Globalization is an unstoppable and potent force that impacts every life. No matter where you live, the increasing connectedness of the world's businesses, information technology, communication networks, media, and educational facilities affect you. Globalization and technology change the way we save, spend, eat, drink, conduct business and think.
Global trading systems and communication networks have the capacity to lift millions out of poverty, spur innovation, and create new jobs. Yet its transformative and destructive nature also does harm. Global forces wreak havoc on current structures, environments, laws and conventions and lifestyles, forcing people to adapt.
Normal: does not exist in the 21st Century. Change is a constant, and it sometimes occurs abruptly. Jobs are lost. Currencies collapse. Natural disasters strike. Markets and consumer prices rise and fall. Businesses go under. At times, entire industries lose their ability to compete.
The status quo is forever challenged. Many people feel threaten by impending changes. It is easy to understand why. They feel powerless against the force technological innovation, globalization and their effects. Take for example the U.S. public's antipathy toward its government response to the 2008 financial crisis. Acting to ward off what would be a run on the entire financial system, the federal government (Congress, Treasury and Federal Reserve) poured trillions of public dollars into what was a market-based system. At the time, the bailouts made no sense to many Americans. The entire series of events showed us just how complex the world had become.
As we face these complex problems, we must be able to reach beyond our current policy responses to find new solutions. International trade and technological innovations are essential. So too are livelihoods.
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