Sample Essay – Integration of Global Economies

Assess the arguments he makes in defense of globalization. How far are these arguments supported by what you see happening in your business, country and region?

Globalization has changed the dynamics of the world and has had some far reaching consequences in the twenty first century as argued by the lecturer. According to him, openness boom have helped reduce poverty throughout the world especially in countries like India and Africa. But there is still a lot that needs to be done and the focus should be to humanize openness of markets.

Globalization and the integration of global economies have paved the way for newer opportunities. They have reduced the prices of a myriad, exploited humankind’s potential to the maxim (and are still doing so), and helped curb political differences to an extent, as he argued. An integration of human power all over the world has led to the production of better, cheaper products.

Integration of Global Economies

A single Nokia phone set is composed of products made in at least 60 countries across the globe. Thus, globalization is changing the world for the better. The openness boom has helped witness the steepest economic growth by the Asian markets. He argues that the boom of Asia should not be seen as a threat to that of Europe but rather as another agent.

He advocates for more free trade agreements with the Asian countries. Moreover, he voices his reservations regarding the policies pursued by those states of Europe who don’t believe in global integration.

It is a powerful transformative force that, if used efficiently and smartly, can have far-reaching repercussions. While addressing the fact that India has more people than in Africa living on $1 a day he asserts that through its economic development and global integration it will soon recover and snap out of poverty.

European economies

Similarly, European economies have also revived and have had a net job creation rate of eighteen million jobs in the last ten years. It is surprising how globalization has challenged the notion that there are only a few jobs in the global economy. A hundred million jobs in the developing world have not cost even a single job on aggregate in Europe.

The growing competition with the Asian countries has helped European companies look into more areas of specialization both in the goods and the services sector. Integration and differentiation are a norm and practices that are always in action.  (Transformation Process)

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