Globalization is the source of the description of the best practices than it is a source of address systems for assumptions, especially in the United States. This is from its definition as an international integration resulting from the change in modes of interaction with both the environment and the people. This implies that any steps that result from interchange in the views of persons across the globe entail globalization. In coming up with the terminology, Charles Russell wanted to coin a system that could relate the natural trusts and communication within the situation of time-spanning man’s evolution. This was in 1897 when the term “corporate giants” was used to refer to any processes that led to the prevalence of a common international network in socioeconomic systems. Moreover, this phenomenon became synonymous to globalization acquiring full use in the year 1960. Due to varied understanding in terms of the effects of globalization, there have been different versions of understanding of the term with the 1980s view of the world that is gaining interrelationships in the dimensions that relate to economy and information systems. The symbiotic relationship that exists between the economy and information systems is what is considered globalization.
In the United States of America, globalization has affected the interaction systems within the socioeconomic segments where there are intensification and advancement of the interaction systems with other nations. This has enabled faster integration of information systems and growth in the economic systems although the integration is partly influenced by the political systems. This implies that globalization affects the socioeconomic segments directly since the changes in the integration of information systems results in changes in the social and economic systems through the introduction of new cultural instincts in terms of national performance. The net impact of the system of globalization on society is that it portends good effects from the way information spreads across the globe. Moreover, it is a source of general good since it has brought about benefits such as economic advancement due to the formation of a common network with compatriots in the industrial world.
The process of globalization is influential in the essentiality of the lower class persons in that they are hit by the reduction of income. This is from the fact that the process of outsourcing, which is a form of reaching out for low labor prospects, leads to exploitation of these lower class, or the in-service persons, which impacts on negatively on their socio-economic status. This form of reaching out for low labor prospects is a source of deprivation of economic resources although it is also a form of the providence of employment opportunities, which implies that as much as globalization takes, on one hand, it gives back with the other. Consequently, with the need for raw materials in industrialized countries like China, the lower class is deprived of the resources. Although they benefit from the revenue collected from the exportation of the materials, it follows within their jurisdiction in search of raw materials.
- Title Page
- Revision (on demand)
The lower middle class are hardest hit by globalization in the United States where the producers and skilled tradesmen suffer the consequences of fluctuating global prices. The regulations of the globalized world are the polarity in the economic systems where individual nations do not have the power to control the global economic prices. This implies that the dependency on global world prices is a source for deprivation of resources due in times of economic crises. Consequently, the skilled tradesmen are hit hard form the allocation of global income, where the richest get the consideration of reference to the effect of 85% of the gross income, while the poorest had received a whopping 1.4% in terms of the global income. This shows that the form of trend gives preference to the richest nations due to their contribution.
The demographics of the impact of globalization are through the stipulations for the top earners against the corporate executives, wherein the American strata, this trend has grown exponentially between the 1950s through to 1990s. This is due to larger market share acquisition that resulted in the process of expatriation, where there was a possibility to reach out for more labor prospects. Increased labor prospects lead to an exponential increase in income due to variability in employment opportunities. The shape of the distribution in the socioeconomic wealth pyramid has changed to be like a bottleneck shape where the bottom is broader to reveal how those with low income are many, while the top grows thicker due to the lowering number of people found in this region of economic strata. Moreover, the middle became narrow and compressed due to the influence of globalization. This is due to the deprivation of economic resources by the higher class, which deprives of the lower class leading to the wider range of those found in the lower class. Moreover, the middle class decreased linearly in their percentage due to assimilation into both higher and lower class, while the higher class increased in their percentage due to economic legacy of the economic social class bestowed to this group (Easterly).
Conclusively, there is more harm than good in relation to the impact of globalization on the economic strata of the socio-economical development in the US. This is due to the increase in the percentage of the most deprived, who are the lower class, while there has been a drastic decrease in the middle class. Consequently, there is an increase in the upper class due to the assimilation of the middle class into the upper class.
Get 15% OFF
for your 1st order!