Essay on Should We as Consumers Resist Globalization?

1548 Words Jul 13th, 2012 7 Pages
Should we as consumers resist Globalization? In order for us to fully answer this question we must look at the advantages and disadvantages of Globalization from the perspective of the consumer. Seeing as every person on this planet at some point of another has been a consumer we should not have an issue giving an answer to the question. At this point it is good to point out that the United States has always been a melting pot for cultures throughout the world. We were founded on the concept that all men are created equal. In order for our country to grow, many different people immigrated to our country. These people would form businesses and help to grow the strength of our fledgling economy. These same people still had family …show more content…
When “opening” up a foreign country to Globalization, the country would require some funding. The major banks throughout the world exist within the United States and the United Kingdom. As Globalization continued to expand, the banks were free with their monies and loaned it throughout the world. These were calculated risks that came back to bite them, when the foreign entities were not able to pay back the loans. The banks were sending money to countries with the least regulations. This allowed the banks to support who they wished, but at the same time game them no recourse to recoup the monies they had loaned (www.nytimes.com). As we have seen in this crisis, Globalization was one of the main reasons for the recession. The banks would loan the money to the foreign entity. The foreign entity would default on the payment to the foreign bank. Because there was a lack in regulations in that country, the bank had no recourse to obtain their money back. In turn the banks then limited the amount of money they were willing to loan domestically. In order for someone within the United States to get financed for a home loan now, they must have nearly impeccable credit scores. In the past a bad score meant the bank loaning to the person had to be creative. Now it means people are not able to get credit for cars, homes and

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