Globalization in the Past Few Term Paper

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Thus, the benefits of globalization are numerous; it produces extra wealth for domestic and international firms; it allows the end consumer the possibilities of purchasing goods manufactured in sold worldwide; and it supports educational resources available to students everywhere at reduced costs.

The Threats Posed by Globalization

Just as globalization has many benefits, it is also argued that it presents many threats, most to underprivileged countries. A significant threat to underdeveloped nations is that globalization has destroyed potential and previously held jobs and their lives become more insecure (Stiglitz, 2002). Most of these countries that view globalization as a threat are poorer and have not been able to keep up with the technological advances offered by globalization. Jobs are lost and domestically generated income is depleted when large global companies enter into a poor country and set up shop. These countries have felt increasingly powerless against forces beyond their control; they have seen their democracies undermined, their cultures eroded (Stiglitz, 2002). Research in this area indicates that if globalization continues to be conducted in the way that it has been in the past, it will create poverty and instability. For example, rich countries have created seeds to produce genetically modified goods in an attempt to cure world starvation. However, poor farmers are unable to purchase the seeds, and the richer countries own all of the patents. Thus, the farmers in poorer countries are unable to farm these crops. In addition, when food is donated by large global companies, poorer countries are negatively impacted once again because food is not purchased internally, enabling many to lost jobs and become even poorer.

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Thus, it appears that globalization provides many benefits to economically advantaged countries, but to poorer ones.

The Affects of Globalization on a Society's Beliefs, Economy & Politics

Globalization has also impacted a society's beliefs, economy and politics. For example, in economically developed countries, globalization has helped hundreds of millions of people attain higher standards of living, beyond what they though imaginable a short while ago (Stiglitz, 2002). The youngest children now have access to the Internet, and are under the belief that it is a necessity along with other technological advances. People in large powerful countries believe that globalization has helped many countries, and cannot live without its benefits. The majority of society believes that the globalization of the economy has benefited countries that took advantage of it by seeking new markets for their exports and welcoming foreign investment (Stiglitz, 2002). The economy has been affected by globalization because now there is a strong support for increased international cooperation and stronger international institutions that may even intervene in the internal affairs of countries. Globalization has affected politics in the strengthening of the UN and the WTO, as the peacekeeping force (PIPA, 2000). According to current research, a very strong majority supports international cooperation to address global problems, and most Americans want the UN to play a more prominent role in the world (PIPA, 2000).

Finally, facing the affects of globalization calls for a complete change of mind-set among policymakers, planners, administrators, academicians, researchers and people alike. Overcoming these challenges will no doubt lead to a better society for individuals in all countries, whether economically advantaged or.....

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