Globalization was defined in class as interdependency. Thus globalization implies that all participants are interdependent and sharing common principal within different cultures. This leads to a merge of cultural narratives. In "De-Westernizing Media Studies", James Curran describes how globalization have affected the economy. As he noted, "Global deregulation also led to the spectacular growth of international financial markets, giving rise to capital movements between countries on an unprecedented scale." Certainly globalization have contributed to the development of international financial markets. But deregulation is not the cause of this growth. There is a huge difference between real economic growth and speculative bubbles. Global deregulation have been proved to be more problematic than helpful. This was shown through the global financial crisis. The reason why this occur is that when one country sees another country having increase growth they seem to think that regulation was the cause of it. And thus everyone follows. This is where logic falls apart. When a country deregulate like the case of the Glass-Seagull Act, banks are allowed to hold asset in non-bank companies. Thus when the asset prices of these companies rises due to speculative nature of a particular industry or artificial stimulant conducted by the government this creates an illusory growth. And for some odd reason other countries follow without trying to assess the situation with reason. Thus wen the speculative bubble finally burst the former growth is evaporated to losses. A perfect example is Japan in the 1990s and United States in 2008.
Works Cited:
Park, Myung-Jin, and James Curran. De-Westernizing Media Studies. London: Routledge, 2000. Print.
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