The World 's Economy Was Devastated

The late 1990’s into the early 2000’s was a time of great economic success that took a turn for the worst as the war against terrorism began. In America, the economy was at its peak especially on Wall Street until September 11th 2001. The attacks that occurred on September 11th deeply affected America. The attacks caused the Dow to drop tremendously along with causing the recession to deepen. America was led into of the biggest government spending periods in a long time. The cost to fund the war along with to rebuild the economy held a toll on all Americans. America had to dig itself out of a hole. Unlike the economy, technology was on the rise. Many new inventions such as wireless internet, mobile devices, and new forms of social media were created.

For some people, globalization is so feared it is synonymous with world destruction. In the end, for all we know, maybe this will be proven before it is over. In reality however, there are many good things that have resulted from globalization(1, Premise). Let’s for a moment focus on the economy, even though there are many other advantages that have been brought forward that will also be discussed. Many Americans do not appreciate how efficient our markets are, in this case efficiency in reference to supply and demand is number one. These efficient markets allow economies to grow. As many have learned in a global world, when one economy grows, it spurs growth in all the other economies

That this was also the decade in which globalization came into full swing is more than a minor inconvenience for its advocates” (Rodrick). If globalization is supposed to present an advantage to developing countries, why have there been so many setbacks? Indeed, both sides will have its winners and losers regardless of which side of the development coin they live on, but for the most part globalization has lifted millions out of poverty, improved the standard of living, and increased life expectancy rates all while keeping developed nations relatively competitive to their developing counterparts. Globalization’s value is that it seeks to create an economic equilibrium in the world, where parties are free from barriers and can benefit from one another through a more efficient allocation of resources. This allows all participating nations to contribute to an integrated economy and where all nations willing to embrace globalization have the potential to benefit. Regardless, the path to successful integration to the global economy has not always been easy. There is contention towards globalization as some argue that it is detrimental to developed nations, while many developing countries that were forced to hastily open up their markets and integrate failed. However, if implemented properly, globalization has proven that it can benefit all parties involved and that the potential gains outweigh the losses.

Some research said that the global economy is a way that can easy to affect to other countries when a country has an economic problem. However, the global economic crisis usually is based on an influential country that has the economic problem and affects the countries who besides this country in a short time. Finally, these countries affect the whole world of the economy, this is the globalization of economic crisis. In another hand, the benefits of globalization in economics is more than the negative of globalization. Globalization can make people have a life that is high quality. Because of the globalization, some of the counties lower the level of other countries’ business to come into native

Contemporary globalization is an exceptionally multifaceted phenomenon and can be defined as "an intensification of cross-national cultural, economic, political, social and technological interactions that lead to the establishment of transnational structures and the global integration of cultural, economic, environmental, political and social processes on global, supranational, national, regional and local levels" (Huynen, Martens & Hilderink, 2005). The very nature of the American society has experienced insightful and compound changes due to globalization that has brought with it both new opportunities and risks. Similarly, the impacts of globalization

America during the 1920’s is often described as a time of prosperity and change that allowed the United States to peak. However, what is commonly overlooked is that this era was conflict filled in which society was blinded by luxurious lifestyles and the entertainment industry; preventing any solutions from being formed that could deal with the various issues. It was the people’s ignorance and the problem filled cities that slowly pushed America into the great depression within a decade. After World War I finally came to an end on June 28, 1999 through the Treaty of Versailles, the United States became the most powerful nation in the world since it was the least affected by the war compared to Europe. In fact, American industry and economy

The ascendency of the United States (U.S) into the world’s hegemonic was one like none other. The start of the twentieth century brought upon revolutionary technological advancements that propelled the U.S into the leading economic superpower it remains today. Following the turbulent economic climate of the country following World War I, the development of mass production not only revolutionised the industrial sphere, but also remains widely accredited for being the key driving force behind the economic boom in the 1920s. Existing social values were reformed; free-market capitalist practices were endorsed, and American society aspired to ideals of excessive material wealth and excess. A revolution of mass consumption’ took place in this era, transforming the U.S economy one of global superiority and enabling it to exercise diplomatic authority over the rest of the world. However, it must also be considered that such developments only brought upon temporary prosperity, ultimately leading to the globally devastating Great Depression in the 1930s, and this prosperity was only enjoyed by a fraction of the population. Additionally, the importance of other factors, such as the nation’s role in WWII, and the fiscal policies implemented by the Republican government, when regarding the nation’s rise to global hegemon is fundamental.

While other post war countries struggled, the United States was booming with prosperity in the “roaring twenties”. The unexpected economic collapse led to both financial and political repercussions. Prior to these events, the international economy was already unstable. When the stock market crashed, American businessmen pulled out of overseas investments. Sparked by the Great Depression and the sudden lack of production, world trade experienced a dramatic decline. Without supply and

James Tobin had once stated, “The miserable failures of capitalist economies in the Great Depression were root causes of worldwide social and political disasters” (James Tobin Quotes). America has yet to face the dark ages of failing economy when the stock market crashed in the days of October 1929. From a child to a dying old man, everyone’s lifestyles were changed dramatically by the events of this period, the Great Depression. The Great Depression resulted from a combination of both domestic and worldwide conditions. The depression had afflicted every inch it passed by. Every nation, especially the United States, now have to find a way out.

Beginning on October 29, 1929, there was a stock market crash in the United States which was a significant turning point because it halted the considerable economic success from the roaring 1920s, leading to a nationwide depression. This event took place during the presidency of Herbert Hoover, and it resulted in a drastic change of the United States’ political, economic, and social structure. This event also spurred the interest of many political figures to try to save the economy including Franklin Delano Roosevelt who issued many reforms for the protection of the people and to restore the vitality of the nation. The Stock Market Crash of 1929 was a major turning point in United States History because it represented the negative impacts of the changes derived from the roaring 20’s, and the events that occurred after this event strongly impacted the structure of society leading up to today.

The world we live in today is going through enormous changes in economics, technology, culture, politics, etc. The effects of the changes are not so clear, since it is hard to predict how each sector would affect the other and how society will be affected. However, analyzing past and present occurrences provides some information for experts to interpret society’s reaction in the future to different transformations. Globalization can be seen as a process in which societies around the world come together and expand through the combination of different forces. This paper will explore the effects of globalization on US companies, US society and economy, and the implications for other countries in the post-industrial world.

After the First World War, Canada’s economy was in a rough state. Steel and chemical plants shut down due to low demand, and weapon factories were no longer required. This resulted in the unemployment of many people, and left Canada in an economic depression. The rise of technology played a substantial role in taking Canada out of the post-war depression. The mass production of automobiles, assembly lines, and the use of this machinery assisted in economic growth. However, technology still had a negative effect on the Canadian economy during the 1920’s as it caused the rise of consumerism, required continuous input of money to further support it, and replaced people’s jobs.

During the last decade of the twentieth century, the word ‘globalization’ has become an increasingly prominent feature of political, social, and economic discussion in academic and policymaking circles, as well as in the media. The processes and outcomes of globalization drew attention and debates that had one thing in common. The research shows that nearly everyone agrees that globalization is a trend that is changing the face of the world, and as a result the world society lives in a more ‘globalized’ world. Nearly two and a half decades passed since 1990s, and studies have been conducted to examine the causes and consequences of globalization. Moreover, nearly every person experiences some type of globalization and can testify firsthand the effects it has on their life, society, and the state. The analysis of the effects that globalization dynamics have on the world society indicates that globalization has a significant positive impact via spreading opportunities and wealth across nations, stimulating innovation and productivity, enhancing the economic development of poorer countries, and helping to improve living standards.

The concept of globalization is a complex and peculiar one, failing to be definable by a single, precise definition. Centrally, globalization involves information and goods being exchanged amongst different countries. These interactions and interchanges among countries globally over time is due to an increase in communication and transport networks. Globalization is often divided into three main areas being economic globalization, cultural globalization and political globalization. All three are vital areas to one’s life and globalization is said to have a large impact on each. Although globalization is controversial in the aspect that it cannot be declared just how much of an influence the notion has in the world. Political scientists such as Muhammad Ijaz Latif, Anton Pelinka and Martin Wolf all discuss this issue in their respective pieces as well as differing aspects of globalization such as the role the European Union plays in relation to globalization, the different perspectives of globalization and the challenges of the nation-state in regards to globalization.

Across the world, globalization is one of the most significant aspects that has occurred over the last fifty years. It allows a country to integrate economically with other countries through a global network comprised of people, trade, and transportation. With the global landscape only becoming more intertwined, globalization and its inherent pros and cons seem to be here to stay. In many areas, global powers tend to lack in rectifying the negative aspects and only focus on the positive side. America, for example, is a leader in the globalization efforts, even though it has greatly effected job opportunities at home, widening income gaps, and an increased standard of living due to fluctuating world markets.