Globalization and economy

It is an age of information technology and global economy. Earlier the agencies of the social change were government and politics now there are other factors like what the developed nation’s ideology that has come to play a pivotal role in shaping of the societies. The scope of politics has extended beyond the national boundaries. This has negative as well positive aspect because it would no more very easy for the rulers of a country to continue with their exploitative policies without any pressure. The negative fall out would be the unnecessary intervention of the global bosses into the affairs of the countries.

Globalization has often been described as a natural force like that that of a wave which either has the capacity to destroy or create, rather it is an evolutionary process where both the process of uniformity and fragmentation are at work. This is the informing principle behind the policy makers of the international politics. A special field of public diplomacy needs to be developed so as to deal with how a problem has to be put in front of the public nationally and internationally. Let’s analyze how America which is key player in the globalized world goes about solving a problem.

Post 9/11 America declared war on terrorism now these strong words have brought about hard feelings in the mind of the Arab people. The intentions of the U. S began to be doubted from the very beginning. The military intervention in Iraq further crystallized the idea that America is serving its own interest rather than saving the world from the menace of terrorism. Communication plays a critical role in international politics as one of the agents of globalization is mass media. As globalization has affected many other areas, it has also affected the economics of the World. The World economies are now changing into one global economy.

The organizations are now able to market their products all over the world, without worrying about boundaries and nations. Businesses have now developed liaisons and alliances all over the world, without which most of the businesses would not be able to operate . Globalization has sped up in the last two decades. Before this the United States had dominated the World’s economy. However, today the share of United States in the World economy is almost 20%. Economists believe that this number will shrink even further, as new developing and industrialized nations are emerging up who are now contributing more and more to the World’s economy.

For example; much of America’s capital goes to India where many outsourced employees work. Hence America is actually contributing to India’s economy which is now growing at a faster rate than before. Economic globalization is probably one of the most important after affects of globalization. Over the last fifty years the international trade has become very important. Similarly, the international financial flows or the capital market has become very important in the last three decades.