Globalization refers to the shedding down of the walls of distrust and the barriers of suspicion in between countries to make a bridge where ideas and beliefs can cross the borders. We are divided into different worlds, and therefore could never have managed to deal with deadly epidemics and natural holocausts which have time and again challenged us. Globalization has strengthened the nexus and has helped us to understand each other’s need in a better way.
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Globalization has helped us to break the walls that separated us and have restricted our natural identity of being fellow human beings. It is true that the impact of globalization is clearly visible and affects the politics and economy of the country but it also affects the mindset of the people and their way of thinking. Globalization has made way for free trade and business and has communication between various parts of the world. It was made a world a better place to live in.
Recently with the recession hitting the market, there has been doubts in many people’s mind weather globalization has made our lives better or not? Had the impact not been that great if the world was not that connected? Especially in the Automotive Industry with such heavy dependence on the Big three companies in the United States. There had been a sudden collapse in this sector which had made it difficult for car manufactures world over.
The car industry, which is seen as a barometer of the world economy, is storming itself into deep recession, with sales and profits dipping(BBC News). Manufacturing plants are closing, jobs are being axed, share prices of the car companies are tumbling and production being cut back. The economic meltdown has taken its toll in almost all the industrial sectors across the globe. While the scale of the crash was unprecedented, so was the coordinated response by the Government and Banks in providing to get the financial markets & industry working again and also to gain back the consumer confidence.
The 2008-2009 automotive industry crises were an integral part of the global financial recession. The crisis affected the European and Asian automobile manufactures, but it was primary felt in the U.S automobile manufacturing industry. It also had an impact on Canada by the virtue of Automotive Products trade agreement.
The Automotive industry was mainly weakened by the increase in the prices of the automotive fuels which is linked to the 2003-2008 energy crisis which dint encourage the purchase of low fuel economy vehicles such as the sports utility vehicles(SUVs) and the pickup trucks(MSNBC News). With the increase in the popularity and having high profit margins of these vehicles have motivated the Americas “Big Three” automakers also know as Detroit, General Motors, Chrysler and Ford to produce vehicles in this segment.
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