This essay Maneesh Gogineni has a total of 1303 words and 6 pages.
AP Human Geography
The Good, The Bad, And The Ugly Side of Globalization Summary
Globalization, the increasing integration and interdependence of domestic and overseas markets, has three sides: the good side, the bad side, and the ugly side.
The good side of globalization is also about easy credit and rising leverage, as money flows easily across local and national boundaries, and creditors fail to distinguish between good and bad borrowers, boosting aggregate demand; setting the world economy into a virtuous cycle of income and employment growth; and easy credit and leverage fuel financial bubbles that feed into a euphoria that perpetuates the virtuous cycle.
The bad side of globalization is also about tight credit, deleverage, and declining money flows across local and national boundaries, as creditors tighten credit to both good and bad borrowers, depressing aggregate demand; setting the world economy into a vicious cycle of income and employment declines; and euphoria is succeeded by pessimism and a burst of asset bubbles, perpetuating the downward spiral of the world economy.
The ugly side of globalization is when nations and local communities try to escape the vicious cycle of income and employment declines through simultaneous currency devaluations; and by raising trade barriers that in essence put an end to globalization and a beginning to trade wars, as was the case in the 1930s.
Globalization's Broken Promise Summary
This is because, the discourse goes, countries integrated in the global economy will move closer to liberal democracy, and democratic countries don't wage war against each other - or so the story goes. Successful economies such as China, Turkey and Poland tempt neighbors with similar cultures and historical experiences to imitate their political institutions, as they also confront globalization challenges very different than our own. The reason why non-Western countries don't converge toward liberal democracy is because globalization enables them to avoid doing so. The bad news for those waiting for the spread of liberal democracy is that these countries may become the development models for other countries within their spheres of influence. The new global landscape therefore, may never converge to a single peak of liberal democracy, but rather reflects a terrain of multiple peaks, with steep valleys between them. The first single-majority ruling party in the country's 25-year history of free elections, it campaigned on promises to repudiate liberal political reforms. In the 1990s, Poland, a star performer of Central and Eastern Europe, made great strides toward Western liberal democracy. Many have chosen illiberal political institutions because, given their past, these are more feasible, and because global connectivity actually enhances the value of alternative pathways. True, examples like Spain, Chile and South Korea seem to confirm that authoritarian countries tend to democratize as they join in global production. Here electoral democracy and financial liberalization empower and enrich the socially conservative hinterland, which has used its economic influence to promote the Islamization of the state. To obtain a profitable foothold in the global economy, countries may look for niches where they can best explore their current environment. But it has since changed course and seems to be moving in the direction of its increasingly illiberal neighbor Hungary, in rejecting liberal institutions. Economic success legitimizes the regime and bolsters its perception that it knows how to globalize the economy while pursuing a distinctive political trajectory. New rivals are too integrated in the global economy for the West to play tough with financial carrots and sticks. Rather than aspiring to Western liberal and secular values, Turkey's emerging middle classes reminisce about their lost imperial glory. It contrasts the dominant discourse of globalization, which is an uplifting and democratizing one: Not only does it help eliminate poverty in underdeveloped regions, but it helps bring about world peace. Bernie Sanders have shown how easy it is to win electoral support by championing the economic grievances of globalization's losers. Trump supporters resent opportunities lost to immigrants, while Sanders rallies workers victimized by global disparities in wealth. Turning to a rich repertoire of governance alternatives, a centralized bureaucracy and Confucian reverence of hierarchy, the Chinese Communist Party claims to practice "authentic" ways of managing the country. For the time being, China seems locked into