Global Marketplace

1106 words 5 pages
GLOBAL MARKETPLACE

According to Giddens, Globalization is an economic phenomenon which refers to the fact that “we all increasingly live in one world, so that individuals, groups, and nations become more interdependent” (Giddens, 457). Among the many economic factors driving globalization, the role of transnational corporations is particularly important. Giddens defines transnational corporations as “companies that produce goods or market services in more than one country” (Giddens, 461). These companies may be relatively small firms with one or two factories outside the country in which they are based or gigantic international ventures whose operations crisscross the globe. The operations of these corporations stretch across
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From Mollie James’s story it can be argued that job security seemed to be missing as more companies merged into corporations with jobs being outsourced and by becoming global. In addition, companies also began to exploit workers in their outsourcing locations (mostly developing countries). In response to the global market system, in the article “When Work Disappears: The World of the New Urban Poor”, Wilson argues that the global economic reform that has taken place over the last thirty years has considerably reduced the amount of manufacturing jobs available to unskilled workers. Many workers who formerly worked in manufacturing have adapted the new service economy, but the unskilled workers that could not adapt have been left behind. The result of this job loss has been harsh in the urban ghetto, whose population is mainly black and has not been able to assimilate into norms dictated by the society. Over time the result of

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