A Slower Rate of Globalization - Essay Example

A slower rate of globalization is foreseeable in the future as compared to the past few decades.

All the same, the financial crisis encountered globally slowed down globalization, and it expectedly will pick up, but not at a high pace as it was beforehand. Depending on the merits and merits of globalization to various states, proper measures are instituted accordingly.  
Various factors will continue to encourage globalization. On the first note, improved technology will continue to serve as the primal driver of globalization. Technology advents such as the internet and mobile phones have played a major role in bringing globalization to its current state. Technology will continue to spread across the world since it is the main force behind significant integrations. Improved technology translates to better communication and information sharing (Ashford & Hall, 2011). Secondly, the world is undergoing a period of increased free trade. Free trade will continue to be an important factor of globalization since it has earned the support of the World Trade Organization (WTO), which encourages global trading. Thirdly, stepped-up mobility of labor from one country to another will promote globalization.

Developing countries have come to realize the big role that remittances of global trade play in their economies. Fourthly, the meliorated mobility of capital in the past few decades will stretch into the future to step up the pace of globalization. Capital barriers have been trivialized, making it possible for capital to flow to and from various economies. In effect, firms can acquire financing, a trend that will continue in the future. Fifthly, a drop in the cost of transportation is not expected to deteriorate in the future. The advent of containerization means that the distribution of products, across the world, is cheaper. Consumers in all parts of the world will continue to access products, thanks to the reduced cost of transport (Zedillo, 2014). In unison, these factors will correct the pace of globalization that has been affected by the financial crisis in the world.

All the same, some factors will hinder the prosperity of globalization. First, the increasing concern about environmental pollution, which leads to global warming, instanced by globalization will hinder the growth the pace of growth. Multinational firms that invest in such countries cause most of the pollution made in developing countries, and this has been detrimental to the citizens thereof. Secondly, local resistance will hinder globalization. The countries pushing for globalization are from the Western and hence try to impose their ‘Western culture’ into other world countries.

The locals have often resisted this influence on their local culture since it is deemed damaging. For that reason, it will continue to hinder globalization. Thirdly, some countries are conscious about the protection of their domestic firms and institute trade barriers such as tariffs, which have the effect of continually hindering global trade. Lastly, an increase in terrorism means that some immigration restrictions need institutions. The restriction of movement across borders will be detrimental to globalization (Rodrik, 2011). Political leaders, who govern a country, instigate these factors. Read More