Journal Entry- 4/26/10
Globalization is present all around the world in today's modern society. It attempts to reach beyond the regular national and domestic markets to interconnect markets all around the world without restriction, and therefore increasing economic diversity and the amount of consumers in our market. There are, however, many advantages and disadvantages to this policy. First off, I believe that ideally, this is a very profitable policy of economic development. It allows businesses in the US to reach out to more people and potential buyers. This could increase development and production and lead to more and better technology in order to produce more of these goods. That is the main benefit that I see when comtemplating the best effect of globalization. Next, it also allows for cultural diversity. If we extend our market to cultures all over the world, then I believe that over time, our products that are being sold to them will began to reflect their best interests in order to keep them coming back to buy from our market. A down side to this is taking away from American nationalism and lack of preservation of our own culture. Also, many other countries in the world have economies that aren't as fortunate as ours here in the US. We have a booming economy and production is out of this world compared to many other developing and third world nations, yet we still consider ourselves to be in a recession. If these poorer nations are attempting to interact with our economy through globalization, how are they going to afford almost anything that our country produces? This idea leads me to another downfall of globalization: the tendency for goods produced in our country to gradually decrease in quality to allow for these countries to afford what we are producing because in America, cheaper quality usually means cheaper production. With all this being said, it could also have a positive effect if techonology continues to increase with new and cheaper production rates. This could lead to increased competition between businesses which could have the potential to decrease the prices for goods here in the US. Globalization is also viewed as the integration of societies as well. This would have a much more dramatic effect on globalization and my opinion of its effectiveness. I like the fact that America is considered "the melting pot" with many cultures and backgrounds blending to form a one of a kind diversity here in America that is hard to find anywhere else in the world. But if globalization took place, our melting pot could potentially overflow, leading to too many cultural influences, and we might forget our country's natural value and culture. Overall, globalization, as with any idea or foreign policy, has its ups and downs. The question is whether the scale tips more to the positive or negative direction. In my opinion, the world today has too many issues for this policy to be perfectly set into place. It would need strict regulation and rules, therefor defeating the purpose of the idea of an ever-expanding marketplace.