Topic > Economic Globalization: Source Analysis - 778

Our global world is becoming increasingly connected as we integrate politically, socially and even economically. Due to the Bretton Woods agreement, several countries became economically dependent on each other for fear of war breaking out. From then on, various organizations and policies bound more countries to economic globalization. This economic globalization has then given us many trade opportunities and greater access to natural resources in other countries. Unfortunately, there are some negative effects that impact less developed countries. Overall, many people believe that economic globalization does a great job of boosting our economy and our quality of life. The first source is an excerpt from the book entitled “Transnational Corporations: Knitting the world Together”. This book was published in 2004 and the author is Keith Suter, a futurist. He believes that multinationals are the major global economic force today because they have eroded the domestic market. He believes that thanks to transnational corporations the world is now involved in a single global market. Considers transnational corporations as a certain source of economic globalization. Transnational corporations have not only brought jobs to less developed countries but also stimulated that country's economy by giving them motivation. Transnational corporations had given less developed countries a better quality of life and well-being. There are some critics of transnational corporations, but transnational corporations have given us a way to make our world more globally connected, as Keith Suter agreed. The second source is a cartoon. It depicts two elephants so self-absorbed that they do not notice that the ants are being crushed, as the caption states: “When the elephants ...... middle of paper ......are even more miserable and the workers have their rights violated. Both sources describe elite nations taking advantage of less developed countries, it may not be the country but the worker within it. Workers abroad receive lower wages than workers working in more developed countries. Exploited, workers cannot do anything about it because they cannot form unions to protect themselves. Countries are now even more indebted as some people believe that the IMF and World Bank benefit from their control not only over their economy but also over their politics. Inflation happens in a country and in Jamaica chaos was created because of this problem, people became combative and rebelled. Economic globalization can offer many good opportunities, but it could also lead to several negative outcomes for a country.