Globalization vs. Localization | Arbitrage Magazine | Vol. 4, No. 3
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A defining event of the year has been the London 2012 Olympics. The beauty of the Olympics lies in its ability to gather people from all ends of the globe and make them witness the spectacular abilities of individuals as they compete on behalf of their country and showcase their nation on an international stage. This got us at the ARB thinking — what is the state of local culture and beliefs in the midst of rapid globalization?
As we know, globalization has played an important role in shaping the identities of nations and cultivating a “global” community. It has redefined how communities and individuals communicate with each other. It has significantly changed how economies function, marked with increasing interdependence. At the same time, we find that local values, traditions, identities, and economies are being challenged—whether for better or worse.
We strongly believe that this theme is a powerful one, and we’re proud to say that the ARB team has come up with some compelling articles that are sure to grasp your attention and make you think: Are we better served with stronger local identities? Does globalization make sense for economies, or does it promote increasing economic inequalities between countries? Do some countries benefit more economically from globalization than others — if so, why? What ethics, if any, are valid under globalization? With such clear disagreement on morals and ethics across the world, what ethics should govern the ethics of countries and of individuals? What role should globalization play going forward?
Working on this magazine has definitely opened our eyes to how rapidly the world has changed in the last few decades, and how the pace of change is only increasing. We only hope that, in reading this magazine, you may gain a better understanding — or at least a new perspective — of the world we live in.