Globalization and Local/Regional Economy Essay

Globalization as defined by World Bank is the increasing integration of â€Å"economies and societies world wide† (â€Å"World Bank Group,† 2001). Globalization is also perceived as a process or a trend wherein economically speaking, the money flows in the international market unconstrained and capital is reorganized allowing a maximization of profit (Robinson, 2004, n. p). On the other hand, culturally speaking, globalization has the capacity to integrate, adopt, and influence diverse cultures and the power to remove cultural barriers (Rothkop, 1997, n. p). Considering the fact that globalization is crossing over geographical borders, such trend is greatly affecting local and regional affairs at the same time. Las Vegas, Nevada also known as â€Å"The Sin City† is the world’s entertainment capital (â€Å"Las Vegas Convention and Visitors Authority,† 2008). Also famous for its casinos and different recreational activities, the city caters to various people. According to the 2005 U. S. Census Bureau data, the total population of Las Vegas is 538,653 wherein 273,147 people 16 years and above are in the labor force (â€Å"Las Vegas Government,† 2007). This figure shows how financially advantageous it is to invest capital in Las Vegas and to establish business there. Aside from that, the same survey conducted by the U. S. Census Bureau shows that the population of Las Vegas is very diverse such that many people from all over the world resides or works there. There are Asians, Latin Americans, African Americans and Americans (â€Å"Las Vegas Government,† 2007). What is the significance of the city’s diverse cultural affiliates and its highly advantageous economic status? Taking the concept of globalization into consideration, noting the importance of Las Vegas’ society will be very beneficial for the domestic affairs and stability of the city. Las Vegas is filled with entertaining games and activities like casinos, amusement parks and bars. These can open opportunities for the city to promote its services to the global arena. As characterized by globalization, the flow of money towards Las Vegas will be unconstrained since many investors in the international market see a great advantage in placing their stocks in the businesses held in Las Vegas like in the hotels and casino gaming industry. Aside from the flow of money via the negotiations in the international market, the city also employs cash from the local market through their visitors and tourists availing their services. Through all these economic undertakings, the people in the local and regional areas of Las Vegas will really benefit since there is a high inflow of cash and greater socio-cultural development projects for the people. In relation to the socio-cultural implication of the services and some goods in Las Vegas, there is also the observable manifestation of globalization. As what was stated earlier, globalization includes overcoming territorial boundaries and crossing over. Statistics show that in Las Vegas, 19. 4% of the residents are also foreign language speakers aside from being English speakers (â€Å"Las Vegas Government,† 2007). This means that many of the people in Las Vegas are foreigners who also avail the goods and services in the city. Moreover, since there is a huge influx of Latin Americans in the U. S. , the said trend also spills-over in Las Vegas where many Latin Americans work in shops and also holds businesses there. Also, through Las Vegas’ theatre, arts, music, cuisine and other cultural undertakings, they are also able to transcend borders right at their very city where various performers and artists from around the world presents (â€Å"Las Vegas Convention and Visitors Authority,† 2008). It is observable from this analysis of Las Vegas’ cultural and economic affairs that globalization is, indeed, an international trend and is greatly affecting the local agenda of states. It is therefore important to not always be reminded of the influence of globalization when a state is creating their policies both in the economic and socio-cutural aspects. References Las Vegas Convention and Visitors Authority. (2008). Las Vegas. Retrieved May 6, 2008 from http://www. vegas. com/. Las Vegas Government. (2007). Facts and Statistics. Retrieved May 6, 2008 from http://www. lasvegasnevada. gov/. Robinson, W. (2005). A Theory of Global Capitalism. Maryland: John Hopkins University Press. Rothkop, D. (1997). In Praise of Cultural Imperialism? Effects of Globalization on Culture. Retrieved May 6, 2008 from www. globalpolicy. org/globaliz/cultural/globcult. htm. The World Bank Group. (2001). Globalization. Retrieved May 6, 2008 from htp://www1. worldbank. org/economicpolicy/globalization/.