Sociology

Globalization is the process of international integration arising from exchange of world views, goods, ideas and new aspects of culture. Economic globalizations are the growing economic integration and inter- reliance of national, regional and local economies across the globe through an escalation of cross-border movement of products, services, technologies, and funds.

Globalization in American companies

Globalization in the 21st century has significantly changed the way businesses in America are doing business. Markets and customers were a century ago difficult to get to, but now able to purchase American goods and export their own. The intermixing of cultures has created novel and thrilling products and technology and has made the globe a “smaller” place. There are negative effects of the globalization of the American economy. However, the positive effects outweigh the adverse effects.

Benefits of globalization to the American companies and their customers

If an average American person were to take a look at every single thing in his or her home to see where production took place, the American would most likely be very surprised. He would see kid’s toys made in China, shoes from Vietnam, and food stuff from every corner of the world. American companies are using far-off labor and materials to create fewer expensive goods. Also, these similar companies are selling their products to other countries.

Take a trip tour around the world, and you will see a Chinese drinking coke, a Japanese watching MTV, and Egyptians wearing jeans. Globalization has changed the way American companies do business by enabling them to become Multi-national companies. Companies, such as Wal- Mart, Coca-cola and MacDonald are internationally known and impel the American economy.

Adverse effects of globalization in the America economic system

The latest and surprising example of the drawbacks of globalization is the recent worldwide economic crisis (Vanaik, 2013)

The U.S., which imports 70% of its oil supply, became very dependent on Middle Eastern oil. Foreign organizations, such as Organization of Petroleum Exporting countries were perceived to have control over oil prices since they ruled the production. Elevated demand and stagnant production sent gas prices soaring forcing Americans to tighten their wallets.

Reference

U.S. Economy: Beyond a Quick Fix. (2011). Vital Speeches of the Day, 77(10), 348-354.

Vanaik, A. (2013). Capitalist Globalization and the Problem of Stability: Enter the new quintet and other emerging powers. Third World Quarterly, 34(2), 194-213.

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