Global Political Economy, Essay Example

Globalization is important for countries to adopt because it creates an interdependence between nations, making the world more of an international community. When countries produce and exchange goods and services, there are economic benefits because increased productivity results in many more diverse opportunities for revenues; when incomes and profits go up, living standards can also improve greatly. In addition, when there is global competition, then imported goods, which are less costly, help to control price increases so that there is less of a chance that inflation will stunt economic growth. Globalization has led to new technologies and other innovations originating from concepts developed overseas, presenting many more options to consumers.

Jobs that are exported frequently result in higher wages then are being offered domestically; in addition, globalization can cause interest rates to can remain lower, because unlimited capital flows allow the United States to participate in foreign investments. The lower interest rates benefit people in many ways, including getting mortgages to buy homes and building new construction, allowing new small and large businesses to develop and contribute to the national and the global economy. Such new businesses create jobs and often bring people into areas for financial opportunities, and when they relocate they contribute to the financial and social fabric of the region. It is advantageous for countries to participate in globalization because it provides incentives to invest in and develop new technologies, which ultimately benefits everyone. In particular, underdeveloped countries are at a tremendous disadvantage if they do not engage in globalization because they would be left behind socially, financially and technologically. In addition, from a cultural perspective, globalization increases the choices available to people everywhere because national borders become somewhat blurred, allowing people to share in each other’s lives and cultures freely.

Having a strong government is important because ideally, the government provides a safety net into which people can fall if they become unable to take care of themselves, permanently or temporarily. What form this safety net should take has been an ongoing debate since the United States was formed: some people believe in rugged individualism, or that the individual is completely responsible for his or her survival without help from the government. Other people believe that the role of the government is exactly that, to help people who fall on hard times and/or are unable to manage without help for one reason or another. The government establishes a Constitution, or some document which defines the rights guaranteed to the people, as well as the values that are inherent in the society as a whole. Such values have an impact on the children growing up in a society who will become the future participants in that process.

The government has a vital role in the successful life of the nation, because it is involved in the financial health of the country and has the power to enact stimulus plans to preserve that help, as well as establishing regulations that ensure the safety and health of its citizens. In addition, it is vital in protecting consumers from criminal behavior by, for example, the banking industry. Government regulations are responsible for protecting the food supply, enforcing labor laws that maintain safe working conditions, as well as preventing exploitation of children and other vulnerable populations. In addition, the government is responsible for fixing the decaying infrastructure of the country, which is crucial in promoting safety by improving conditions of bridges, roads, electrical systems, and other vital services. The government also has an investment in the education system, establishing standards that guarantee a certain minimum level of educational competence for its citizens; the whole society benefits from an educated citizenry. Finally, the government has a crucial role in the financial well-being of the country, levying and collecting taxes in order to sustain a livable environment for people as well as acting to supplement the economic and health status of the financially destitute.