Graphic created by Evan Brooks using Wix.
Globalization is a force propelled by the rapid advancement of technology and the ever growing population of the global community. It is a network of nations, a mixing of cultures, all focused on economic growth and advancement of power for their team. In its most simplistic sense, globalization is the world coming together to trade, communicate and work as one.
A product of globalization are organizations that work to bring order and standards for countries to abide by. One such organization is the World Trade Organization (WTO), which has 164 member states and acts as an intergovernmental entity that regulates the components of international trade. The WTO also works to facilitate trade between nations through its regulations, which provide a mutually beneficial environment.
Again, globalization is the process that businesses or other organizations use to develop international influence, whether it be through operations in another country or within their home state. Businesses can also gain influence through operating on an international scale, interacting and impacting the world economy.
Globalization is important because it has impacts that ripple across the world, with winners and losers on all levels. The main winners would be the larger and more developed economies of the world, and on a lower level, it would be those that are a part of large corporations. The losers would be less developed nations, where they can easily be taken advantage of or even left out of the world economy entirely. Those that lose within countries are usually smaller businesses that are now placed into a competitive global market.
Globalization can be good when it comes to countries giving aid to other nations that need it, but that too can become misused as that country could become reliant on that aid. Over reliance does not lead to growth, but an economy entrenched in crisis, due to the removal of that same aid that was meant to help, would result in economic collapse. So globalization brings about new issues that need to be reconciled, just as it helps solve other problems.
To make the most of globalization, countries should continue to promote a safe and fair standard in which trade is conducted. Organizations like the WTO should continue to facilitate trade, and issues that arise from globalization should be addressed. There are those that see more bad than good in terms of what globalization offers, which brings about the mentality of isolationism and possibly a dangerous bout of nationalism.
The truth is no country can escape globalization or the organizations that accompany it, as trying to live in an isolated state will only mean you are not at the discussion table. By not participating, you are unable to influence the regulations that all nations must follow. Your country will be unrepresented and forced into standards that might be unfavorable.
So all countries should make the decision to participate in the world economy, or they will fall behind or be dragged into it somehow. Globalization is not some “big bad wolf” but rather an opportunity to engage your state and its population with the world. Through engagement with the world you can help your fellow countries, by lifting them up, while also lifting your own population up as well. An opportunity is present in globalization to help each other and promote a higher standard of living for all.
This is a varied topic and can seem anything but simplistic, but remains important due to the far-reaching impacts. Globalization could be the result of why many of the products you buy might be cheaper than they once were, or perhaps why a local business closed. Good or bad, it is here to stay and will continue to impact us.
World Trade Organization- https://www.wto.org/
Evan Brooks is a third-year Business Management major with minors in Economics and Civic and Professional Leadership EB916132@wcupa.edu.