The Opportunities and Challenges of Globalization

While rapid globalization in recent years have creating many excellent opportunities and made it not only possible but also convenient to obtain goods and services from across the globe, it has also brought new challenges with it. One of the main challenges includes greater competition; businesses no longer just have to compete at the local sector but also at the global level. This has led to hardship for many small business owners and also made people oppose this changing global economy. The challenges that globalization have raised are understandably causing opposition to several of the global forces that are being felt even at the local level but their advantages and potential opportunities may outweigh the negatives.

Global tech-savvy entrepreneurs are constantly coming up with new ways to market their products and services for the global economy, and the diversity of ways that these products and services can be delivered to its customers is making participating in the global economy easier for the average consumer every day. Small businesses that exist at the local level are finding it harder to compete due to these global forces. Many small businesses that have been unable to adapt and change the way they do business find themselves closing their doors or struggling to make it.

Brexit was an important decision that mirrors the negative sentiments behind globalization. Brexit refers to the vote by British citizens to leave the European Union, an economic and political union of 27 member states in Europe. Those who were in favor of Brexit, argue that leaving the EU would restore power to Britain to pass its own laws without interference. An article from the New York Times sums up the differing viewpoints on Brexit:

Pro-Brexit advocates have framed leaving the European Union as necessary to protect, or perhaps restore, the country’s identity: its culture, independence and place in the world. The argument is often expressed by opposition to immigration. ‘Remain’ supporters typically argue that staying in the union is better for the British economy and that concerns about migration and other issues are not important enough to outweigh the economic consequences of leaving. (The New York Times).

Many of these same viewpoints can be heard from several conservatives here in the United States as well that view globalization as a threat. Several of Donald Trump’s policies echo these thoughts, most commonly his decision to pull out of the Trans-Pacific Partnership and his stances against immigration. The Port of New Orleans may potentially be affected by these anti-globalization policies as it brings in significant resources and capital to the city of New Orleans due to its location.

On the other hand, there are several cities mentioned in the textbook that have unexpectedly prospered from the globalizing world. These include Yiwu (China), Rajarhat (India), Berlin (Germany), Shanghai (China), Dongguan (China), and Dubai (United Arab Emirates). Globalization will likely continue to inspire change in cities around the world.

Like any process of change, there are both opportunities and challenges in globalization. Many people are afraid of what these changes entail, but attempting to remove ourselves from globalization is not only going to be impossible but would also keep us from many opportunities for growth.

Sources

Taub, Amanda. “Brexit, Explained: 7 Questions About What It Means and Why It Matters.” The New York Times, The New York Times, 20 June 2016, www.nytimes.com/2016/06/21/world/europe/brexit-britain-eu-explained.html.

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