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Globalization and the Global Economy

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Globalization and the Global Economy

Many scholars refer to globalization as ‘a necessary evil’. In as much as it has brought with it many technological advancements and advantages, globalization is also responsible for the numerous emerging global issues such as war and terrorism. With respect to Tapscott, the manner in which globalization achieves technological success involves the manner in which ordinary individuals are able to acquire technical knowledge and embark on innovations that assist people within dire situations irrespective of the disparate regions. Nonetheless, irrespective of the advantages the aspect of globalization provides to the civilians of the global village, Tapscott evidently put forward the continuous and upsetting effect arising from the impact of the global economic crisis on the institutions inherent within the global financial system.

Indeed, the manner in which Tapscott addresses the problem of globalization associates specifically with the institution of a global economy. Indeed, the concept of globalization has led to the inception of a global economy based on the financial and trading relationships different countries have. Such relationships receive facilitation from key drivers such as currency. As much as globalization allows different countries to attain economic and financial growth based on the trading and financial associations, it is evident that globalization influences negatively on the financial status of the country. Tapscott (9) provides an example of the effect of the global economic crisis on the nation economies by highlighting the loss of millions of dollars by American taxpayers as well as the sovereign debt crisis affecting countries within the Eurozone such as Spain, Portugal, Ireland and Greece.

The alternatives to catching up with the fast rate of globalization will only occur through collective effort and global cooperation. It will not only occur through combined efforts of the G8 or the G20, but through a synergy from both super powers and the developing nations. Such that possible solutions and a drafted way forward is wholesome and contains perspective of all nations in the world. Previous attempts to curb the evils brought about by globalization have failed to succeed due to lack of representation of all stakeholders globally. One alternative according to Tapscott (15) is renewal and transformation. He argues that human beings cannot continue tinkering in the same means in which they created globalization, and try using these to counter its evils. There must be a new breed of thinkers and performers to come up with new strategies of eliminating the evils of globalization, such that globalization produces positive outcomes across each nation of the world.

Secondly, there must be a merge between the old and the new global eras such that with the coming of globalization, ideals used to steer the world into global economic success in the past will base on this globalization era. Consequently, development of sustainable frameworks will steer economic growth and success in light of current times. Additionally, individual initiative is another alternative to survive in the globalization age. Individuals must come up with innovative ways of entrepreneurship and macro-development in order to survive economically, amidst a crumbling global economy. In addition, collaborative innovation should gain application to ensure sustainability and pooling of great ideas and skills together to develop strategies that will help individuals survive in this society where globalization has taken root.

In conclusion, globalization has literally made the world a global village such that economic decisions in one part of the world, affect the others adversely. At the same time where there is economic stress in one continent, it no longer remains a continental issue but becomes an issue of global concern. Cooperation, collaborative innovation and entrepreneurship, are some of the ways of surviving the evils the globalization has brought. Independence and non-dependence is the only way forward for professional competence and economic stability in this era of globalization.

Work Cited

Tapscott, Don, Alan Sklar, and Anthony D. Williams. Macrowikinomics. Old Saybrook, CT: Tantor Media, 2010. Print

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