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Reaction Paper 4

Essay by   •  July 9, 2012  •  Research Paper  •  1,268 Words (6 Pages)  •  1,490 Views

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Alexis Garrett

Reaction Paper #4

Professor Weeks

4042021689

Reaction Paper #4-What is Globalization?

Globalization focuses on a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology. The globalization process affects economic development and prosperity, the environment, political and culture systems, and human physical well-being in societies around the world. This is a summary from a definition on globalization 101. (http://www.globalization101.org/What_is_Globalization.html).

Globalization has been around for many centuries. It was a prevalent process before the World War I in 1914, and has been used to buy from and sale to people that are great distances away from one another. This process began with people then corporations later practiced globalization. A famous example of the globalization technique was used during the Middle Ages; the "Silk Road" which connected China and Europe across Central Asia. Investing in other countries has been practiced by countries, people, and corporations for many centuries as well. However globalization has been deeply controversial. Advocates for globalization argue that the process allows economic development and higher or raised standards of living for poor countries and their citizens. Those arguing against globalization "claim that the creation of an unfettered international free market has benefited multinational corporations in the Western world at the expense of local enterprises, local cultures, and common people." This short paper will focus on the arguments from two points of view; advocates and those whom opposes of globalization to better understand the process. The goal is to understand different perspective and achieve the ability to give an explanation.

The advocating and resistance to globalization descends from various spectrums; government, citizens or the popular vote, and the scholastic viewpoints and research from scholars. Globalization has been attempted to be put into perspective by governments and people alike. Each sect has attempted to manage the flow of capital, labor, goods, and ideas that constitute the present wave of globalization (Institute, 2011).

Jagdish Bhagwati, an advocate and expert of globalization from Columbia University has been an advisor for WTO (World Trade Organization) and the UN (United Nations) on qualities of international economics. During an interview with Daniel Altman, Bhagwati concedes that globalization may be cultural in its origin which as an example that he gives; arises from students study abroad or viewing foreign films (Bhagwati, 2006). According to Bhagwati for a better understanding we have to consider that economic globalization has at least five distinct aspects such as direct investment (known as multinationals), trade, international flows of humanity, short-term capital flows, and technology transfer.

In the 1990s Asia went through a financial crisis, short-term capital flows. Problems with patents and generics have been of central importance for poor countries which falls in the category of technology transfer. Bhagwati, concedes that globalization is not a major problem for poor countries, but rather that governance difficulties and domestic factors that have caused constraint. The ability to use globalization as a part of a reform agenda to advance prosperity, increase skill formation and be a force in reducing poverty and distress among the poor help form much of Bhagwati's view of the positive effects of globalization ( (Bhagwati, 2006).

Thomas Friedman, another advocate of globalization initially discusses his views in his book, The Lexus and the Olive Tree (Friedman, The Lexus and the Olive Branch, 1999). Friedman's concerns surround the United States; he says that the U.S. "displays a lack of independence when it comes to energy. First rule of oil - addicts never tell the truth to their pushers. We are the addicts, the oil producers are the pushers - we've never had an honest conversation with the Saudis." (Wikipedia, 2011). According to Wikipedia those who oppose globalization/free trade feel that Friedman does not take into consideration how one of the key drivers

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