| Effects of a Global Economy | | | | existence offering more incentives to promote a |
| If you wish to gain a clearer understanding of the | | | | worldwide economy. Legislation such as the North |
| current global economic issues that have facilitated | | | | American Free Trade Agreement (or NAFTA) and |
| the present recession in the world then it is important | | | | the creation of the World Trade Organization were |
| to take a look at the history behind it. Only as we | | | | some final steps to securing a genuine global |
| assess the trends and their impact on our economic | | | | economy. For the very first time in history, the |
| health here and abroad can we get to the truth. | | | | whole world's economy was placed under the |
| A number of critics have voiced their opinions about | | | | supervision of a single system. |
| globalization. Some have criticized the policies and | | | | Globalization |
| cited reasons why they have made the poor poorer | | | | Globalization, as a process, lets the nations of the |
| and the rich richer. There is some compelling evidence | | | | world compete for the chance to manufacture goods |
| for this position. You can start by examining the | | | | and provide services. For example if one country can |
| current economic recession in the United States. | | | | process steel cheaply and effectively while another |
| While the middle class is drastically shrinking, the | | | | can buy this steel, then the latter nation can |
| number of billionaires per capita is more than it has | | | | specialize in other areas and find suitable markets. |
| ever been. What some call a recession others | | | | Recently, the United States has been experiencing |
| describe as a massive program of wealth transfer. | | | | one of the diminishing returns of globalism: |
| A Glimpse Back Through History | | | | joblessness. The numbers of businesses and large |
| Global economies are not new to the modern era; | | | | corporations have taken advantage of various state |
| they have been around for thousands of years. The | | | | and federal tax incentives and the dramatically |
| moment that human beings could travel the open | | | | cheaper labor cost that are available in other |
| seas they were trading various goods to all parts of | | | | countries. Other countries have suffered from |
| the known world. Trade during the Middle Ages was | | | | globalism in unimaginable ways. The costs of the |
| carried on between China and Europe using such | | | | current global economic issues are far too high. |
| fabled routes as the Silk Road. | | | | The Road Ahead |
| In the latter part of 18th century, the emergence of | | | | There are a host of ethical and economic problems |
| the Industrial Revolution allowed for machines to | | | | that have resulted from the practices and policies of |
| produce goods at prodigious rates and steam ships | | | | globalism. Most believe that it is a direct result of our |
| to get them to global markets. Production and the | | | | current global economic issues. There is still power in |
| delivery of goods facilitated the birth of modern | | | | having accurate knowledge about the situation and |
| globalism. | | | | encouraging others to educate themselves as well. |
| Following the 1980s, a new hyper-globalism came into | | | | |