In what ways did Globalization affect financial management?
FIN 7014 - Financial Management
University of Cincinnati
The integration of regional economies through trade was generally seen as a unifying factor
due to the reduction of international trade barriers. The objective was to increase material
wealth of the people improving the economies of the nations through good global relations,
competition and specialization. According to Clark (1998, p.482), globalization refers to the
process driven by political, socio-cultural, economical, technological and biological factors
with an aim of creating free trade within the nations of the world.
Economist and social scientists speculated a growth in almost all the sectors of economy such
as finance, agriculture, information and technology, politics and governance, medical and
educational sectors with respect to human rights and biodiversity.
However, these projected benefits of globalization were later watered by critics who argued
that it is a movement aimed at, not only lowering people’s standard of living through ethnic
conflicts, urban decay and poor health, but also one leading to criminal violence, terrorism,
illegal trade, environmental degradation and economic meltdown (Fiss, & Hirsch, 2005, p.30).
However, as the paper tables, though globalization has its strengths that cannot be
compromised, it is also worth highlighting how it has significantly affected the financial
management of the US in several ways during the recent witnessed recession.
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
Effects of Globalization
During the recent witnessed recession in the US, globalization came in as a disaster that
significantly favored the recession. The disastrous financial and economic problems in the USA
and widespread protest against the World Trade Organization (WTO) and consumer boycotts
in the developing countries were due the hazards of globalization whose concepts were
regarded positive.
While globalization has its own merits, the paper tables the many ways, both positive and
negative, that it affected the aforementioned issue of recession in the US.Globalization has
created a different situation in USA according to a poll conducted for Wall Street Journal and
NBC news in, 2008. Its impact has been so great on jobs and career in the financial sector such
as banking, finance, insurance industries and their intermediaries in addition to securities,
commodities and other investments.
Thus mutual distrust amongst major financial institutions in the global market for inter-bank
loans created credit crisis in the US, which made it difficult for the banks to receive loans
(Pascal, & Bob, 1993, p. 25).
Financial service sectors were consolidated and restructured in an attempt to improve and
increase their productivity and the capacity to compete on regional and global markets thus
increases employment in the other sectors. This extensive merging of firms displaces several
workers with some remaining jobless.
Therefore, the act of seeking economies of scale by financial service sector adversely
influences the ambition and wish of Americans who were eying the sector.
For instance, prior to recession employment in the insurance branch was estimated to rise by
about seven percent between 2006 and 2016, but this was constrained only by corporate
downsizing, and automation. This means that any job opportunity in the sector would mainly
be to replace departing or retiring workers (Armstrong, 2000, p.466).
Since financial sector has been the epicenter of the financial and economic crisis in the USA,
its job opportunities have been strongly affected to an extent that the banks minimize the layoffs
from independent mortgage brokers and other independent contractors who provide
subcontracting services to such financial institution.
Hence restricting the number and type of mortgage on sale through brokers by offering top
rates only to customers who approach them directly, this tends to marginalize mortgage brokers
by stopping them from offering loans as a means of denying them jobs (Thompson, 1999,
p.141).Even though the banks showed that this was a reflecting move towards conservative
business practices, it was only a mere move to eject more workers from the banking sector
while the real cause was globalization.
“The economic fate of workers initially depended on the fate of national economies” (Fiss, &
Hirsch, 2005, p.44). However, with globalization, they are compelled to “compete directly in
the global job market where wages do not depend on the failure or the success of the individual
economies” (Wade, 2001, p. 325).
Given that industries have to improve their products by skillfully applying technology in order
compete effectively, jobs, wages and income distribution reduces In addition, job insecurity
increased as people were under pressure of losing their jobs to competition.
Consequently, this resulted to lower standards of living. Employed persons in the financial
sector were therefore disturbed with the threats of business being outsourced.
Globalization has created economic liberalization where workers can emigrate and take jobs in
industrial countries and/or work in outsourced industries in their home countries (Bhagwati,
2004, p.34). Most of the US nationals have therefore lost jobs due to cheaper labor provided
by these emigrants, some whom are political refugees.
However, this has mainly hurt “unskilled labor lowering the quality of life due to growing gap
between the income of the rich and the poor” (Reinsdorf, & Matthew, 2009, p.25).
Notwithstanding substantial proportions of labor, forces of many nations are in fact working in
the USA despite difficulties.
Moreover, globalization has led to human mobility opening the airways to the transcontinental
movement of infectious diseases in the US. For example due to immigration about five hundred
thousand the US national had suffered from the chagas disease. In addition, since good health
is vital to any type of job, people were compelled to drop the jobs (Daly, 1999, p.36).
The mobility of highly skilled professionals is so high that the US financial opportunities attract
the attention of professionals from almost all the nations in the word. For instance, a Kenyan
doctor can act as a secretary to American doctor other than treating Kenyan patients simply
because of high salary.
This leads to brain drain, which has a negative effect of denying the US nationals those
opportunities hence fewer individuals may want to undertake courses related to finance as a
career (Fiss, & Hirsch, 2005, p.50).
Although the US state of joblessness is considered a factor of financial crisis, some causes and
consequences have resulted from business practices.
Business process outsourcing enabled cheaper services jobs but displaces some service sector
jobs because globalization has allowed the US corporation to spread service jobs from high
cost locations to less developed economies to benefit from cheap manpower hours.
Consequently, less jobs in high cost locations while, creating great economic activities in the
poor countries (Clark, 1998, p.492).
Moreover, the surplus in cheap labor together with an increased number of companies has
weakened labor union in the USA. The unions have become ineffective due to reduced
membership and power to question the corporations.
These corporations can easily replace workers or even stop offering unionized jobs. For
instance, accountants, editors and even programmers have lost jobs due to outsourcing to cheap
locations (Reinsdorf, & Matthew, 2009, p.28).
Globalization has affected the USA strongly due the strong sense of individualism and
insufficient social spending by the government. It led to the collapse of subprime mortgage
market in the USA resulting into a greater global financial crisis and recession.
It is noted that failed regulation of Wall Street’s Investments bank and government deregulation
were the contributors to the subprime mortgage crisis, which made the USA citizens to lose
jobs. This effect was due to financial interdependency.
In addition, the government has reduced the expenditure on the finance sectors while increasing
the spending on military installations. Notwithstanding, the US government spent about seven
hundred dollars to permanently install Kandahar Air Field in Afghanistan, in 2009 (Fiss, &
Hirsch, 2005, p. 28).
Although some sectors of US economy have benefited out of globalization, it has mainly
benefited few in the finance sector due to profit maximization. However, there are no
significant pros of globalization to the financial sector in relation to jobs and careers in the
same.
Lack of proper management of the globalization process in the US was the main “cause of the
Great Recession in the US and subsequently in many other nations” (Francis, 2001, p.89).
Many Americans wondered the suitability and inevitability of globalization while others
considers the relative decline in the US power as being due to its high trade imbalance because
of globalization.
It is therefore worth believing that it has destroyed the national industry and jobs, as claimed
by reformists and revolutionists who argued that income inequality of the nations is due
economic globalization (Pascal, & Bob, 1993, p.30).
