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The world has experienced myriad changes in the economy. The economic transformations have emerged from the dynamics that have transformed the world into a global village. These economic transformations have also created a common market pool for the world. This common market has impacted on the reestablishment of the local industry in a number of ways. The transformations have been the cradle of considerable economic prosperity, but a whopping encumbrance towards the reconstitution of manufacturing and local industry. It would be mindful to embrace the fact that globalization has made it impossible to reconstitute the local manufacturing and food market. In the United States, globalization is perceived as inevitable in the new world. The developing world hardly has an option than to tread in its backwardness. Although a number of nations have taken to the streets in upheavals to defend their workers from the ruins coupled with economic globalization. Such an incidence was experienced in South Korea (Obstfeld, 2000). No wonder the country has developed to become one of the most liberal capitalist states amidst criticism of revolution against liberal globalization.
To begin with, it would be relevant to consider the promising growth anticipated in the food market. It would be observed that most chain restaurants have had adequate food supply from food service distributors. Such sufficient levels of supply imply a sustainable consumption margin and reliable production. Reliable production could be attributed to various factors such as technological development or preferable environmental changes. On the other hand, sustainable consumption solely relies on local consumption. It will be noted that the local population provides an adequate market for the locally produced commodities. The threat posed by economic globalization has exposed the local market to stiff competition by foreign investors (Kantor, 2007). This implies that the local food market would be deprived of sustainable consumption.
The second argument is still based on sustainable consumption, yet from a different perspective. The choice of commodity for consumption by the local market directly influences the growth of the local food industry. The consequences of economic globalization have been observed to be within the stride of local food market. The growth of the local food industries relies on sustainable consumption by the local population. Thus, factors that affect sustainable consumption have an impact in the growth of the local food industries. The consequences of economic globalization have been observed to be within the stride of the local market forces. This is possible because of the influence of foreign commodities in the local market. The consumers are made to choose between the locally produced goods and foreign goods. The competition between the sale of foreign and local commodities is usually unbearable for the local food industries owing to the fact that imported goods are cheaper. In the food market, most commodities are usually perishable and have a short consumption period. Imported foodstuffs are of lower quality because of the various processes they have undergone to prevent spoilage. Such processes involve addition of preservatives or freezing. However, most consumers opt for the cheap exported products. This undoubtedly hampers the reestablishment of the local food markets.
The fact that the market population is the value of growth in the local manufacturing industry and the food market is unquestionable. This is possible because of sustainable consumption. However, the consumer’s level of consumption is directly affected by his purchasing power. In an economic market structure, consumer’s purchasing power relies on his level of income. The sensible account allows the conclusion that the growth and reconstitution of the local manufacturing and food markets relies on the consumer’s level of income. It would be relevant to clearly understand the influence foreign policies have on the consumer’s level of income. As the world market opens, the barriers to trade increasingly reduce to attract foreign investors. The government, in an attempt to embrace the market situation, reduces wages (Kantor, 2007). In an economic market structure such implication influences the consumer’s purchasing power. Low wages to consumers means a low purchasing power. The impact ultimately dawns to the local industry that relies on the local population for the consumption of their commodities. It can be observed reasonably that, in the long run, economic globalization has made it impossible to reconstruct the local industry.
The distinctive role that the law enforcement plays in the economic world is an indispensable tool that can immensely influence the growth of an economy. As such, favorable economic policies initiated by the jurisdiction are bound to promote economic activities. The influence is based in a number of aspects that include taxation and the enactment of legislations. It is beyond a reasonable doubt to observe that globalization has influenced political choices in the United States. Democratic governance is prone to diminish out of the forces of globalization that oblige government officials to enforce legislations that favor the international market. The adaption of social policies has also been on the basis of economic realities as opposed to the electorate’s decision (Kantor, 2007). Such influence on the legislation deprives the local industries a favorable ground for economic growth and prosperity. Furthermore, international economic policies do not adequately provide legislations that favor reestablishment of the local industry.
The international competition has had multiple effects on the economic growth of the United States. It is worth noting that globalization has improved the economy of the nation at a particular scope. However, the threat it poses on the reestablishment of local manufacturing and local food markets is evident too. The increased surge in international competition has occasioned the melting away of national policies that are aimed towards preserving the local communities and upholding values of social equality. Most governments work to impress foreign investments with the aim of nurturing economic growth (Held & McGrew, 2012). The national government gives grants and assistance to the local governments, but drops substantially as the government adapts stringent measures in allocating revenue. This could also be attributed to drop in taxation margins in the event of lowering trade barriers. The regulation on government expenditure limits the growth and reestablishment of the local industry. This stems from the trivial support it offers to the local industry. This is an evident chain that results out of the nation’s involvement in economic globalization. Then again, globalization has developed a chain that has hampered the reconstruction of local manufacturing and local food markets.
The principle of economic advantage commonly referred to as the iron law, demands that the best of the countries that initiate competitive strategies is deemed to outdo other competitors from the market. This simply means that if a particular foreign country grows a particular local product more efficiently, then there would be no need to grow the product locally (Davis, 2012). The product should be imported from a foreign state. These are the sentiments championed by globalization. This directly poses a threat towards the reconstitution of the local manufacturing and local food markets. Experts even predict that in the future, because of globalization, all of the food consumed by the entire American population may come from elsewhere. This implies that the foreign investors are going to deprive the local food markets an opportunity for reestablishment. The change in economic patterns in response to globalization has hampered the growth of the local industry (Obstfeld, 2000). This is exhibited through the increased activities of foreign investors. The foreign investors produce commodities that are cheap, despite their low quality. The trend worries most economic experts because of the prevailing globalization influence on the market forces. In most local supermarkets, commodities going in handy and at a cheaper price are from foreign countries. The trend limits the growth of the local manufacturing and local food markets.
Globalization has prompted most developed states to outsource job opportunities to other foreign states. They seek to outsource manufacturing work to developing states such as China where the cost of production and wages are low. The outcome is that most of the citizens have lost their jobs because of the influence. The job opportunities are channeled to developing states like India. The outsource impacts on the growth of the local industry as it deprives the local industries a reliable workforce (Kantor, 2007). On the other hand, it would be imperative to consider the contribution of the manufacturing process towards the growth of the local industries. The manufacturing industry provides employment to the local community and promotes infrastructural development. However, globalization has deprived the local industry growth through the out source of manufacturing works to foreign countries. This is through the channel of job opportunities to foreign states.
In conclusion, it would be significant to consider the impact globalization as being preferable to the world. However, it is a proven fact that globalization has hampered the reconstruction of the local manufacturing and the local food markets. It is crucial, now more than ever, to consider the threat posed by globalization and redress economic policies to be able to reconstitute the local manufacturing and the local food markets. For as long as globalization prevails within, the reestablishment of the local industry remains unachievable.