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United States Economy and Globalization

The conception of globalization became the central point of intense economic and political controversy. From one point of view, all forms of globalization are the source of opportunity. Talking about the United States we can say that the country had much to gain and little to lose from the world wide globalization. It brought lower trade barriers, flows of financial capital and foreign direct investment. From the other point of view, globalization could be a threat to the political sovereignty and economic prosperity.

Talking about the economics of United States we can say that its rate of the growth had fallen in compare with Japan and Europe. American Corporation started feeling the effect of intense competition from foreign companies. America lost the foundation in finance, computer chips, electronics, machine tools, autos and steel.

During the 1990-s, economics of the United States was rebounding with a vengeance. American companies became the main players in the field of the crucial industry once again. This time the countries of the principal threats (like Asian tigers, European Union and Japan) lost their ground. Champlin (2009) stated that their innovations and growth rates began to lag the growth and technologies of the United States. American companies became the main actors in the new world wide economy. They proved to be adept particularly in following areas: popular ertainments, commercial and military aircraft, telecommunications, Internet service, computers, business service (like advertising, accounting, law, insurance and so on), biotechnologies etc. among those companies which has a global attention now are Apple, Microsoft, Intel, Amazon.com, Disney, Google and many others.

Concluding the information we have discussed, we can say that globalization helped the United States to prove one more time that the country has a strong economy and is ready to different difficulties, innovations and free competition.

References:

Champlin, D. (2009). The impact of globalization on U.S. labor markets: redefining the debate. American Press.
Florida, R. (2002).The Rise of the Creative Class. Basic Books Press.