Don't Fear The Future
Newsweek, June 19 2006 Page 34This article refutes the negativities of globalisation and states that, on the contrary, should embrace these changes in favour of our global economy. I think it is very important that all economies should strive, as far as possible, to openess as it brings plenty of benefit: 50% increase in world trade! Imagine how much we are losing due to inefficiency among the economies.
Furthermore there is the issue of protectionism, barriers that can limit trade. And while this may serve to benefit respective domestic economies, ultimately the most important thing is global benefit. All economies have become irreversibly interdependent on each other, so once global benefit has been achieved it automatically indicates benefit for all economies. How to go about this is spelled out in the article itself: with “global sourcing of goods and services”. The only problem here is getting the global public to understand that although globalization does cause a certain degree of unemployment, it also has its own benefits.
Every country has their own strength, and in this massive industrial and economic global restructuring, each should bank on their own strengths and be willing to share with other countries. Although this seems easy enough in theory, it will be hard to get countries to share willingly due to historical backgrounds, cultural differences and suchlike. My only hope here is that in order for global benefit all countries will be able to do what needs to be done, thinking not solely for themselves, but for the long term effect that it could bring.
posted by Charmaine @ 11:25 AM
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