Final Essay

Globalization is the focus on consumerism and the trade of goods and money around the world. It can be described as all-encompassing- touching the realms of politics, economics, culture, and environmental factors (Hallock, 2013). It has long been debated whether globalization has been a beneficial tool for improving the world economy. By examining, on a surface level, the effect globalization has had on the global economy, this post will attempt to assess whether globalization has improved and had an overall positive effect on the world economy. By increasing the exchange of goods, services, and technologies which may otherwise lack access to these commodities, globalization has been able to reach into corners of the world which may have otherwise been off limits.

This has transformed what was once a segmented market into a global trading center with a large pool of mobile funds (Callaghan, 1997). This has allowed a more integrated global economy and in turn has increased global credit and exchange of goods. As a result of no regulation placed on trade or capital movement, inflation and price and profit swings are common. Finally, globalization makes the global market more efficient and it creates opportunities for economic growth, jobs, and development (Mourdoukoutas, 2013). This has brought new risks and uncertainties to every market. This is because of the integration of local and global markets may fail to adjust to the increased competition presented by global markets. Overall, the world has profited from globalization. It’s presented new economic growth, opportunities, technologies, jobs, and much more. Although there are some unfortunate aspects which accompany globalization, the benefits far outweigh any consequences. The global economy is constantly growing and developing and therefore globalization, as of yet, is a net positive for the