How has globalization affected the choices you face in your economic decisions?
In an individual level, globalization has affected the choices I make on my economies. It has affected my choices in the entire life. The areas that have been greatly affected include religion, transport, food, music, language and clothing. On a person level, I have always believed that globalization is meant for uniting the world. As a result, I have learned various foreign languages to ensure that I communicate with people from diverse languages. Learning of other people culture had affected my way of life because my clothing has transformed. In the past, I preferred a conservative way of dressing but at the moment, I dress for the occasion. Furthermore, globalization has taught me always to settle for a job if it is well paying. Despite the passion of doing a particular job, income is crucial. It would be difficult for me to apply or work in an organization with low wages and poor compensation for employees. In the past three years, I have worked in three different companies because a good pay is always attractive. It does not make sense to work in an institution that compensates poorly when everyone is aimed at having an expensive lifestyle because globalization has taken consumerism to another level. Moreover, I have adjusted my stance regarding the food I take because some cuisines from other communities are affordable and mouthwatering. Globalization has interfered with my economic decisions because my decision concerning transport has been affected to a huge extent. Currently, I am saving heavily so that I can purchase any model of the Audi car.
Do the effects change if you think yourself as a consumer or a producer?
The choices made in my economic decisions are mostly affected when I think of myself as a consumer rather than a producer. As a consumer, I make a decision regarding what is acceptable in the society and at the same time affordable. Since our economies are constrained as a result of the high costs of living, we tend to prefer what is cheaper than the expensive things. Globalization has introduced me to cheaper clothes, mode of transport, or even new cuisines amongst others. As a consumer, I expect to attain the value of my money in every economic decision that I make. It has come to my notice that food from the Middle East is delicious, nutritious and affordable. In my western culture, it would be difficult to get a balanced diet at lowly placed prices. Therefore, after discovering food from other regions, I have adjusted my rigid lifestyle and welcomed cuisines from across the universe.
Using economic principles to discuss whether consumers and producers are hurt or helped by this globalization
Globalization had resulted in trading protectionism. This refers to the application of government policies and rules to govern and monitor trade activities with foreign countries and at the same time protect the domestic competition from exploitation by foreign competition. In most occasions, producers benefit more than the consumers as a result of globalization. For instance, the introduction of tariffs by national governments has increased taxes charged on imported goods (Prasad et.al, 2015. Therefore, the local competition in a country has lessened, and this has benefited the producers. The consumers summer from the high costs of locally produced goods and we can comfortably agree that tariffs are meant to benefit the producers and hurt the consumers.
Prasad, E., Rogoff, K., Wei, S. J., & Kose, M. A. (2005). Effects of financial globalization on developing countries: some empirical evidence (pp. 201-228). Palgrave Macmillan UK.