The World of Regionalism and Globalism Essay Example | Topics and Well Written Essays - 2500 words

The World of Regionalism and Globalism - Essay Example Globalisation is the process by which the various world economies become increasingly interlinked resulting in a worldwide economy characterized by global economic policymaking conducted by mandated international agencies such as the World Trade Organization (WTO). However, Globalization can also be perceived in terms an emerging global culture in which people consume similar goods and services across boundaries in addition to having a common business language for example English. The continued integration of world economies enables efficient and effective economic interaction and in turn, they are further promoted by it (Todaro and Smith, 2003). The increased interaction and integration leads to improved openness and willingness of different economies to undertake international trade which paves the way for financial flows and direct foreign investment. Therefore, Globalization enables the increased mobility of factors of production chief among them capital and labor which facilitates business carried out among states and global business actors. Global business actors, in this case, refer to the private sector actors who are in control of assets in more than one country and are also referred to as multinationals or multinational corporations (MNCs). The importance of this group in the assessment of globalization is based on their control over a growing share of international trade flows which are beyond the reach of their parent governments (Bremmer, 2010).

Coursework3 Essay Example | Topics and Well Written Essays - 500 words

Coursework3 - Essay Example However, according to some, the U.S. benefits the most from globalization (Weber et. al.). New businesses have a much greater earning potential under globalization, as they are able to immediately reach both a potential workforce and potential customers from a much larger, global population. There is the possibility that with increased interests and partnerships in another country, this may act as a deterrent to attacking or invading that country; but the opposite scenario may also become more likely, where nations act militarily to defend their interests. The disadvantages of a global economy include corporate policies that do not take into account the best interest of developing countries they do business in. There have been many protests against globalization and its exploitation of cheap labor in third world countries. There may also be a negative effect on the environment when businesses race to obtain the cheapest materials, and are not subject to legislation and regulations overseas. The increased travel to foreign countries also increases the emission of greenhouse gases. There are also new dangers associated with globalization. A global economy that increasingly utilizes the internet can also quickly spread extremist ideologies (Weber et. al.). Greater international trade can also lead to greater distribution of illegal drugs. And the increased travel associated with globalization can speed the transmission of disease. These new dangers of globalization have become the new challenges of the post-Cold War world. Weber, Steven, Naazneen Barma, Matthew Kroenig, & Ely Ratner. â€Å"How Globalization Went Bad.† Foreign Policy. January/February 2007. Carnegie Endowment for International Peace. 15 April 2007 http://en.wikipedia.org/wiki/The_Global_Economy One of the pictures that is the most moving is the fourth picture in â€Å"The Berlin Wall: A Pictorial History.† This picture is of an East