Globalization in Economics: Why It’s Important

Parker Brey

Mrs. Straub

7 April 2014

Econ

Globalization in Economics: Why It’s Important

            Globalization is the intertwining and weaving together of different cultures and people. People are now more connected than they've ever been, whether it is through technology, politics, or agriculture. Economics is the common goal that brings all these people together in these fields. Trade and commerce--from the harvest of raw materials in agriculture, to the hiking and elimination of tariffs, to the final product on your desk—touches nearly every aspect of society, and globalizing economics is, without a doubt, very important to both the present and future of our society.

            Check your pockets and the space immediately around you, I can almost guarantee that there is some form of technology in your immediate vicinity. From the computer on which you’re reading this, to the phones and Xboxes that entertain you throughout the day, technology is a major part of globalization. Now that having smart phones and computers and such has spread so nearly every corner of the earth, more and more people can connect and share ideas and feeling as the touch of a button. It’s bringing us all closer together. But that’s not why the phones were made. The phones were made to make money for the company that made them. But, in the process of making money, those companies all contributed their own steps to the path of globalization. According to newint.org, “2/3 of international trade is accounted for by just 500 corporations.” This shows that these major products like apple, and Microsoft are huge contributors to the international trade.

            Because there are so many people who now, thanks to technology, have greater access to information, the entire landscape of politics has had to change. More people than ever before want representation and want to have a say in the actions of the government. It’s made democracy much more achievable than before, especially when you can hold proof of it in the palm of your hand. Politicians must bring the information to these new audiences.

            In poorer countries, which are likely not fully industrialized yet, globalization is at work too. The manufacturing companies need raw materials to produce the goods in Poland where they’ll be sold to Denmark to be sold at a grocery store. These manufacturing companies look to the still agriculturally preeminent countries which, prior to the turn of the century, had little or no international trade. These counties are more than happy to jump onto the scene of trade, and begin their industrialization, which will lead to greater international politics, and more globalization. It’s a domino effect that helps many different countries when they start to buy and sell their products/needs.

            Globalization is extremely important because it is a process of bringing people closer together and breaking down barriers to establish a trade market for humans to humans, not countries to countries. Allowing everyone access to more information, more production capacity and capability; globalization is expanding human ingenuity, carving the once few and large facets of an ugly stone into the smaller, much closer, much more precise facets of the beautiful gem that humanity can be. Overall, globalization is simply bringing everyone closer to one another. And I think that’s pretty important.

http://www.edudemic.com/globalization-videos/

http://newint.org/features/1997/11/05/facts/