Unit 6give a personal reaction
Text A
Give globalization a hand
Here's a fact worth reiterating: despite the severe shocks and imbalances that have hit it off and on during the early years of this century, the world economy continues to grow, with low inflation. Of course, performance varies across countries and continents, but there are two generalizations you can make: The already rich countries keep enjoying expanding economies, and in the rest of the world millions of people overcome poverty every year, thanks to economic growth. Is there a force underlying this benign evolution that transcends national borders?Yes. That force is international economic integration or globalization, if you wish. The market economy's capacity to fulfill human needs is being enhanced to an unprecedented extent by international trade and investment.
National economies have become increasingly interdependent, and on the whole this proces
s has added scale, flexibility and productivity to the global economy.Facilitated by modern transportation and communications and the elimination of trade barriers, specialization - that crucial vehicle of the market economy – has become more and more sophisticated, as shown by the complexity and efficiency of contemporary supply chains. In today's global economy, firms and countries no longer specialize in the production of goods alone but increasingly in the finer tasks that make up the manufacturing, commercial and financial processes, bringing about lower costs, better quality and more choices for consumers.
Great Source of Strongth
Globalization is providing the world with not only greater economic opportunities but also a remarkable resilience to events that in the past would have proven highly disruptive. If you considerecent regional wars, terrorism, the skyrocketing prices of oil and other commodities, and the laxity in the fiscal and monetary policies of some of the major economies, you may conclude that it's only through the globalization of the market economy that we've been able to sail through such stormy waters.
For example, the slack in global demand created by the sluggishness in the European and Japanese economies during past years was more than compensated for by the rapid and vigorous globalization of China and other emerging economies.The new' players have made world trade more dynamic and enlarged the pool of world savings available to nance the substantial current account deficits2 incurred by the U.S. in recellt years. Although of questionable sustainability and convenience in the medium and long term, these deficits have nevertheless helped to support overall demand and growth in the short term— without, as yet, shaking international financial stability. The sharp increase in commodity prices over the last three years has not led to unbearable inflationary pressure because of the increasing presence of labor-abundant countries in world markets and the rise in productivity brought about by the intensification of global competition.
Don't Forget History
Globalization has, in short, been an incredible force for good in the world. But is this force inexhaustible? Unfortunately, no. Modern globalization has so far proved stronger than the f
orces and events arrayed against it, but there's no guarantee this will always be the case. Just as with any other economic or social phenomenon, globalization faces risks that could challenge its growth or, worse, cause its reversal.This has happened before, most dramatically in 1914, with the outbreak of World War I, the beginning of the end of an extraordinary expansion in international trade,investment and migration that had taken place during most of the 19th and early 20th centuries.
Historians and economists increasingly remind us that human folly could once again cause the unthinkable. The inability to prevent violent conflict, as well as faulty policies in the face of economic adversity, were at the root of the incredible destruction of life, capital, trade and prosperity suffered by the pre-baby-boom generations of the 20th century. The strategies to tackle a new wave of globalization reversal are no mystery; they were learned through hard experience.
The pursuit of progress and security at the global level starts by every country's keeping its house in order, especially those that have a responsibility to lead by example. Part of this in
cludes a country's supporting, in a rational way, its own people as they adapt to the rigors inherent in free and open markets. Another essential component is rules-based international cooperation, particularly when it comes to containing or dissipating geopolitical threats to global stability.
Following World War 2 this concept of cooperation was embodies in various institutions and covenants,which,for the most part,worked well for many years.Lately,however,the value of international cooperation seems to have been forgotten.More frequently than not international laws.agreements and institutions are bypassed,and various attempts to update these indispensable instruments have failed roundly.Thy vision and leadership that created and sustained them over time is now missing.We were harshly reminded of this vacuum this summer,first with the latest collapse of the Doha Round and hen with a new military conflagration in the Middle East.Fortunately,the latter has—at least for the time being—been subdued,revealingly,by old-fashioned diplomacy and an institution much vilified in recent years:the United Nations.

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