WHAT GLOBALIZATION REALLY MEANS TO THE MILLENIAL
According to Dictionary.com “Globalization” is a process of interaction and integration between people, companies, and governments of different nations. Although the term may seem as jargon for business and technology conventions, its application is present all around us.
In the year 2016, as mentioned in the World Bank report, China has been successful in mobilizing inwards Foreign Direct Investment (FDI) by a whopping 70% over the last decade. On closer analysis, I too, have played a role in increasing China’s economic development without even setting foot in the country and this is an example of globalization at it’s finest. By shopping for cheaper edition of School books, or knockoff’s of designer attire, Chinese websites such as AliBaba.com or Chinese sellers on eBay seem to have the cheaper solution to it all. With the ideals of free market ideology slowly being revived, it is cheaper to buy an item directly from China then from the store down the street since you have to merely pay for shipping instead of the competitive prices offered locally.
The effects of Globalization have penetrated to traditional family structures and my near and extended relatives are no exception. With companies going global and specialized labor being demanded in different areas of the world we see urbanization spanning continents. My family, which for the last hundred decades has belonged to a rural village in Asia, now has members in Australia, Europe, and America etc. The ease of exchange of information through apps such as Skype and Facebook ensure that we are in constant communication at all times redefining and not diminishing the modern family structure.
Globalization for the United States has also proven to be positive in many aspects. When corporations such as Starbucks and McDonald’s open branches across the world, it not only creates jobs internationally but also locally in the U.S. in terms of management, logistics etc. Between 1991 and 2001, U.S.-based multinationals created close to 3 million jobs overseas. But they also created 5-1/2 million jobs inside the U.S.—an increase of about 30% . That’s a significantly faster rate of job growth than purely domestic companies generated.
- “Foreign Direct Investment – the China Story.” World Bank. N.p., 16 July 2010. http://www.worldbank.org/en/news/feature/2010/07/16/foreign-direct-investment-china-story
- Parry, Robert T. “Globalization: Threat or Opportunity for the U.S. Economy?” Federal Reserve Bank of San Francisco. N.p., 21 May 2004.