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Within just a few months, economics within the United States experienced drastic failure when payroll declined and inflation caused increased prices on necessities to live on Earth, ultimately leading to the mass increase of unemployment in America.

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Weekly jobless claims rise to highest level since August | CNN Business

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First-time applications for unemployment benefits rose last week to 231,000, the highest level since August, in another sign that the white-hot labor market is starting to cool off.

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Due to the rate of babies per woman dropping, countries will experience extreme economic failure yet the only countries who will be gravely affected will be 1st and 3rd world countries.

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In these arguments there were economy down falls because of certain events. People need to know when a thing happens in the world, the economy can be greatly affected.

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Throughout the continent of Europe, the economy has seen a tragic downfall in financial levels, which has ultimately led to a widely spread feeling of stress and fear for the people’s stability,  in terms of money, in the future.

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Half of adults globally are stressed about their finances, and inflation is a key reason

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More than half of people said they were “very or somewhat stressed” about money.

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Despite the forecasted recovery of the global economy, the U.K.’s domestic economic growth forecast is significantly lower than the global economy’s as both economies are attempting to recover from inflation.

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This is a map of people around the globe reaching spots economics (globalization)

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Displayed above is a map of the World that shows the increases and decreases of Global economics.

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These are euros and they are a currency used in many European countries that was established after the European Union was created

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This image demonstrates how people with occupations try their best to manage their economical data in their job.

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This photo shows multiple U.S. dollars getting sucked into a vacuum cleaner to represent that they're practically worthless due to inflation.

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1. China’s economic status continues to increase, and their economy is seeing great improvements that are facing a consistent patterns. It has been said that the Chinese economy could overtake the U.S. economy is nearly 30 years.

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2. Though China and India are facing much success in their multinational corporations, they are affecting the environment in many ways (air pollution, global warming, etc.). This is important because acknowledging the impact their mass production is having on the environment is necessary to understand because there needs to be a balance between the two.

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3. Due to America’s economy experiencing a rough patch, areas all over the world were affected because the trade between nations had started to decrease. This led to the U.S. creating an emergency crisis program to help restore the financial industries.

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4. The Euro, established by the European Union (EU), is an attempt by the EU to establish a common currency.  As of 2023 it is currently used by 20 countries in the EU. This is important for us to know because it helps to establish the idea that people/organizations are currently pursuing widespread  globalization with things like currency.

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5. The World Bank and the IMF(International Money Fund) have been questioned for supposedly pressuring Non-Western nations to adopt Western economic processes. This is important information because it lets people know that not all actions made by these international organizations are supported by all countries over the world.

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6. The International Monetary Fund (IMF) is set to expand markets all around the globe and to dodge possible economic crises. This is important due to the fact that the IMF watched economical data from the world to assist the 190 countries that it supports, which gives the fund critical information from countries on Earth.

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7. The Treaty of the European Union was meant to attempt a way to create a true economic monetary union of all EC members. This is important to know because it allowed the EC to create the Euro, which ultimately replaced the currencies of 16 European countries and also allowed the European Union to provide subsidies to farmers to enable them to sell their goods competitively on the world market.

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8. The Mexican president, U.S. president, and Canadian Prime Minister all worked together to form a free trade agreement in North America. This is valuable information because Economists believe that it has been beneficial to business owners yet harmful to others and many industrial workers in the U.S. lost jobs when American companies outsourced jobs to Mexico for the use of cheap labor

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9. The Global Economy began to experience worldwide financial troubles in 2007, which caused a number of insurance and mortgage companies, investment firms, and banks became bankrupt. This is important because it led to the crash of the United States housing market in 2008, resulting in a worldwide recession.

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What does this topic help us understand about globalization?

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What does this topic help us understand about globalization?

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Despite the worldwide connections of economic globalization, there have been a multitude of economic despairs that have led people all over the globe to feel financially unstable. A prime example of this can be seen in the article, “Half of adults globally are stressed about their finances, and inflation is a key reason”, when author Jenni Reid writing for CNBC explains, “Yet despite the middle classes traditionally being considered financially comfortable, between 45% and 62% of those who put themselves in that group described themselves as “living paycheck to paycheck.” Not only does this show the financial instability in one region of the world, but it also shows how people are oblivious to the state that they fall into in terms of economic status. On the other side of this economic argument, there are some key positive aspects to economic globalization. Without the connections provided through the economy, many things wouldn’t be possible, like trading through the stock market. In the U.S., because the financial struggle of many was especially prevalent during the 40’s, the World Bank was formed in response. This bank helped to provide loans and grants to those who needed financial assistance. Without the formation of this international organization led by developed countries, people would have faced more troublesome adversities. However, it can also be thought that this organization wouldn’t be necessary if economic globalization didn't also pose such a significant issue.  On the contrary to this positive outcome of the international trading system, many countries relied on each other. If one country failed, a possible domino effect would haunt the unaffected countries. A primary example of this is the 2007 housing crisis, which first started in America but later spread overseas to European countries. American banks sold CDOS(collateralized debt obligations) to European banks which caused devastating outcomes and economic problems to multiple countries. Although this crisis has been reduced and in a way solved, it is still haunting many countries and most likely will not go away for a long time.

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It is predicted that in 2050 that China's economy will surpass the U.S's and take over their economy. China's manufacturing economy is taking away jobs from Americans and therefore will diminish a necessity for these types of jobs. Many of these international economies are experiencing a faster growth rate while countries who are losing jobs have a slower growth rate. This is the prediction for many economies in the future.

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In January of 1999, Europe created a common currency called the euro. It was replaced multiple currencies and was adopted by 12 countries and now increased to 20 countries in use. This helped create an easier trading economy as well as increasing business competition.

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In July of 2007, the U.S. housing crisis became known around the country as well as the globe. Mortgages increased significantly and caused many banks to close as well as a collapse of the U.S. housing markets. This was later spread by American banks to European bank causing a similar crisis to happen. This has been resolved but high unemployment still resonates with many countries and will for a while

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In November of 1993, the European Community officially renamed itself the European Union. The EU had much more effective policies than its previous counterpart. They managed to establish a common currency that is still used as well as many policies such as the Common Agricultural Policy. This provided sell goods at a competitive level internationally while also providing an education to poorer countries in the continent.

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In January of 1994, the North American Free Trade Agreement(NAFTA) was established. This helped create free trading for the North American Continent. Although this beneficial for some businesses, not all agreed. Many Mexican farmers saw their products drop in price while Americans saw their industrial workers become unemployed

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In October of 1947, the General Agreement on Trade and Tariffs was formed of multiple nations who all signed the agreement that formed the WTO. The WTO is also known as the World Trade Organization, and is made of 162 nations that arrange said agreements, and settle different disputes, like trade.

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In July of 1944, the World Bank was established. The World Bank was formed of multiple different highly-developed countries. These countries were able to provide loans, grants, and other financial assisting methods to other countries who weren't as stable. One of their other goals has been trying to fix poverty yet haven't made a big dent.

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In July of 1944, the International Monetary Fund was also created. This would help people similarly to how the World Bank was able to. Both IMF and the WB were both created during a conference in New Hampshire, inviting 44 countries to create a stable economic world

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10. There are many critics of globalization who say that large corporations are treating and paying their workers poorly along with saying ignoring problems with the environment. This is important to note because while there are many overall benefits of globalization, small things such as the way workers who are working for these multinational corporations are treated often go ignored when considering the pros of globalization.