Globalization

Globalization

Is it possible to reconstitute local manufacturing and local food markets, or has Globalization ultimately made this impossible?
Globalization is all about integration, combination and incorporation of economies around the world but, it is also the exchange of ideas, culture, and technology. The effects of this phenomenon have reached every country in the globe, the greatest economies as well as the poorest. This affects especially those local manufacturing companies and food markets in the United States. As every new movement of this magnitude, it has been positive for some economies, negative for others and a combination of both elements for some. After been around for a while, globalization became really important as an economic philosophy in 1947 with the General Agreement on Tariffs and Trade (GATT), later known as World Trade Organization (WTO).
In the last ten years since the Second World War, many governments have adopted free market economic systems. Globalization is a current wave that has been driven by policies that have opened economies domestically and internationally. Governments also have negotiated dramatic reductions in barriers to commerce and have established international agreements to promote trade in goods, services, and investment. Taking advantage of new opportunities in foreign markets, corporations have built foreign factories and established production and marketing arrangements with foreign partners.
The principal driver of Globalization has been technology, all this advances in technology, have dramatically transformed economic life. Obviously Internet has played a crucial role in this process. Information technologies have given all sorts of individual economic consumers, investors, businesses valuable new tools for identifying and pursuing economic opportunities, including faster and more informed analyses of economic trends around the world. Even when it is important to have all these state-of-the-art technology, in part thanks...

View Full Essay