Economy

Economy

Introduction

There are different types of system in one economy and link with each other. Globalization is the combination of different processes. It is absolutely wrong to consider it as one process. Globalization is not a continuous process, and it is changing daily. The country like United States of America believes in the actual world. The affects of economic globalization is everywhere in Unites States of America. Moreover, attitudes of people towards globalization are also not constant. The process of globalization affects many things such as the government, business, trading and the social life of people. There are certain different meanings of economical globalization for different people. In United States, Globalization is adversely affecting the life of the people, their interactions, way of livings and perceptions (C. K., & Labonte, M., 2007).

Discussion

The principal element of social order in every society is the production of economic good. There are ideas related to this belief. The key points are what produced and how it produced and how these products affected on people's wealth and social status. The negative impacts of China's becoming largest economy will affect the United States jobs and trades. United States firms agreed that they would not compete with China's firms, because of the Chinese workers, which was working at lower costs, than other developed countries (C. K., & Labonte, M., 2007).

The United States of America is also facing certain flaws due to its capitalism. There are adverse affects due to this capitalism when the rich tends at the top, and the poor is at the bottom. This is happening due to blindness and lack of education of the lower classes and the power of the upper class. The primary drivers of globalization are cultural developments and the liberalizations (e.g. the spread of English language throughout the world) (D. W., 2009). World Trade Organization played the vital role in economic globalization and had created many factors of production, as well as, and the movement of Capital (D. W., 2009). Migration is also one of the factors which indirectly affect the economies of countries. The free movements of the people who migrate in order to get jobs influence the economies. However, there are some political issues which try to prevent the emigration of these labors (D. W., 2009).

Every society is economical. People need basic things to live. They need shelter to live, food to eat, clothes to wear and other expenditures. People are always trying to solve their economic problems. There are social structures in every society which contains the elements like religion, culture and education (C. K., & Labonte, M., 2007). These elements are totally dependent on base economy. Every economic system tends to produce new economic forms and trends. Capitalism replaces feudalism in class based system which develops by the market. Factories also replace the land ownerships and capital in this system. Capitalism dislikes by the people as it generates the class of those people who tends to destroy the system themselves. Economic system also affected by the under ...