How has Globalization been both a Boon and a Curse for the US Economy?
The term “globalization,” over time went from being rarely used, to be used frequently. In today’s economy its significance is inarguably global. Globalization has been both a boon and a curse to the US economy and to other countries as well. Globalization is happening and due to it there have been many changes and the planet as a whole has advanced. Its meaning is not clearly defined, but the concept of it implies that the world grows together. It can be defined or interpreted in many ways; it could be interpreted as internationalization, liberalization, westernization, modernization, among others.
When Rudyard Kipling predicted in 1889 that “East is East, and West is West, and never the twain shall meet,” he would have never imagined that globalization and transnationalism would prove him wrong. Now you and people in the jungle, Cambodian monks, etc can email each other, trade computer files, or promote your common interests over an internet connection which connects you to everyone.
What is globalization in definite form? It is the interdependency and the connection every time more narrow of the various economies in the planet, mainly in the financial sector, because of the liberty of circulation of capitals, financial flows, is total and makes this sector dominate vastly the economic sphere. Globalization reaches the most remote corners of the planet, ignoring the rights and rules of individuals and companies, such as the independence of small towns and the diversity of political regimes.
Globalization is the principal characteristic of the historical cycle inaugurated by the fall of the Berlin Wall, in November 1989, and the vanishing of the Soviet Union in December 1991. Its ...