The Advantages and Shortcomings of Globalization: A Focus on Economic Globalization

Globalization has been described as the interconnectedness of the world through new systems of communication (Sacks, 27). Thus it’s simply the increased interaction of the world through trade, communication, education, which is brought about by limited restrictions. In the book “The Dignity of difference” Sacks portrays the world as a global entity by ascertaining that the issue of globalization be it economical, political or cultural has it advantages as well as shortcomings .

“In globalization its benefits are not spread evenly, there are winners and losers” (Sacks 2002, 27). . The economic aspect of globalization according to sacks is old enough in that “integration of distant regions into a single international economy has been a continuous process extending back for many centuries” (27) Economic globalization The phenomenon of globalization has greatly impacted today’s society in a tremendous way.

According to Sacks Economic globalization has been achieved through a number of factors that have led to increased interconnectedness of different parts of the world. Such factors include the presence of free market, which is characterized by increased movement of goods and services across the countries, through use of common currency, through international banking institutions such as the international monetary funds, the World Bank and common trade organisations such as the world trade organization.

In the book Sacks cites that economic globalization has led to increased movement of goods which has led to increased availability of variety of goods which leave the consumer with freedom of choice, further it has led to increased job opportunities “Free market is the best means we have yet discovered for alleviating poverty and creating a human environment of independence, dignity and creativity”(Sacks,2002,16). Increased trade and employment opportunities, further lead to improved living standards.

However despite the said advantages, the benefits don’t reflect evenly all over the world especially due to capitalism which emphasizes on wealth creation, favoring the rich but imposing a heavy burden on the poor. Sacks, cogently explain that the issue of globalization which has led to capitalism, it’s difficult to comprehend in that it has it has its disadvantages. For instance it has led to increased inequality.

Due to this phenomenon the gap between the poor and rich has increased tremendously leading to increased poverty level. According to Sacks as a result of increased shift of production employment rates decline leading to unemployment especially in poor countries. Due to globalization ,the rich countries restrict trade in that they impose tariffs and subsidies on goods, which are imported from developing countries this affects the, poor countries GDP often leading to increased suffering of citizens

Another negative effect of globalization according to Sacks is the problem of debt created by international financial institution who often led money to poor and developing countries. This debts are mostly accompanied by heavy disciplinary which according to Sacks, hurt the countries infrastructure and growth. In essence sacks quips that due to globalizations the moral consciousness brought about by the emerging inequalities is completely destroyed leading to a shift in people behavior as individuals move their attention from family members to the neighbors and the outside society.

Also economic globalization has been viewed as to undermine the peoples sense of moral responsibility, in that due to global market ,individuals and countries find it hard to understand their responsibilities, for instance Sacks explains situation where due to increased transactions caused by global market an individuals responsibility is rendered irrelevant. Sacks, also blame the September 11 attack on globalization in that the attacks were planned through internet and as a result of capitalism.

He states that, the very elements of capitalism made it possible for such attacks on innocent civilians to take place. Alternatives to conflicts For ages conflicts have continued to exist in the world often leading to tremendous and disastrous repercussions on mankind. These conflicts such as terrorism and poverty according to sacks have resulted despite increased globalization.

In his book the Dignity of difference, Sacks tries to emphasize on the importance of virtues such as humility, restraint reverence, and ability to listen in trying to confront human problems, especially those associated to religious ideologies. In the book also Sacks quips that for the world civilization to completely destroy the evil associated with globalization especially the increased acts of organized crime, its important to incorporate in the society the ideals of religious traditions and wisdom.

In that such attributes are the “sustained reflections of humanity’s place in nature and what constitutes the proper goals of society” (Sacks 2002, 12). in essence Sacks stresses the utmost importance of respecting the differences of others which should be celebrated in a way that promotes dignity. The book the Dignity of difference by Sacks highlights on importance of the world civilization to embrace tolerance and respect while dealing with those who are unique and different from us. In that it’s important to recognize the uniqueness of every individual and society.

He quips that what happened in New York was as a result of crashing of civilization and could have been avoided if every religion had respected and acknowledged its differences while maintaining dignity. Thus for us to solve modern conflicts and problems we should embrace religion and respect each others differences. Conclusion It’s wise to conclude that though globalization is a blessing it has led to increased conflicts and suffering. And as such if humanity is to survive the onslaught of the dangers posed by globalization religion is paramount, whether Christianity, Islam or Judaism.

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The Advantages and Shortcomings of Globalization: A Focus on Economic Globalization. (2016, Sep 01). Retrieved from https://phdessay.com/dignity-of-difference/

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