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My definition of globalization would be the process of moving international organizations, ideas, people, businesses, and culture including languages around the world. Globalization is an increasingly important as our population has grown exponentially in the last 200 years, and this phenomenon integrates the world through economic, political, and socio-cultural interdependence. Most people may refer to globalization as strictly an economic term because almost every country in the world now economically operates on an international level. For example, in the United States, employees sell t-shirts in a store where the cotton fabric was grown in South America, the t-shirts were cut using an industrial cutting machine in India, and were designed by employees who are not native to the area and send their wages home. However, globalization also encompasses people’s ideologies, education, traditions and customs, and even the way we eat. I think globalization will continue to affect billions of people in terms of the way people work, their activities in daily life, and how family is connected as well as our environment. Beginning with the industrial revolution, technologies such as high speed trains and airplanes that transport goods more efficiently, and later the digital revolution and the creation of the World Wide Web all sparked and encouraged globalization to the wide extent that we see today.
Thus, it is important to find some examples about globalization in my country, Iceland, and analyze this information to find the ways in which globalization is positively and negatively affecting Iceland. Economic globalization affects Iceland in helpful and hurtful ways. The tourism industry is booming and many travelers and international students help the Icelandic economy by increasing economic growth through tourist activities, which “is the countries fastest growing foreign currency earner” (Svansson, 2011). So, Iceland earns money from tourists purchasing goods and services within the country, but Iceland also produces many products for international markets. One of the products that account for about one third of foreign currency earnings are marine products due to Iceland’s fisheries and coastal regions (Svansson, 2011). (In fact, I actually just found out the fish treats I feed my dog are made in Iceland, which I purchased in a local Arizona pet store!). Unfortunately, globalization can also hurt Iceland’s economy. When the three national banks in Iceland began to extensively borrow and lend money in European countries such as England, they loosened up their credit regulations. The banks eventually became depleted of reserves in the early 2000’s, and did not know how to match how much equity they had versus the reckless loans the banks were giving. When the 2008 global financial crisis occurred, Iceland’s economy was in huge trouble. According to the BBC News, “97% of the banking sector collapsed in a matter of three days”, and unemployment went up while the stock market crashed (BBC, 2016) . The Icelandic banking system has now undergone a system of reforms and regulations, but Iceland’s economy as a whole, such as their tourism and exports that are produced are mainly dependent on the global economy. If Iceland’s banks invested in a number of foreign acquisitions, the economy could be negatively affected if the national banks lost money. A second example of globalization in Iceland relates to their arts and culture. Icelanders love to learn about other cultures through a variety of media. In 2007, Iceland had the highest number of museum visits, highest number of theater visits, and highest number of books published when compared to the other Nordic countries, such as Denmark, Norway, Sweden and Finland (Einarsson, 2011). A reason for this may be that the Icelandic government spends more money on cultural activities compared to forty-nine other countries as shown in a study from 2006-2008, showing the value that the government and Icelanders place on global culture and arts (Einarsson, 2011). On the other hand, some parts of Icelandic culture is known around the world. The Icelandic Sagas are found in many libraries across the country. In fact, the United States Library of Congress occasionally holds conferences about them. SigurRos is a famous Icelandic music group that has international concerts. Anita Briem is an Icelandic actress that many people internationally recognize for her role in The Tudors. I think people love Icelandic culture and art as much as Icelanders love learning about other cultures. A third example of globalization involves Iceland’s political interdependence. Iceland has been a member of the European Free Trade Commission since 1994, which regulates Iceland’s free trade with other countries (EFTA, n.d). Iceland is one of the founding members of NATO, which is essentially a military alliance between twenty eight countries. Iceland has even applied to become a member of the European Union in 2009 after it’s economic crisis. It currently is not a member but Iceland wants to maintain, “close ties and cooperation” with the EU (The Gaurdian, 2015). Political interdependence positively affects Iceland and this is one pro of globalization. Iceland does not have a military and because of its small size, I believe Iceland may need help from its allies to safeguard its freedom or in times of war. Overall, I think globalization in Iceland is generally beneficial. Some of the cons could include how Iceland has high economic volatility because it is largely dependent on the well being of international economies. Another con is that the tourism industry is employing people in low wage and unskilled jobs, instead of promoting highly skilled jobs such as doctors, and CEO’s that drive up the nation’s GDP. On the other hand, since Iceland is a small isolated island, the global economy and amount of airplanes that ship international products and raw materials to Iceland is needed to keep Iceland afloat and keep fair competition with other European countries that are land-locked. I think globalization that brings other cultures and multinational influence to Iceland is helpful because it generates diversity, new traditions, and different perspectives in this largely homogenous country. Yet, globalization may weaken the national characteristics and customs of Iceland. Icelanders may feel that their domestic culture is vulnerable as other businesses, such as McDonalds and foreign holidays, like the Fourth of July, which could take root in Icelandic culture. Based of what I learned in my research, I believe that Icelanders value culture, knowledge, education and worldly endeavors so it is quite possible that in the future Icelanders will incorporate small fragments of culture from all around the world in their rituals, arts, and daily life. Sources BBC News. (2016, February 10). How did Iceland clean up its banks? Retrieved March 15, 2017, from http://www.bbc.com/news/business-35485876 Einarsson, A. (2011, February 18). The Extraordinary Extent of Cultural Consumption in Iceland. Retrieved March 15, 2017, from https://www.bifrost.is/files/rannsoknir-og-utgafa/rannsoknarsetur-i-menningarstjornun/skra_0047393.pdf EFTA. (n.d.). The EFTA States. Retrieved March 15, 2017, from http://www.efta.int/about-efta/the-efta-states Svansson, E. (2011, March 18). Iceland & Globalization. Retrieved March 15, 2017, from http://www.academia.edu/3304274/Iceland_and_Globalization The Gaurdian. (2015, March 12). Iceland drops EU membership bid: 'interests better served outside' union. Retrieved March 15, 2017, from https://www.theguardian.com/world/2015/mar/12/iceland-drops-european-union-membership-bid
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AuthorMy name is Annawade Stevenson and I am a elementary education major at ASU. I just recently moved to Tempe, AZ. Archives |