Humans have always settled within their own localities where they have been acquainted to as their homes and comfort zones. This has been the case for over many centuries. The constant characteristic of humans to explore and learn new things has changed this notion. Humans have continuously been on the move as some look for new settlement places while others are just curious and want to explore new things. Others have been forced to move to new vicinities due to pressure resulting from uncontained population growth and eventual explosion or being displaced due to wars, hunger or other natural disasters.
This movement that is limited to surrounding localities has increased significantly to a point that people have been able to cross borders and travel far and wide for business, educational or exploration purposes. This has led to imminent sharing of cultures, ideologies and interaction between different nations and continents. The processes involving all these activities are referred to as globalization. Extensively, it is described as the integrations of all the activities involved in globalization including transportation, information sharing and rise of new communities (Ritzer, 2005, 78). This has been accustomed to advances in technology, the internet, robust road network, reliable air travel and trusted transport system.
[...] Research indicates that politically, globalization has led to harmonization and control of, authoritarian dictatorial, regimes. The decisions by governments to liberalize international trade have eased the propagation and increase of globalization. International trading blocs have been formed as a result of globalization, and the use of a unitary monetary system such as the euro has cropped out, as well. Describing the idea of financial globalization requires stakeholders to tackle a number of expression and trade issues. Solving these problems is significant in analyzing the repercussions of financial globalization. [...]
[...] Globalization is not just about crossing borders and settling on the other side. It also involves close interaction and relationship building between people and systems already set in such places. Such systems include labor unions, immigration and education policies. People have been able to interact through other avenues like international events such as the Olympics, which has been able to unite people of different nationalities and cultures (Suárez 2004). For instance, soccer is clearly a global sport that unites and socializes nearly the entire world. [...]
[...] The idea that financial globalization affects growth towards indirect channels has significant implications. This can be used for designing economic policies to guide on economic growth and integration. Emerging economies are motivated to initiate and implement economic reforms to strengthen their economic ventures. These reforms should be key in determining financial priorities that are of importance that can be implemented as a priority. They can now develop strategies that they can use to design approaches so as to join the already advanced markets. [...]
[...] Financial globalization has more than often been blamed for the economic crisis that faced a number of developing countries. When decision on economic prosperity is made without considering the impact it may have on the global market may lead to major risks including large scale bankruptcies. For instance, the financial turmoil that rocked Latin America lead to major crisis that affected Mexico and other Asian countries. The impact if the crisis leads to the financial meltdown of their economies and the resultant was accusations and counter accusations on who might have been responsible. [...]
[...] This has resulted to a surge or a reduction on the financial flows of developing countries. There is difference in the economic activities of these groups of countries between the developing and the already advanced countries. The advanced countries have their economic policies and implementation strategies laid out for them. They are the market leaders and are likely to control the entire market. They dictate and make the major economic decisions that affect the entire world market. This is a disadvantage their developing counterparts who are behind and on their way to making integration policies with the fast markets. [...]
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