Globalization and Its Contents in the Middle East Essay (Article)

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Updated: Mar 16th, 2024

The main idea of this article purports globalization as a phenomenon imposed by few in order to enforce on the rest, economic domination. However, like every phenomenon it has helped improve the general standard of living of many which has certainly come with strings attached to it. Globalization has been considered a machine of growth by some and some blame number human miseries on globalization instead.

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The article considers the general progress globalization has brought with it which includes increased global output, GDP, per capita income, life expectancy rates, literacy rates etc. Globalization and its sought after benefits to the world economy had lifted the world from the prevailing poverty levels that created history. Human progress, technology and globalization form a virtuous cycle as a result. The article includes three benefits of globalization which include working less, producing more since it brought with it prosperity and the same commodity costs lesser in terms of hours worked by a worker in the twentieth century which is comparatively much better than during the nineteenth century.

Second, a thriving middle class which is a component of economic, political and social stability that comes with globalization and this class promises increased national income, growth, better infrastructure, health facilities, less civil wars and more of democracy. Third, lesser inequality which is confirmed by the human development index which shows closing income inequality gaps between developed and developing countries.

The impediments to continued progress or globalization are protectionism, armed conflicts, environmental stress and demographic imbalances which have further hampered the progress of globalization and its benefits. These are contents of globalization only since it has its pros and its cons. Globalization has its negativities like drug-trafficking, civil wars corruptions etc. But globalization is a necessary phenomenon for economic domination in the world (Marber).

The three important facts to support the main idea are the contents for global progress, the benefits of globalization and the evils of globalization (Marber).

List of important terms include, globalization, economic growth, poverty, trade liberalization, unemployment, living standards, purchasing power parity, deflationary effect, free market economy, cross-border transactions, GNP, income comparisons, Gini coefficient and human development index (Marber).

Dubai: Wall Street in the Desert?

Dubai’s endeavors to become the money centre of the Middle East have been further supported by the new deal to buy Swedish exchange OMX and NASDAQ. The main idea of the article is Dubai and its new deal that shall enforce their efforts to become the money centre in Middle East. Ba’alawy being the man behind the deal after serving Citigroup for a decade is all set to substitute for the Wall Street in the desert.

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He was instrumental in forging a complex $6.5 billion deal which involves Borse Dubai and it will result in NASDAQ taking over OMX and also owning a third of Borse Dubai whereas, Borse Dubai will a 20% stake in NASDAQ and also a 28% stake of what NASDAQ holds in LSE. The major goal behind the deal was to shift the focus from oil, shipping and high tech industries and developing a strong financial market that will change the face of Dubai even further. Overall the Gulf rulers have realized the importance of developing financial markets and shift the focus from oil and energy sources since they will deplete in the coming years.

Dubai went a step ahead of its Gulf counterparts by striking this multi-billion dollar deal. The Dubai international financial centre (DFIX) is further proof of the intentions to become the money centre.

The brain behind this deal has pushed Dubai to be soon competing with New York which is his ultimate goal and further in becoming the money centre and the successful deal brought an opportunity for NASDAQ to expand into Northern Europe by taking over OMX whereas Dubai can now make use of the successful software developed my OMX which is being used by 60 bourses around the world, this technology will assist Dubai to enter the emerging markets especially the Gulf. Thus, they went after OMX and wound up with a better brand as a result (“Dubai: Wall Street In The Desert?”).

The three important facts that support the main idea include the complex $6.5 billion dollar deal signed by Ba’alawy, the need to shift focus from modest resources such as oil and non-energy industries such as shipping etc and lastly, the importance of developing a strong financial market which will change Dubai for the better (“Dubai: Wall Street In The Desert?”).

The list of important terms includes global financial hub, money centre, financial markets and emerging markets (“Dubai: Wall Street In The Desert?”).

Will We All Be Unemployed?

All highly paid and good jobs seem to be moving to the eastern part of the world where a worker with similar skills as of the western counterpart but for lesser compensation unlike the pampered and spoiled westerners who derive their motivation from 401 (k) compensation plans including health care facilities, vacation days, life insurance etc as perks. When the same job can be easily outsourced with the advent of globalization to the East and which costs much lesser then in the Western part of the world, however catapulting their fear of the exodus of jobs which will result in all being unemployed eventually.

A number of theorists have to say that the west needs to encourage creative thinking and ill problem solving at work since the world is full of uncertainties especially after 9/11 and the western workers have learned to solve problems that are in shape whereas, they need to be able to solve changing problems and become entrepreneurial in their thought process. It is important for the western world to stay ahead of the curve by increasing their knowledge and skills since they will be affordable only when providing extraordinary skill sets to employers. Workers now need to be creative, innovative and have forward-thinking.

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Being far-sighted is needed and even though the western world is in the information age the knowledge workers need to keep on increasing their knowledge in order to avoid redundancy at work. Since moving ahead is the only way jobs can be created and the next organization is all about empowerment, self governed teams and decentralization which calls for creative, innovate and forward thinking (Budman).

The three important points that support the main idea include the job exodus and outsourcing of jobs, staying ahead of the curve to compete and adjusting to the needs of the next organization (Budman).

The list of words includes knowledge workers, 401 (k) s, information age, outsourcing, creative and innovative thinking, six sigma, problem formulation, empowerment, network node organizations and electronic immigrants (Budman).

Works Cited

Marber, Peter. “Globalization and Its Contents.” 2004. World Policy Journal. Web.

“Dubai: Wall Street In The Desert?” Business Week. 2007. The McGraw Hill Companies. Web.

Budman, Matthew. “Will We All Be Unemployed?” The Conference Board Review. 2003. Conference Board Inc. Web.

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IvyPanda. (2024) 'Globalization and Its Contents in the Middle East'. 16 March.

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IvyPanda. 2024. "Globalization and Its Contents in the Middle East." March 16, 2024. https://ivypanda.com/essays/globalization-and-its-contents/.

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IvyPanda. "Globalization and Its Contents in the Middle East." March 16, 2024. https://ivypanda.com/essays/globalization-and-its-contents/.

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