Globlasing world Essay Example | Topics and Well Written Essays - 2250 words

Globlasing world - Essay Example This movement that is limited to surrounding localities has increased significantly to a point that people have been able to cross borders and travel far and wide for business, educational or exploration purposes. This has led to imminent sharing of cultures, ideologies and interaction between different nations and continents. The processes involving all these activities are referred to as globalization. Extensively, it is described as the integrations of all the activities involved in globalization including transportation, information sharing and rise of new communities (Ritzer, 2005, 78). This has been accustomed to advances in technology, the internet, robust road network, reliable air travel and trusted transport system. Centuries ago human interaction over long distances was a daunting task but still feasible. This was made possible by the fact that people needed to trade the goods they had for what others had. They occasionally used animals such as donkeys, horses and camels t o travel over long distances. Globalization is not just about crossing borders and settling on the other side. It also involves close interaction and relationship building between people and systems already set in such places. Such systems include labor unions, immigration and education policies. People have been able to interact through other avenues like international events such as the Olympics, which has been able to unite people of different nationalities and cultures (Sua?rez 2004). For instance, soccer is clearly a global sport that unites and socializes nearly the entire world. It is understood as a re design of social topography marked by the growth of transnational and inter territorial interactions between people. There have been significant gains derived as a result of globalization. Economic Scholars and economists regard increasing capital accounts liberties and unregulated capital flows as a stumbling block to global financial stability. This is attributed to constant change in the market price of the popular goods and leading currency earners such as coffee. This has led to calls for capital controls and introduction of taxes on international Asset trade. Other scholars have argued that increased transparency in the market have brought about stability in countries that are already industrialized and brought an improvement in the upgrade of income of developing countries. This is as seen lower class to middle class. Finance in a globalizing world requires that countries and major economies make relevant economic policies in order to stay in the world economic platform. Many developing nations are still in their infancy stage of financial globalization and therefore look up to the already developed nations for financial opening. Developing countries do face numerous challenges in their quest to make a significant step towards improving their economy. A lot of decisions have to be made concerning the policies that need to be laid down for these co untries and the rate at which they are to be implemented. Financial globalization has more than often been blamed for the economic crisis that faced a number of developing countries. When decision on economic prosperity is made without considering the impact it may have on the global market may lead to major risks including large scale bankruptcies. For instance, the financial turmoil that rocked Latin