Pros and Cons Essay

Globalization roll in the hay be defined as the increasing flow of products, people, money, and ideas across the globe. subject economies are being swept into the global economy. One can thence think of globalization as rushing through four take Freer batch goods Freer mobility of labor Freer investment and Freer communication, thanks to telecommunications and the Internet. Pros and Cons 1. Capitalism Free initiative is now the dominant economic system in the man. China is very(prenominal) much capitalist and her late Communist Party leader Deng Xiaoping coined the slogan, To last rich is glorious. Only Cuba and North Korea are holding on to the rudimentary planning system of running the economy. Capitalism brings along free trade and the free flow of money across the earth. Countries belonging to the World exchange Organization are trying to bring down tariff barriers. Today, commodious portfolio investments zip in and out of countries at the click of a cabbage (Bay lis & Smith, 2001). With free trade comes economic integration. It is possible to download an album of songs in the United States of America, turn it into CDs in Europe, print the cover and lyric canvas in France, and sell it in Asia.The greatest story of economic integration is the European Union, with its common currency, the euro (Brecher & Costello, 2004). 2. Information economy Another driving staff office is the knowledge economy. Land, labor and capital are bowing in enormousness to brain creativity. In the United Kingdom, over a three-year span, manual jobs dropped by 750,000, while professional jobs shot up by 1. 5 gazillion (Brecher & Costello, 2004). 3. Mass Media The invention of the printing press helped scattered people blend a national community. In the same way, the evening news is nurturing worlds community.The suffering in India and Indonesia are brought home through CNN. 4. Telecoms in that location is a global boom in telecommunications. A fourth of exclus ively Europeans, have mobile phones. The people in Finland gave the greatest access to carrel phones at 417 for every 1,000 people (Brecher & Costello, 2004).Reference 1. Baylis, John, and Smith, Steve, eds. The Globalization of World Politics. second ed. , 2001. Oxford Oxford University Press. 2. Brecher, Jeremy, and Costello, Tim. Global Village or Global Pillage Economic reconstruction from the Bottom Up. Boston, MA South End Press, 2004. Radical critique of novel patterns of economic globalization.