Type: Economics
Pages: 3 | Words: 688
Reading Time: 3 Minutes

The world has undergone a tremendous transformation that has seen it move from being a single economy-minded to a global economy-minded. As time goes by, different economies throughout the world have formed alliances to bring them together not in a war against each other, but for a common good. Consequently, these economies have developed ways and means of enabling such interaction to be carried out with ease and with fewer interruptions. The phenomenon of globalism is therefore taking root at a very high rate, with every nation and economy aligning itself in a way that would enable it to reap the benefits that accompany globalism. There are various characteristics of globalism that are depicted in every economy of the world today.

According to Arnold (2007), Friedman states that one of the characteristics of globalism is the homogenization of market economies that has led to the development of systems that are compatible with each other thus enabling different entities with different economic characteristics to be able to interact on a business basis (467). For example, it is possible to buy Chinese goods in any market throughout the globe since there is a systematic market system that allows goods from different nations to find their way into different markets. As a result, most of these economies have been forced to drop stringent measures that restricted trade between them and their perceived enemies. An excellent example of such nations is East and West Germany that were forced to bring down the Berlin wall in order to facilitate interaction between them (Lazarus and International Finance Corporation 10).

Another characteristic of globalism is the need to develop technological and other communication infrastructure that has been found to enhance the interaction among different nations. This has been necessitated by the fact that different economies and nations need to interact continuously to be able to supply what they have and import what they don’t have in the economies that would enable them to advance (Grigg 212). For example, most economies throughout the world depend on oil as their main energy provider for their industries. As a result, they need a developed transport infrastructure that would enable them to obtain it within the required time thus erasing away the need to shut down their industries because of lack of important materials that are needed to run these industries. Therefore, there are developments of communication networks such as the internet that have been able to link different economies leading to an effective interaction that facilitates the sharing of necessary information between them.

As has been argued out by Freidman, another characteristic of globalism that has been elicited in recent times is its uncontrolled state whereby there is no single person that can claim that he is able to control globalism (Lazarus and International Finance Corporation 10). In his arguments, Freidman states that the worldwide web is the reason behind the uncontrolled behavior of globalization (11). He also cites speed as one of the key characteristics of globalism. Therefore, commerce under globalism differs greatly from commerce during the Cold War period. During the cold war times, most countries depended heavily on their allies with most of them having closed their boundaries to their perceived enemies. As a result, the movement of goods and services was slow and there was insufficient information that could facilitate efficient trading. However, under globalism, there is an increased sharing of market information leading to opening up of most economies since each has a need for the other. On the other hand, goods and services are able to find their way to their intended market with ease because of effective communication.

The falling of the Berlin wall in 1989 signified the end of one era and the beginning of another. During this period of time, nations cared less about others and instead focused more on protecting themselves from ‘enemies’ as a way of running their economies. However, this has since changed and with the introduction of the internet and the worldwide web, there has been an increased interaction with the world becoming a global village that is characterized with much information and speed in movement of this information.

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