Globalization

A term that has caused great controversy throughout the world regarding financial flow and trade is globalization. Globalization is defined as the integration of the global economy. This topic has vastly taken off in the latter half of the twentieth century. A question running through many people’s minds is if globalization is a threat or an opportunity. There are many different views to consider before answering this question.

Examining different areas and cultures of the world defines the first perspective of this “buzzword.” People of various countries have different customs as well as technological advances. These people may be accustomed to a specific way of life in regards to communication, trade, and finance. All of these factors contribute to the lifestyle and development of globalization. For example, third world countries may have a difficult time adjusting to globalization because they are not as technologically advanced. Some of these countries are content with their particular lifestyle and are not ready to advance into the world of free enterprise. Although many of these third world countries are technologically inept, they desperately seek to develop a more globalized society. Because they don’t have the capital to do so, problems arise.

Countries are having difficulty keeping up with the high paced economy due to lack of technology, resources, and capital. Without proper resources, the growth of the economy will fail to progress and expand. Therefore, they will remain as “third world countries;” uninvolved in the world around them.

The second viewpoint to be examined entails taking a more defined look at technology. Technology is defined as the application of science, especially to industrial or commercial objectives. Without technology, globalization would not be possible. Due to the increase in technology we are now able to interlink computers across companies, states, countries, and continents. This “interlinking” has enabled people...