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In the recent past, there has been reputable evidence suggesting that globalization is a key driver in aiding emerging economies. Through the application of regulation, standards, and acquired knowledge from western nations, developing economies have become financially stable (Claudia, p10). [url=http://www.rtnagel.com/airjordan.php]jordan pas cher[/url] Nevertheless, it is evident that embracing globalization has had negative financial impacts where developed nations reap at the expense of developing economies.
According to 2001 Nobel Peace prize winner Joseph E. Stiglitz, globalization platform stands to benefits developed nations. This is evident through the increased interest of International Monetary Fund (IMF) toward the Wall Street, and other key financial society ahead of poor The free movement of goods, services, and [url=http://www.sandvikfw.net/shopuk.php]hollister outlet sale[/url] labor force has led to massive capital flows among globalized nations expanding world trade (Claudia, p17). However, the current [url=http://www.tagverts.com/barbour.php]barbour online shop[/url] capital flow poses as a great risk in the financial markets causing disharmony in world financial market.
For instance, the recent financial crisis resulted into a wave of the global market shrink resulting from volatile capital movement leading to economic imbalance among nations (Stiglitz, p29). The fluctuating of world currencies emerged from unstable financial market control, and the application of monetary policies that favor some economies. Stiglitz urges that following the partiality monetary policies drafted by IMF globalization stands to benefit affluent nations, and individuals. He adds that such biased monetary policies resulted to East-Asian monetary crisis, and reduced development in sub- Saharan Africa.
The 1997-98 trade disputes between Asia and Russia is significant evidence regarding to financial deregulation in the world market (Claudia, [url=http://www.ktbruce.co.uk/barbourjackets.php]barbour jackets[/url] p20). More so, developed nations such as the U.S and England have made Africa, and Asia a dumping site for their [url=http://www.fibmilano.it]woolrich[/url] products. These products are cheaper than locally manufactured commodities thus; promoting their trade while developing nations struggle with lack of market (Stiglitz, p29). Hence, the price dilemma brought about by globalization, and related monetary policies continue to weaken poorer nations. This is following the influence of external forces in pricing, and capital flow. For example, the recent US financial crisis hit most globalised nations as a result of volatile capital movement crumbling world economies.
It [url=http://www.ktbruce.co.uk/mulberrysale.php]mulberry sale[/url] is essential for world leaders and economist to realize that despite the numerous economic merits resulted from embracing globalization, has negative impacts to the world economy. The uneven economic merits among and between globalised nations will increase risks in the world financial market erupting to dreadful trade dispute in the new future (Stiglitz, p Globalization [url=http://www.mxitcms.com/abercrombie/]abercrombie[/url] entails the involvement of private players in the financial realm and the participation of governments is declining; lack of government participation is a threat in a policy making decision. For example, there is an increased internet-linked businesses theft, as well as, emerging of forged websites and people are losing millions of money. The wide use of the internet limits the government to protect its people from dishonest trade since governments are silent players. [url=http://www.thehygienerevolution.com/hollister.php]hollister france[/url] In addition, globalization should not be promoted since monetary policy makers encounter enormous challenges in predicting future financial evolutions following the wide range of developments (Stiglitz, p 30).
This means that there is no reputable proof on the future trend, and financial stability. For example, the collapse of most financial organizations in the recent US recession proves that policy makers cannot provide reputable financial substantiation regarding future trends. Analysts urge that globalization may [url=http://www.rtnagel.com/airjordan.php]nike air jordan pas cher[/url] change the transmission guide of monetary policy resulting to deep financial crisis, and trade disputes. This is evident through the reduced central bank, and governments' involvement in trade like in the past. Lastly, globalization causes segmentation between people relying to global trade and those relying on domestic financial markets. The different financial preferences may result to financial dispute among people and economies because policies involved are preconception (Claudia, p25).
In conclusion, deregulation of global financial markets in liberalized economies stands as unforeseen financial dilemma to policy makers. Thus, it is difficult to control financial globalization, and maximize opportunities generated. Therefore, globalization should be kept on hold following the long term financial risks it poses to the world economy.
Work cited:
Buch, Claudia M. Globalization of Financial Markets: Causes of Incomplete Integration and
Consequences for Economic Policy. [url=http://www.ktbruce.co.uk/hollisteroutlet.php]hollister outlet[/url] Berlin: Springer, 2004. Print.Joseph, Stiglitz E. Globalization and Its Discontents. New York: W.W. Norton, 2002. Print.
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