Global Central Bank Essay

Submitted By michellespriegel
Words: 482
Pages: 2


Major damage that may arise from globalization is that some cultures are getting lost. Cultures and beliefs of countries that have more economic power are more likely to feel a dominant power more than others. First World countries produce and manufacture goods that can affect cultures on various levels sometimes never even thought about throughout history, for example, movies, clothes, and technological products. While the global market increases, morals and values start to decrease. People have become almost ignorant about social, and ethical values that define us as individuals now and in our past. This in term, leads to the assumption that globalization harms small cultures that are in risk of being extinct. Big disadvantages, but many possible solutions. In 2010, Dominique Strauss-Kahn, Managing Director of the IMF, stated that, “crisis is an opportunity,” and then called for “a new global currency issued by a global central bank, with robust governance and institutional features, and that the global central bank could also serve as a lender of last resort.” However, he then stated, “I fear we are still very far from that level of global collaboration.” This may be true for many aspects of a government including political, social and economic, however that same movement we create is the same movement that can ultimately salvage or assist in the areas that are in more dire need. The concept of global power has taken an evolutionary route to the present day. The standard political, global, and economic actors that make up institutions, little by little are constructing the machinery for the foundation of a global government. In addition, within the modern world, global governance is solely about an intertwined and intersecting web of international organizations, multinational corporations, NGO’s, humanitarian foundations, military and intelligence agencies, banks and interest groups, the list goes on and on. Globalization – a