My editor came to me earlier and asked me what I thought about including a special edition of The World At Large on the Global Economy, I was excited by the prospect and immediately began my task of research on the topic.
You see among three of my great passions are ecology, economics and Universal health care. Economics falls right in line with my most favorite topic; Culture. I believe that culture and cultural evolution to be directly connected to ecology, economic factors, and universal healthcare.
First of all what is the text book definition of Global Economics; According to Wikipedia The rise of technology has allowed our environment to be characterized as a global one; the Global Economy.
The USA used to dominate the “Global Economy” until recent years with the development of international trade via the internet, which has pretty much leveled the field for the rise of a new era in the Global Economy. Now smaller less rich countries can join in trade and shipping which the Middle Eastern Nations and the US once dominated.
Prior to “Globalization” the US, Canada and many Middle Eastern nations controlled the shipping and trade routes across the oceans. The US share of the global economy has shrunk nearly 25% since the onset of “Globalization” and this trend is expected to continue as the US economy evolves into an Information Based society.
There are numerous advantages in the shift to a global economy including the possibility to increase benefits from the breaking down of global barriers. There are also numerous disadvantages such as a loss in good paying jobs in the US due to the economic breakdown of the industrial portion of the US Economy. This means less Industrial and manufacturing jobs and more service and information based jobs. This shift in economic status could have detrimental effects to immediate economic situations in the US and abroad.
Another disadvantage of “Globalization” is that some companies stand to gain more power greater than the governments that are supposed to offer checks and balances. As borders break down we are apt to see a rise in corporate power that will be able to cross international borders.
We are going to see a rise in the needs of more skilled labor positions, and a new rise to international trade of products and goods, also forcing the US economy to focus more on Information than trade.
