Term Paper on "Globalization"

Term Paper 5 pages (1394 words) Sources: 1+

[EXCERPT] . . . .

Globalization has long been a topic of interest. Globalization is defined as the growing relationship of the people of the world and the integration of economies, technologies and some aspects of cultures (Bradshaw et al.). The purpose of this discussion is to thoroughly explore the ways in which globalization has affected the following regions- Russian Federation and Neighboring States, Southeast Asia, Africa and North America-in both historical and contemporary terms.

Russian Federation and Neighboring States

Bradshaw et al. (2004) report that the Russian Federation and neighboring states compose 12 countries including: Lithuania, Latvia and Estonia. After World War II the Soviet Union was a world power that competed with the United States for both economic and political influence. By 1991 the Soviet Union had been dissolved and the republics became individual nations. Subsequent to the dismantling of the Soviet Union economic conditions in the region were weakened.

The plan implemented in Russia to promote globalization was called shock therapy (Saunders 2001). The plan was first implemented in 1992 and began with the elimination of price controls on the majority of the goods sold in the country. The purpose of the shock therapy strategy was to develop a market economy in Russia quickly (Saunders 2001). Strategists believed that freeing prices and liberalizing trade policies stimulate competition. In addition, privatization was encouraged in an effort to create private property with all its attendant behavioral benefits for enterprises (Saunders 2001). The strategists also believed that controlling inflation would result in keeping tight control of currency emissions and government spending (Saunders 2001).

Although the Russian Federation and neighboring states have attempted a system of economic empowerment that involved globalization it has not been met with much success (Saunders 2001). In fact (Saunders 2001) reports that In a highly critical 1999 review of the role of the United States and international financial institutions in Russia's transition, former World Bank Chief Economist Joseph Stiglitz suggests that the shock therapy approach, which he termed "the Washington Consensus," failed in Russia because it represented a fundamental misunderstanding of the reform process. He argued that policy makers adhered too strictly to neoclassical economic dogma and consequently gave little attention to the laws and institutions required for an effective market economy, to concepts such as corporate governance, or to the qualitative impact of their plans on Russia's citizens. Russia would have been much better off, Stiglitz suggested, if it had been advised to take a more gradual, consensus-based, bottom-up approach to reform that developed at least some key institutions before the conduct of large-scale privatization programs (Saunders 2001)."

The inability of Russia to incorporate a successful strategy of globalization has been baffling to many. This is because since the inception of such a strategy it was believed that globalization in Russia would be easy to implement (Saunders 2001). This belief existed because Russia an educated population, free media and leadership that desire economic reform for the country (Saunders 2001). The author asserts that the globalization model is useful, "after all, it is readily apparent that the world has changed in fundamental ways in the past 10 years and that the globalization paradigm can explain much of what has happened (Saunders 2001)."

Southeast Asia

Bradshaw et al. (2004) report that in South East Asia globalization occurred in the 1600's as the local population came into contact with European merchants and the colonists created plantations using local labor to produce goods. The authors also report that "the economic growth of the Southeast Asian countries in the late 1900's was at first based on exporting products to American and European markets, but by the 1990's, it was also bolstered by intraregional trade (Bradshaw et al. 2004)."

Indeed globalization can translate to opportunity for developing countries. No where is this more apparent than in Southeast Asia. In this region of the world integration with the global economy broadened markets and has permitted nations to become wealthier through exports. This is due to faster and cheaper transport and communication which reduce the cost of both exports and imports (Qin-Hilliard & Suarez-Orozco 2004). This permits industries can import the technology and tools they need to upgrade their own products and move into higher-value,… READ MORE

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