“Orbis Ununm” a Latin word that means “One world,” or something we call today “Globalization.” After reading Joseph E. Stiglitz writing on Globalization, I have come to know many other facts and effects of globalization, I was unaware of. Although I disagree some of his contents, but he has succeed to draw a somewhat perfect picture of globalization before the reader’s eyes.
In many countries, globalization has brought huge benefits to a few and few benefits to many. The difference is enormous between these countries. Using the same globalization, some country has took the full advantage of it, while most countries has failed to utilize it, whatever the reason is. Globalization is a concept which can work perfectly in an “Utopia,” but we do not live in such world, not all countries are equal, and have same systems. Some countries are full with corrupt government, and some have huge manpower, while some countries have tremendous amount of resources and almost no corruption. The differences between the countries is so big that one system or method can not work properly among all these countries. Countries like China, Thailand, Malaysia, Singapore have grown fast and done most reduce poverty by taking advantage of global market. But at the same time countries like Chile and major African nations have yet to be developed and take advantage of globalization.
Some might say they hate this whole concept of globalization. But if you think it deep, the system itself is not at fault. The concept of globalization and global market is more of helping each other and make a better developed world together, instead of making my country better then yours throughout a trade. For example lets look at China’s manpower, not long ago people of China were starving to death. There was no job, no monetary help from other countries either. With globalization, the world get to know this vast manpower country and their ability to produce. As a result thousands of jobs get created over night and mass production starts. With global market, those produced goods get chance to be traded overseas. Now, one might argue that even though those goods were selling higher prices at the overseas countries Chinese workers were not getting paid enough. But if you think it again, its certainly better then starving to death with no job. The system of globalization has worked almost perfectly here, but the people who are using it has spoiled it by paying less to those workers and taking advantage of their poor state.
Government stability and corruption are other two major facts which is very important in globalization. No matter how much you try to use it, if you have a corrupt government the country is most likely to remain under developed. In that case, globalization should not be blamed but that country’s government’s instability and corruptions.
I believe the concept of globalization or “one world” has been created to build one peaceful developed world together, not to be selfish and think only one or few countries development. Today, we are not accepting globalization gladly. But the question is, does globalization should be blamed or people who are misusing this concept to gain themselves.
Now, I will talk about modern day globalization. Today many undeveloped countries market has thrived because of Globalization. Countries with billions of people without job has got help from other foreign investors, who came to that country and invested which has created loads of job opportunities for others. The opposite scenario we can think of Africa where the people are getting poor and poorer because their natural resources are being transported to different countries through this globalization. Today the topic globalization has both positive and negative effects. The poor countries coming with argument that they can not compete with already developed countries. For this reason, many countries has adopted the quota policy. They are bound to import a certain numbers of certain product from certain country at certain price. So, the poor country can have some opportunity to sell their products despite the price war.
Modern day globalization is like a magic, if you can use it right way, then everything will turn into good way if not, the world’s poverty will not decrease.