Essay on The History of Globalization - 1805 Words

Globalization is the increasing interconnectedness of people, places, and cultures throughout the world today. The effects of this homogenizing process that we call globalization can be seen in all aspects of life. From McDonalds being in almost every country, to the majority of North American clothes being made in periphery countries, to the technological ability that allows us to instantly communicate with people anywhere in the world, the effects are everywhere. Economically today, globalization has had both positive and negative effects around the world, with many similarities to colonization. Globalization has also led to increased poverty amongst the global periphery, and a specific group of winners and losers within this process of†¦show more content†¦One of the major reasons for these strong patterns of poverty and debt were the structural adjustment programs, or SAPs. These were loans that were facilitated through the IMF, or International Monetary Fund, and given to periphery countries. Originally the SAPs were to help colonized countries become independent and develop their own economy, but these loans led to huge debts instead. The conditionalities that these loans carried with them prevented these countries from progressing beyond anything except the export of their basic, primary goods. Also, certain quantities, prices, and other demands were required. This was because the western, core countries controlled the IMF and World Bank, meaning that they would want to profit from these SAPs in some manner. So instead of helping these countries develop, they just end up exploiting them instead, leaving huge amounts of debt that these countries cannot pay back (HIPC: Highly Indebted Poor Country). A population of workers are trying to meet the demands of the loans, only to see their primary products prices fall lower and lower, due to synthetics, huge overstocks of these goods, and speculation of a low price elasticity. When this happens, not on ly can the countries themselves not pay their loans, but also their citizens are now making even less money than they started with. Only the western, core, exploiting countries gain an advantage. Besides SAPs, poorShow MoreRelatedGlobalization : A Short History1720 Words   |  7 PagesThroughout history much has evolved in the world we live in today. Nations that were once empowering and controlled many parts of the world today are seen less superior and most likely to keep peace and order rather than starting violence. In Jujen Osterhammel and Niels P. Petersson’s book Globalization: A Short History, they investigate what led to globalization. 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