Globalization Term Paper Example | Topics and Well Written Essays - 1500 words

Globalization - Term Paper Example Financially, emergence of world wide financial markets has also improved external borrowing terms and relations; this has greatly contributed to the global financial structure instability. This is because the structures have grown dramatically than any other transitional regulatory regime. This can be seen in the current global economic crisis being experienced, the world economy has been intertwined and thus depends on the out comes of the bigger economies (Murray, 8). Economically, common markets are based on freedom of exchange in goods and services .Collapse of one market can therefore not be contained. This creates a generalized risk because if one country which for example is the market economy collapses the effects will be impacted also to the country which produces those goods or services because they will not be in a position to buy them (Sheila, 10). Politically globalization has been used to create cartels which are target towards particular motives or interests for example the World Bank, IMF among others. These cartels provide a means of control and regulations which deters relations between governments and mandates rights in regard to social and economic globalization. The United States for example has enjoyed a power stratus compared to other powers because of its vast wealth and resources backed by a very strong economy. This is because no other power may be able to compete with its vast wealth, resources, industries, technology among others (Jurgen, 8). With increase in technology communication links and networks have been established both in developed and geographically remote locations. The world nowadays has been linked with such things as satellite, fibre optics telephone and internet technologies .When flow of information is therefore considered the world is all connected to a one small global village. Globalization also has contributed to the use of one common language in most parts of the world, for example English is widely used because most of the communication equipment s e.g. the telexes mails among others are in English (Jurgen, 8). Globalization also means that various and vast range of products will be at the world market. This means that only the best goods or services will fetch market and good prices .This leads to competition where countries try to improve quality of their products as well as increasing value of these products in order to have the competing edge in the world market. Ranges of products are also coming up each and every world in through trade market in order for them to participate in the trade (Steiger, 8). Industrialization has also lead to climatically change that is currently being experienced. This has lead to change in climatic patterns thus lower production mostly affecting agricultural sectors where Africa can be cited as an example. This because most industries emit gases which are destructive to the ecological composition. They also require dirty industrial stage where they dumb the waste; this has led to environmental pollution for Example Rivers, lakes, soil etc (Jurgen, 8). Globalization had its effects in the world of business. Pressure is applied to lowly industrialized third world countries which operate on the same