Study Document
Globalization Beneficial Globalization and Its Discontents: The Essay
Pages:2 (687 words)
Sources:7
Subject:Business
Topic:Goldman Sachs
Document Type:Essay
Document:#52208858
globalization beneficial?
Globalization and its discontents: The pros and cons of globalization
Globalization has been defined as the "process of increasing the connectivity and interdependence of the world's markets and businesses" (Globalization, 2010, Investor Words). Opponents of globalization have stressed the unequal levels of prosperity that this interdependence has generated internationally. And recent events in the European Community have suggested that even for the developed world, the impact of economic interdependence may be a mixed blessing. Technological changes have occurred so quickly that less developed nations have not had a chance to culturally adapt to the new environment. "The anti-globalization group argues that certain groups of people who are deprived in terms of resources are not currently capable of functioning within the increased competitive pressure that will be brought about by allowing their economies to be more connected to the rest of the world" (Globalization, 2010, Investor Words). But globalization cannot be "undone." The question is how globalization could be used in a positive manner, not whether it should be implemented. Essentially, this essay will focus on recent economic developments and examine how globalization could be used in a positive way, to foster change.
The European Union was once the most widely-touted success stories of the new global economy. The recent controversy that has ensued over Greece's high levels of debt and looming bankruptcy have caused many observers to question the value of globalization. In the EU, member nations failed to appreciate the degree to which corruption and tax evasion acted as a drain upon the Greek economy and was an accepted part of daily life. Greece's widespread poverty and bloated civil service and pension system resembled a third world, rather than a first world economy -- Greece has been said to have the largest "shadow economy" in Europe (Daley 2010). But this is an argument for globalization. If Greece had actually fulfilled the specifications requiring it to be in the European Community, such as policing tax evaders, then it could have avoided the current crisis. The EU is propelling Greece…
Sample Source(s) Used
Works Cited
Balzli, Beat. 8 Feb 2010. Greek debt crisis: How Goldman Sachs helped Greece to mask its true debt. Der. Spiegel. http://www.spiegel.de/international/europe/0,1518,676634,00.html
[Accessed 10 Jun 2010]
Daley, Suzanne. 28 Apr 2010. Digging deep and seeing Greece's flaws. The New York Times.
http://www.nytimes.com/2010/04/29/world/europe/29greece.html?fta=y [Accessed Jun 10, 2010]
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