or in underdeveloped countries. The people in these countries are paid verylittle compared to their middle class counterparts who are in turn losing their jobs in North America and Europe. While eliminating jobs and cutting costs may provide shortterm gains, those policies will have negative long-term consequences even for the global giants them selves, as fewer people will have the money to afford the products that areproduced. Regarding the topic globalization and politics, Barnet and Cavanagh see the nation state as no longer being able to establish their own economic policies. The globe has becomeso integrated economically that for one nation to establish an economic policy it must consult the other dependent economies of the world. Governments are no longer able tokeep the money form either leaving or entering their countries. The only way that they can influence their economies is to “set standards and create incentives to encouragecapital to flow where it is needed” (p.415). All these factors draw the conclusion that the world could set it self up for a major fall. Similarly, an integrated financial market ismaking the world economy volatile and insecure. People are borrowing more and many debt obligations aren’t being met. The best example on this situation is the Asian crisis in1997. Cultural imperialism is the process where one culturedictates to another culture how it should act, thereby assimilating it. This assimilation leads to an eventual breakdown of the old social institutions that a culture has established,such as customs. Cultural imperialism is thus a negative aspect of globalization, because as culture becomes more homogenized, they loose their identity and diversity. Thisloss eventually degrades the cultures of the world. “The American dream is the nation’s number one export” (p.25) because it is what is most desired of America. The worldhas an instable hunger for American cul...
