The global economy Essay Example for Free

The global economy Essay In a highly interdependent world, the global economy is one of the major concerns of countries since anything that happens to one country’s economy can largely affect other countries, especially if the country where the economic shift happened is as powerful and prominent as the United States of America. More importantly, the flow of goods, labor and resources need an enabler for their ease of movement from one country to another. With the rising doubts in the current system of the global economy, people are now looking for ways to reform it. Capitalism, as the dominant economic model for the world was shaken with the collapse of Wall Street and the recession in America and elsewhere. The conundrum of global reform is that the proposals that go far enough, such as establishing a global financial regulator, are wildly unrealistic, while those that are realistic, such as reform of the IMF, fall far short of what is needed. In the midst of all these problems, however, an economic experiment on a large scale is happening in Europe. The European Union is not only a strong political bloc, but is also a consortium of economies that are working together to improve the economy in their region. Although this is not yet a replacement to the American-style capitalism that dominates the world, this new economic movement could play a large role in the future as a replacement to the current global economy. b. Yes, one can be both a globalist and, at the same time, be culturally parochial. In both the West and the East, this is what is happening, which is why countries fail to reach agreements with the consensus of everyone in the international organizations they are in. In the north and south, conflicts spark in the opposing goals of cooperating with one another to make a better globalized society and forwarding their own national interest. These are evident in China’s continuing efforts to expand its economy through an undervalued Renminbi, and a nationalistic thrust. Sometimes, they even go to the extent of openly opposing Western nations that are not of the same mind as they are such as in the issue of the global climate where they agree that Western nations should do act on it but refuse to act on the issue themselves prioritizing their economy over taking care of the environment. Western nations, on the other hand, are often criticized because of their pushing for a more global movement of goods, labor and resources while protecting their own borders from competition. Another criticism they receive is that they exploit 3rd world nations while harping on the importance of helping these nations out of poverty. Even in smaller scales, that is, concerning the individual, have issues such as migrants who refuse to adopt the cultures and laws of the country they migrated into and hold strongly on their own cultural backgrounds. c. Globalization is indeed inexorable. With the advent of technologies that speed up this process, people need to adapt to the growing interconnectivity of peoples that were once out of reach by thousands of miles. To adapt to the growing trend of globalization, there are many tools in our hands, one of which is the internet. The internet, as one of the causes of the acceleration of the globalization process can be used by people to become a part of the greater global society through knowledge acquisition and even being active in other nations through having a voice online. Other technologies like mobile phones, VOIP, television, etc. can help us become more cosmopolitan. The most important tool in adapting to globalization, however, is our minds and that we must keep them open. With globalization as the marketplace for many ideas internationally, myopic views are causes of conflagrations between people and even nations.