The World Economic Power And Its Impact On The Economy

* From planned economy to free market powerhouse: The post - Mao era ( 1976 onwards )

Richard Florida’s article “The World is Spiky: Globalization Has Changed the Economic Playing Field, But Hasn’t Leveled It,” is a response to New York Times columnist Thomas Friedman’s claim that globalization has caused the earth to become “flat.” Friedman argues that technology has made it possible to “innovate without having to emigrate” (Friedman, 590). Richard Florida argues that no matter how you measure it, economically, the world is far from flat- instead it consists of a select few tall peaks surrounded by small hills and valleys. Florida describes three types of cities: peaks, which are “cities that generate information... few in number, difficult to topple”; hills, which “manufacture the world’s established goods... they are prosperous but insecure”; and valleys, that have “little connection to the global economy and few immediate prospects”.

Companies produce new technologies that help americas new and upcoming workforce. New tools are made to help the medical field be more precise and effective in their treatments. New systems of communication and travel have become quickly more available. People have even said that in about four years humankind might be able to live on mars. In our age a new phone comes out every few months, allowing better forms of communication. As we look to the future we see that the tech will really be “shocking.”

In the past 100 years, the world has shifted enormously. Once, a world that only communicated when one nation was trying to take control of another, is now connected more than ever. This transformation began with the Industrial Revolution in a period from around 1760 to 1840. Thinking back to that time, we can easily think of noticeable differences between how the world was and how it is today. The United States was a small, developing country, still trying to overcome the effects of a costly revolution. Across the ocean, once the United States’ major rival, Great Britain, was still the greatest power in the world. And around the world, China and Japan were nowhere near the economic leaders they are today. However, the biggest changes weren’t the countries with the greatest power and size.

The world economy played a large role in the shaping of racial circumstances in Africa and the Western world. The African world went from barely any contact with any nations outside of Africa pre-1400, to vast trade with European nations and the West by the 1800s. The major change in communication and trade affected the way in which the economy flourished and countries evolved. The introduction of African slaves to the Western world through trade because of disenclavement and the emergence of capitalism are the two main events that influenced the racial circumstances in Africa and the Western world.

The last century has brought dramatic changes to the world. The globe has become more integrated, linking countries together economically, socially, and politically. Yet, as a result of this globalization, the world economy has become

The world economy is highly interconnected which results in instantaneous communication and flow of information from one part of the world to another. This causes a substantial and immediate effect on the markets worldwide. Due to the effects of globalization, the economy

development is vital not only to economic progress, but to political and social progress as well.

Answer: The world economy has shifted dramatically over the past 30 years. We have been moving away from a world in which national economies were relatively self- contained entities, isolated from each other by barriers to cross- border trade and investments; by distance, time zones, and language; and by national differences in government regulation, culture, and business systems.

The current international system is fragmenting rapidly since the end of the Cold War. A lot of regions in the world are still trying to find the balance of power in the international system, which the U.S. often intervenes to provide its brand of “global leadership”. Some countries like China are emerging as a global power since a few years ago. Subsequently, this will lead to a major threat to the U.S. status as a global major power. The rise of power by China in the international scene signifies the unpredictable nature of the international system. I would argue that the three most critical challenges for the U.S. arising out of this environment are the future world globalization that will cause a conflict between its domestic and foreign policy, the rise of China as a global power, and the ever globalization of terrorism. I believe that the U.S. should be pragmatic in handling its foreign policy and handle each situation independently without a fix doctrine in order to minimize the unintended consequences produced by the globalization of the world.

Globalization involves a variety of links expanding and tightening a web of political, economic and cultural inter-connections. Most attention has been devoted to merchandise trade as it has had the most immediate (or most visible) consequences, but capital, in and of itself, has come to play an arguably even larger role than the trade in material goods. Human movements also link previously separate communities. Finally, there is the cultural connection. All the individual data would indicate that we are undergoing a process of compression of international time and space and an intensification of international relations. The separation of production and consumption that is the heart of modern capitalism appears to have

War has a way of bringing economies out of trouble. World War II for example, brought the United States out of the great depression and cemented them as the world’s greatest economy. War, however, has no place on the horizon for China if they want to become the world’s economic superpower. China relies too heavily on foreign influence and investment to take a risk on nationalistic or militaristic gains. While there are some pro-conflict forces who have power within China, these desires will go unrealized as long as supreme leader Xi Jinping is in power. He understands the interests of China as how important it is for them to maintain positive international relationships, especially with technically advanced nations such as Russia and the United States. The vast extent of international trade through globalization, the large quantity of foreign investment, and the need for peaceful growth all motivate Xi Jinping to overpower the war-prone forces among ruling groups in China and keep the country on a path towards prosperity, not war.

He explores the political and technological changes that have made the world a smaller place. From the explosion of the internet to the dot com bubble bust and outsourcing of jobs to India and China, globalization has evened the playing field for many emerging economies.

“Globalization is not just one impact of the new technologies that are reshaping the economies of the third millennium” (Thurow 19-31). When speaking of globalization, most people will not have a complete understanding as of what it actually means or what aspects of the world it affects. Globalization promotes free trade and creates jobs. The capital markets attract investors, resort cheap labor, and leads to job losses in some areas of higher wage. While all of this is happening, the world economy is being effected: economically, culturally, socially, and politically.

The world’s economy is connected to the production of goods or the execution of a service. Employees, especially in non-management positions, preform the construction of goods or interact with customers in physical, communicative, or emotional levels in an attempt to satisfy the customer’s expectations, meanwhile, achieving satisfaction form accomplishing their own objectives (Bethel University, 2011). Employees choose to provide for their family, by accepting employment, preforming duties that they deem unsatisfying or monotonous-to provide fulfillment for their family’s well-being. The chosen profession can lead to dread and a feeling of emptiness as an individual, rendering the employee depressed, and altering their behavior at home and work (Bethel University, 2011). In an attempt to combat these crushing emotions, an employee requires reflection upon their own desires and needs as an individual and as family provider. Worker satisfaction is paramount to successful livelihood. Satisfied workers are pleasant to associate with and their personality contains uplifting and reassuring characteristics that can counter the overwhelming darkness surrounding team-members whom suffer from depression. The effectiveness and efficiency of teams depends upon high team morale, high communication skill, and satisfaction of personal and professional needs (Bethel University, 2011).