Thursday, May 27, 2010
Response to The New Rules of the Game
The documentary on the impact of globalization was informative and suprisingly, I was intrigued by it. As a student in the field of science, I never payed attention to matters such as politics or economics. Living in the States all my life, I was astonished by how much I did not know about this country as well as the impact it has on a global scale. As I was watching through the video, it became clearer how the accumulation of events in the 1990s led many economic crises in developing countries, examples such as the enactment of NAFTA, the refusal of U.S. intervention in the financial crisis of Thailand and the protests of millions against the spread of globalization. Although these events could not have been predicted prior to recent years, I feel that every country had its responsibility in the crises it faced. I know that it is a general statement to make but there are countless factors that contributed to what has happened economically in the past years to list them in a blog. But from these occurences, new methodology, restrictions and policies are being put into place and a kind of system is required that benefits both the undeveloped and wealth countries. Many are aiming for this kind of approach, of course, and I understand how much it is easier to suggest it than to actually make it happen.
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I agree that a new system which benefits both parties, the have and the have-not nations, should be made effective. Globalization is still growing and is in its early stages. Events like the Contagion and the fall of the Southeast Asian countries' economies were caused by an imbalance in the power of the countries involved. I believe that with global regulations on markets and moral standards, there could be a system that could work out that would make globalization even more effective.
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