Pros And Cons Of Globalization And Localization

1531 words - 7 pages

Growing up in the United States, we have been lucky enough to have been blessed with a stable economy. There has always been the extreme feeling of complacency and stability that comes with being a very large, internationally respected country. Strangely enough, America does not only reap the benefits of globalization, but it also basks in the glory of localization. We have, as a country, experienced much success both internationally and domestically. For example, without our international businesses booming the way they are, our country would suffer from a great economical loss. "One third of the growth of our economy comes from exports." (The New York Times, 9/15/98) On the other hand, ...view middle of the document...

" (The New York Times, 9/15/98) Like the majority of other countries, we would have to totally readapt and focus more on our domestic productions, if we were to cut out foreign trade and investments. It would be a whole new way of life.

According to President Clinton’s speech on September14, 1998, "growth at home depends on growth abroad." This is only partially true. Lately, "a growing number of economists are calling for new steps to control…capital flows or at least soften their impact." (The New York Times, 9/20/98) Sometimes there are benefits to having a small, localized government. There can be an extreme influx of nationalism and international respect. A country that can hold its own, in a world where international business is so prevalent, will become an icon of its era. It will be strong and filled will pride and flooded by respect. Others will look upon this "superstructure" as something to be admired. The citizens will walk with their heads held high and smiles gleaming with nationalism. On top of the strength of being totally independent, there is no better medicine for a country than a public that will back it no matter what.

Sadly, there are some costs to becoming both globalized and localized. "One problem, though, is that a lot of this ‘hot money’, or short-term flows are particularly volatile," in a globalized economy. There is also another problem with a large capital flow, "…the scale of capital flows and their ability to capsize small nations, or even large ones," is too great a risk. (The New York Times, 9/20/98) "It is essential that we break free of the myth that economic growth is the foundation of human progress." (Korten, When Corporations Rule the World, 36)

We, as a whole, may become too greedy and find hidden desires to rule the world. It may seem off base but think about the possibilities. Every country wants to be the super power that everyone else is afraid of and wants to emulate. If a country becomes too strong, it could, in sort, create some type of international monopoly that controls all prices, taxes, and trade in an international economy. Maybe most Americans do not see this as a problem because they believe that the super power would be us, but imagine that it wouldn’t be. To be at the beck and call of some far off country would be simply unbearable. On the other hand, if we were the super power, imagine the constant looking over the shoulder routine that we would become accustomed to. Everyday there would be uprisings and boycotts, and in the worst case scenario, violence. This may all seem a bit extreme, but each reaction is human nature.

There are not only downfalls when it comes to globalization, there are many that go hand in hand with localization. The economy is basically self-run. There are no outside influences, no outside products, no outside help. We would basically be cut off from the rest of the world, making us extremely vulnerable. We would have no rapport with other countries...

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