Globalization in My Community

Globalization: Business and Society in the Information Age

Globalization in my Community

21 March 2014

Globalization is the growth of global market, culture and political. Globalization can also be referred to the availability and distribution of different products around the globe.( Dan Power 2013) Globalization has various definition, for instance According to Dan Power “The International Monetary Fund views economic "globalization" as a historical process that is the result of human innovation and technological progress. The term "refers to the increasing integration of economies around the world, particularly through trade and financial flows.”

Globalization has changed the way my communities do business on its everyday operations. Globalization has hurt tremendously my communities, especially the small businesses. It has created a bigger gap between poor and rich in my community. According to Patrick Mcgeehan “One effect on the relative affluence of residents of Brooklyn, Queens and the Bronx has been stark: the report says that the median income for individuals in each borough, as a percentage of the nation’s median income, fell significantly from 1970 to 2008.”Moreover, globalization has influence big corporations to move their operations overseas, creating loss of job opportunities to the working class of New York City. Products are not being produced in The United States as much as it used to and certainly not in my community, clearly creating the rise of unemployment due to the closings of manufacturers. Moreover, not only it is creating a rise of unemployment in my community, but a sense of ingratitude because globalization is forcing to close manufacturers that were manufacturing good products to now rely in goods produce overseas, which are of very bad quality. Adding to that, globalization is clearly hurting small businesses in my New York City because they cannot match the low prices these big companies can offer, ultimately forcing small...