Question

What does the term ‘globalization’ mean to you, and how does it relate to the idea of world development? From what you have heard before this class, do you see globalization as a good or bad issue for the United States economically? Why?

Answer 1

Globalization is the spread of products,technology,information,and jobs across national borders and cultures.

In economic point of view, it can be defined as an interdependence of nations around the globe for their trade and other neccesities.

Socially,it refers to interaction among various social categories.

Culturally, its refers to exchange of ideas,values, religion and philoshiphial ideas.

Politically, globalization promote formation of intergovenmental organization such as UNITED NATIONS ORGANIZATION and WORLD TRADE ORGANIZATION.

Globalization and world development

Globalization helps in raising the standard of people residing in poor and less developed countries by creating Job opportunity for them, modernization, transfer of technology,providing education and financial assistance.

Due to globalization less developed countries get access to all types of goods services.at the same time Manufacturer get a large market for their goods and services and cheap raw material ,labor force for their factory.

Government worldwide have integrated a free market economic system by free trade agreement with the help of WTO.

The evolution of this system promoted more industrialization and resulted in world development.

Various organization such as UNO,UNFCCC are working for peace and world development which form as a result of globalization..

Globalization and United state of America

POSITIVE IMPACT

Globalization benefited entire world.

Due to globalization, USA companies got the market of less developed nation such as India,Korea and other country.

Spread of soft power of USA in central Asia,India and Pakistan.

Availability of raw material and labor at cheap rate for USA based companies.

USA emerge as a superpower as a result of globalization.

Negative impacts

Refugee crisis from middle east and african countries.

Destruction of job oppurtunity for local people because foreigner take that jobs.

Life and expenses during several war fought for world development.

USA contributed a large money to international organizations..

Threat from terrorism as globalization makes is very easy to move and spread.