Globalization for the Arab Countries - Essay Example

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Globalization for the Arab Countries

Then in 1973, "King Faisal of Saudi Arabia cuts off his country's oil exports to the United States, triggering an oil crisis, long lines at the gas pumps and a recession." (Newton, p 53)
Globalization is typically defined as a shift from internal local human societies (including financial, politics and religions) to linking distant communities of people and levels of industry, expanding them across regions and continents - in other words removing boundaries from the world. Globalization can reduce the deficiencies of third world countries with technological advances and with equal allocation of resources. An advantage to globalization is the lowering of trade barriers, for example, the reduction of export tariffs to the developing countries charged by industrialized nations. The lowering of the trade barriers then allow the developing countries to also move towards industrialization with the realized gains. ...Show more

Summary

Globalization can be defined, according to Emmanuel Richter, as "a global networking that has welded together previously disparate and isolated communities on this planet into mutual dependence and unity of 'one world'" (Baylis & Smith 1997:15). The opposite would be a more skeptic and Marxist indicated definition, like Martin Khor's "globalization is what we in the Third World have for centuries called colonization" (ibid)…
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Globalization for the Arab Countries essay example
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