Globalization!
Globalization is the path to interconnectedness between all the countries around the world. This includes topics such as financial, economic, political, cultural, sociological, ecological, and geographical systems. Many people think that globalization is a modern advance but it has been on the rise before the European age of discovery. The process of globalization takes the effort from many countries all around the world and is continuing to grow and expand all around the world. There are many organizations that have helped globalization expand throughout the years including the International Monetary Fund (IMF). In 2000 the IMF identified four aspects of globalization. Trade and transactions, capital and invest movements, migration and the movement of people, and the disseminations of knowledge. The IMF is a very useful tool when it comes to money and trading around the world. They facilitate and balance growth of international trade. Currently 188 countries are members of the IMF, hopes are to have all counties around the world be a part of the International Monetary fund eventually as time progresses. Globalization is made possible by organizations like the IMF but there are set backs. Local factorie shut downs in many countries have been made in order for new ones to be made with cheaper labour costs. To some, globalization means destruction of local cultures and practices around the word. Some countries like Dubai though have embraced globalization and used it to there advantage and have succesfully built a booming economy.
All About Globalization
The World Bank
The World Bank has been around since 1944 and growing bigger ever since. The World Bank is very helpful and useful to many countries by helping them with technical assistance and financially. They provide developing countries with low interest loan, grants, and interest free credit. The World Bank has set two goals they wish to reach by 2030. First is to end extreme poverty by lowering it to only 3% of the world living on only $1.25 a day. Second is to promote income growth. The World Bank has helped many countries grow and create foundations.
Dubai has embraced globalization and have used it to there advantage. Dubai had a desire to grow and innovate the entire country and have been succesul in this process. The big change from no tourists and living in the desert to being a major tourist country with many global businesses.Tourism has done great things for this country and bring in almost half of the GDP. Although all this growth in Dubai may seem like a great thing there is some controversy regarding the globalization of it. Since Dubai has now gone "main stream" many of their cultural rituals have been changed, some feel the culture of Dubai has dissapeared.
Fun Facts About Dubai!
•Foreigners make up most of the population! only 15% of the population are local
•Dubai is the fastest growing city in the world, in 1991 they had 1 high-rise building and now they have over 400!
•The tallest building in the world (Burj Khalifa) is in Dubai and has 164 floors!
Dubai