets are rapidly being denationalized as it were. The writer also mentioned that the Capital, for instance, is no longer restricted to financing projects in domestic markets with poor returns but can be shifted instantaneously to any country that offers more productive investment opportunities. Communication is now global, and the consequences are not only economic, but social and political as well. On the political side, globalization poses a serious challenge to the old idea of “national sovereignty”. The writers own view was that the “withering away” of national sovereignty is a positive development which has the possibility of promoting democracy on a global scale. There were also other ideas which the writer provided like The New Global Economic Order, Globalization and Culture, Globalization and Democracy. Which all of these cited or explained some opportunities and challenges latent in the current Asian financial and economic crisis.
This article brought lots of important insights. It struck me with regard to the challenges and