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Globalization - elements that make up the global society?

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Globalization - elements that make up the global society?

Postby jayna57 » Mon Dec 10, 2012 7:21 pm

I have a seen exam coming up on friday, the question is 'what are the elements that make up the global society' I only have a slight understanding of globalization and the term global society, so any pointers would be greatly appreciated, thanks!
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Globalization - elements that make up the global society?

Postby eagon50 » Mon Dec 10, 2012 7:22 pm

Elements... Hmmm, I'd put my money down on:

a) Trade
b) Global Markets (ie: Chicago BOT, NYSE Euronext)
c) Reserve Currency (ie: US Dollar)
d) Communication (ie: Internet / Cellfones / etc)
e) Energy (ie: Oil / NatGas)

All of these elements allow Globalization to take place. For instance, if a farmer in India grows a crop of wheat, they can call their broker at the Chicago BOT to sell it on the world market, which might be to a buyer in Kenya. Or instead of a phone call, they sell it via a trading program using the Internet. The deal is sealed using US Dollars as the currency of global trade.

Then the Farmer in India ships it to the buyer in Kenya via Acme Freight Lines who uses Oil to power its cargo ships, which it buys from
Saudi Arabia using the same process as the Farmer in the India.

Globalization my friend. Although some hate it, it actually is helping to bring the world into a global community instead of remaining in isolated pockets. Imagine, if their was no globalization, that farmer in India would only have his local town market to sell into. And if everybody in the community swamped the market with Wheat, the farmer would get pennies on the dollar and likely suffer because he couldn't make enough to support his operation.
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