Pros and Cons of Globalization and Localization Essays

Growing up in the United States, we have been lucky enough to have been blessed with a stable economy. There has always been the extreme feeling of complacency and stability that comes with being a very large, internationally respected country. Strangely enough, America does not only reap the benefits of globalization, but it also basks in the glory of localization. We have, as a country, experienced much success both internationally and domestically. For example, without our international businesses booming the way they are, our country would suffer from a great economical loss. One third of the growth of our economy comes from exports. (The New York Times, 9/15/98) On the other hand, localization brings the citizens a great sense of†¦show more content†¦It would be a whole new way of life. According to President Clinton’s speech on September14, 1998, growth at home depends on growth abroad. This is only partially true. Lately, a growing number of economists are calling for new steps to control†¦capital flows or at least soften their impact. (The New York Times, 9/20/98) Sometimes there are benefits to having a small, localized government. There can be an extreme influx of nationalism and international respect. A country that can hold its own, in a world where international business is so prevalent, will become an icon of its era. It will be strong and filled will pride and flooded by respect. Others will look upon this superstructure as something to be admired. The citizens will walk with their heads held high and smiles gleaming with nationalism. On top of the strength of being totally independent, there is no better medicine for a country than a public that will back it no matter what. Sadly, there are some costs to becoming both globalized and localized. One problem, though, is that a lot of this ‘hot money’, or short-term flows are particularly volatile, in a globalized economy. 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