Did Globalization Kill the World’s Economy?

The idea of an integrated trade among all of the world’s economy seems empowering. This does seems inevitable since history reveals that nations have been exchanging goods since men became civilized enough to realize its relevance and the richness of other countries have attracted foreign investors to take part of the good fortune. Taking advantage of today’s technology, especially in the field of communication, globalization is the most predictable thing to happen. The crux of globalization is the free-market system, allowing partnerships between countries to promote free commerce, international trade and financial opportunities.

Developing countries have benefited from this integration since foreign investors are starting to pour into the country in the hopes of providing jobs and raising their standards of living. But globalization has sparked a heated debate ever since opponents of this claimed that it exploits common people, their culture and corrupt the environment. This, they further claim, is design to make the multinational companies stronger while it poses more struggles for local companies. Culturally, it affects nationalism since imported goods make them hard to appreciate the real beauty of local products.

Its downfall, however, is more transparent in the current world crisis. Because of its interwoven scheme, the effect of recession in one or two economies is reflected throughout its co-dependents. But this will not mark as the death of globalization. We will not see governments avoiding to be tied up with each other. We live in a world of an ever-expanding marketplace and getting connected is just a click away. There will be more free trade in the future and companies are more likely to look for ways of merging or incorporating products that could secure them more tightly.