“It has been said that arguing against globalization is like arguing against the laws of gravity."Kofi Annan (2001 Nobel Peace Prize, Former UN Secretary General)
Repositioning in the Global Community
By: Sakyi-Gyinae Kwesi On the 7th of September 2008, it was announced that two U.S based firms popularly known as Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Mortgage Corporation) would be nationalised to try to ensure the financial stability of the two firms. Since they are the only two Fortune 500 companies that are not required to inform the public about any financial difficulties that they may be having, this news was received with mixed reactions. A week later, financial services firm, Lehman Brothers, filed for bankruptcy after being denied support by the U.S Federal Reserve Bank. Later the same day, the Bank of America announced that it would be purchasing Merrill Lynch, another world leader in financial management...
These are snapshots of the evolution of the global financial crisis which came to the forefront of the business world and world media. Although it began with the failure and merging of a number of American financial companies, the crisis managed to usurp other major financial institutions and national economies across the world. In a matter of days, people everywhere in the world could feel a pinch of this financial mishap...
In fact, the future is contingent on cultivating the sense of urgency and agency which addresses global issues and incites appropriate behaviour as world citizens. Even more crucial will be the need of generations to understand globalization, and to be able to respond and adapt to its influences.
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