Risk Assessment An Essential Part Of A Risk Management...

Introduction The risk assessment is an essential part of a risk management process designed to provide appropriate levels of security for information systems. The assessment approach analyzes the relationships among assets, threats, vulnerabilities and other elements. Security risk assessment should be a continuous activity. Thus, a comprehensive enterprise security risk assessment should be conducted at least once every two years to explore the risks associated with the organization’s information systems. Once the risk assessment is complete and, the future security posture is determined, the next reasonable step is to identify the gaps of the current organizational environment and the future environment. Risk assessments and security Information security risk assessments aim at ensuring that the security controls are in place at an organization are fully equivalent to the associated risks faced by it, and secure its information assets in the most efficient and effective manner, all within budgetary limitations (Elky, 2006). Hence, risk is assessed by identifying threats and vulnerabilities, then deciding the likelihood and impact for each risk. There are quantitative and qualitative forms of risk measurement. Quantitative risk measurement is the typical way of measuring risk in many fields, such insurance, but it is not normally used to measure risk in information systems (Radack, 2012). Quantitative reasons for this are: the difficulties in identifying andShow MoreRelatedRisks And Risk Assessment Model1598 Words   |  7 Pagespast, a firm have thought risk as a calamity which should be mollified or minimized. Nowadays, raised regulatory needs have compelled firms to enlarge the important resources to deal with risks and stakeholders have started to censor out whether the managers operate the businesses effectively. In the worldwide financial market, managing or identifying risk through the businesses has become progressively essential to bring about any firm to be more successful. Risk assessment model provides a mechanismRead MoreApplication Of A Risk Assessment1068 Words   |  5 Pagesof a risk assessment Developing a secure ICS architecture based on the principles introduced in Module 4 – ICS Cyber Security Architecture will not in itself be sufficient to ensure ongoing protection. As time goes by, new vulnerabilities will be discovered in various ICS components, and new risks may be introduced through changes to work practices, to the infrastructure itself, or to the environment in which the ICS operates. For this reason, it is critical to have in place a corporate risk managementRead MoreSocial Networking, E Commerce, Information Systems, It Risk Management Essay1215 Words   |  5 Pagespurpose of this report is to understand the following topics which are Social networking, E commerce, information systems, IT risk management and how they have influenced the modern day business organizations in terms of Promoting their business through social networks, how important to have a risk management plan in an organization, and how Ecommerce has become essential part of the busine ss, also The value of information system is for the people of the modern world. Introduction Social Networks:-Read MoreSecurity and As-is Question Set787 Words   |  4 Pagesgrant distribution process. A risk assessment of SHGTS was conducted to evaluate vulnerabilities and establish a baseline of potential threats. HBWC has not provided a written Information Security (IS) policy that can be reviewed at this time. Additional As-Is questions (2) are provided as a guide to assess the companies security posture. A. As-Is Question Set Question If yes, page number If no, justification Policy Does a policy that addresses the need for risk management exist? Not Provided Read MoreHse, Risk Assessment1720 Words   |  7 Pages1. Introduction: A Health and Safety risk assessment is a planned process in which all hazards in the workplace are identified and their risk prospective evaluated. The risk possible is a mixture of the likelihood â€Å"when could an accident happen† with the severity â€Å"what could result† if an accident did happen. Once the risk potential has been identified, it will allow you to decide whether you have taken adequate (reasonable practicable) precaution or whether you need to do more to prevent harmRead MoreWhat Role Does Risk Management Play Within The Homeland Security Enterprise?1186 Words   |  5 PagesWhat role does risk management play within the homeland security enterprise? To answer that question we first have to examine what risk management is. Risk management is an anaclitic approach to figuring out the likelihood that an event will impact a specific assets, person, or function and then implementing steps to mitigate the impact or consequence of the event. (Decker, 2 001) The Standard risk management formula that the Department of Homeland Security uses is R=T*V*C or Risk = Threat * VulnerabilityRead MoreThe Company’S Board Of Directors Plays A Determinative1392 Words   |  6 Pagescompany’s internal and external risks. The effective risk management is an integrated part of the company’s successful business performance. The Board is ought to identify, measure, and manage the potential risks and hazards. The Board ought to evaluate the efficiency of the company’s internal controls’ management, its strengths, and weaknesses. The Board of Directors decides on the scope of the actions necessary to maximize the efficiency of the internal controls’ management. The Board needs to evaluateRead MoreRisk Management Is The Process Of Information System Management Essay942 Words   |  4 Pages Risk Management: Risk management is the process of information system managers applies to balance the operational and economic costs of protective measures for their information and information systems. As a part risk management process, organizations (Stoneburner, 2002) select and apply security controls for their information and information systems. The System development life cycle is the overall process of developing, implementing and retiring information systems through a multiple process fromRead MoreThe Department Of Defense s Operational Risk Management Essay1590 Words   |  7 Pagescontinuity of operations; mission essential functions; planning development; and preparedness. Furthermore, it will look what types a factors should be looked at when making an organizations plans. In addition, this paper will look at mitigating risks, specifically cyber and physical risk mitigation and some of the different approaches risks can be mitigated. Finally, this paper will briefly look at the Depar tment of Defense’s Operational Risk Management process and how it ties planning and mitigationRead MoreSteps Within A Risk Assessment977 Words   |  4 PagesRisk assessment also known as risk analysis is the process of identifying information risks, estimating the potential loss for each risk to the organization, and prioritizing the information risks. As an example, U.S. NIST SP 800-30 rev.1 provides a general overview of steps within a risk assessment process. The steps are: - Step 1: Prepare for Assessment-An organization accomplishes this within the framing component of the risk management process. - Step 2: Conduct Assessment- - Step 3: Communicate

The Black Death And Its Impact On Society - 1291 Words

Throughout history many natural events have had a profound effect on mankind, but few of these events have shaped history and culture as profoundly as the Black Death. The Black Death was the name given to the deadly disease that hugely disrupted Europe between 1347 and 1351. The disaster influenced and altered all aspects of European life. This major catastrophe had many later effects, however due to 50 million deaths, people s economic status shifted and these changes left a lasting impact upon Europe. It was known that within the 1300’s, religion, particularly the Catholic faith was a significant aspect of a typical European lifestyle. The plague influenced European life in numerous ways, leaving many negative and in fact a few positive impacts upon Europe’s population, economy and religion. Historians had conflicting perspectives how the Black Death impacted and influenced European society. Each aspect of European life was altered and subsequently influenced by the long and short term effects of the Black Death. 8. Explain how the Black Death influenced life in Europe Over the longer term, the failure of medieval medicine to respond to the Black Death resulted in important developments in the field of medicine. Medical science gradually improved as the Black Death had highlighted its serious shortcomings. There was new emphasis on understanding the human body, and the teaching of anatomy and surgery in universities improved. Autopsies were increasingly performed,Show MoreRelatedThe Black Plague Of Middle Ages1257 Words   |  6 Pagesvile disease that enveloped Europe. The Black Plague thrived in the conditions that Europe and its climate harbored along with the filthy living conditions of European cities. The declination of population was immense and altered the way the economy, arts, and religion of Middle Aged society was structured. Carrying along with these byproducts of such a devastating epidemic are the emergence of influential artists and philosophers of the time. The Black Plague originated in China (Europe’s PlaguesRead Morehow did black death transformed Europe898 Words   |  4 Pages How did the Black Death transform Europe? The Black Death was one of the most devastating diseases in human history. In October 1347 twelve Genoese ships came to the Sicilian port of Messina. In the following three hundred years, one-third of the European population had died due to the Black Death changing Europe significantly. Europe transformed in aspects of economy, society and religion. Massive death caused Landlords to have trouble both in finding enough manpower and collecting dues. MeanwhileRead MoreThe Black Death1203 Words   |  5 PagesWhat were the short term and long term impacts of the Black Death on Medieval society? The Black Death is one of the most fatal diseases in human history and took its peak in Europe from 1348 to 1350. Half of Europe’s population was wiped out due to this disease and the short and long term impacts greatly affected the structure of Medieval Society. The Black Death or otherwise known as the plague was thought to have begun in Central Asia, which spread down the Silk Road and eventually to EuropeRead MoreThe London Plague Of 1348 And 16651692 Words   |  7 Pagesthe Black Death, began in 1348. Another plague, the Great Plague, began in 1665. Both of these outbreaks killed a substantial amount of the population at the time. The plague exists in two forms: bubonic and pneumonic. A bubonic plague is spread by flea bites and results in painful sores on the body. A pneumonic form of the plague is airborne and spread by coughing and sneezing. Both the Black Death and the Great Plague existed in both forms of plague that resulted in widespread death and affectedRead MoreHigh School Around The United States Is Debate Essay1593 Words   |  7 Pagesdistinction of civil society in the status quo and slavery, specifically referencing back to the Middle Passage when Africa was colonialized and the start of slavery began. He critique s that the idea of blackness is always already hyper-visible and criticizes using state action as some sort of non-ideal thing people can do to initiate change, for example, policy action to help gun control. He criticizes that some bodies will never have the access to anonymity because of the black aesthetic. This meansRead MoreEssay on Economic Effects of the Black Plague in England1748 Words   |  7 Pagesfamine, disease and economic decay, leading to what many historians believe to be the end of the Middle Ages. Although there were many contributing factors such as famine, collapsing institutions and war. Many historians believe the arrival of the Black Death to England in 1348 was the final straw, and the most impactful agent of change in that area. In a letter to his brother, Petrarch wrote, â€Å"When has any such thing been even heard or seen; in what annals has it ever been read that houses were leftRead MoreThe Black Death Essay1374 Words   |  6 PagesThe Black Dea th Black Death, epidemic of plague which ravaged Europe in the mid-14th century. Various forms of plague were known in the civilized world since ancient times. Greek and Roman historians described outbreaks of an epidemic disease which were sudden and deadly: at Constantinople in the 6th century AD, for example, as much as half the population may have been killed. The outbreakRead MoreThe Economic, Political, and Social Effects of the Black Death1268 Words   |  6 Pagesknown as the Black Death. This Black Death was an ecological disaster on a global scale. The effects of the plague on human and certain animal populations from East Asia to as far west as Greenland were catastrophic. All facets of society, from peasant to king were affected; no one was safe. All of society was affected; nothing would ever be the same. Thus, there were many economic, social, and political effects of the Black Death. Before one can understand the effects of the Black Death, one mustRead MoreThe Tragedy Of The Black Death1379 Words   |  6 Pagesfourteenth century. The Black Death was an epidemic which spread across almost all of Europe in the years 1346 – 53; the plague killed over a third of the entire population.1 Derived from the East, the Black Death reached the shores of Italy in the spring of 1348 unleashing a rampage of death across Europe unprecedented in recorded history. ² Although it ravaged life in aspects such as religion, social climates, and science, it would later elicit groundbreaking societal advances that society utilizes todayRead MoreBlack Americans Receive A Stricter Punishment Than White Americans Essay1446 Words   |  6 PagesWithout a doubt, black men in the United States continue to be excessively â€Å"incarcerated, policed, and sentenced to death at significantly higher rates than their white counterparts (Kerby 2).† Portrayals in the media have dep icted black men as thugs and common criminals; these negative stereotypes demoralize men of color and allow society to believe and internalize this destructive thinking. The racial disparities that exist in the criminal justice system are an indirect consequence of the portrayals

The Road Less Traveled By free essay sample

University of California Prompt: Describe the world you come from- for example, your family, community or school- and tell us how your world has shaped your dreams and aspirations In Sammamish, soccer moms don’t cart their kids around in minivans; they chauffer in Escalades. Elementary kids text away on expensive cell phones, and teenager’s ears contain the ear buds of their iPhones. Most parents accept drinking and drug usage as part of the â€Å"high school experience† and turn a blind eye when their teen stumbles in at four in the morning. They assume their role as temporary financial providers, cooks, and Laundromats. Sammamish families quintessentially live the American Dream. The privileged lifestyle common to our suburb often detracts from teenager’s potential. The desire to create a better life for themselves, to be the first in the family to earn a degree, or to make a difference in the world rarely exists. We will write a custom essay sample on The Road Less Traveled By or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Unlike the majority of my graduating class, I plan to follow the path expected of me, not because of the people it will please, but because it will provide me with the experience I need to succeed at what I love most. I don’t possess the stereotypical American Dream of a woman, to be a housewife; I want to write. I have to write. My imagination is an object subject to inertia, always in motion and any material I read acts as an applied force often changing the direction of my inspiration, but never decreasing its momentum. Many find motivation through logic; get the job done and all will be well. Others find it through words of others: Jesse Jackson wrote, â€Å"If my mind can conceive it, and my heart can believe it, I know I can achieve it.† Unlike most, I find motivation when I am inspired to imitate works in which I encounter a world other than my own. For six hundred pages, I can run from assassins while solving complex clues throughout Vatican City, or I can travel back in time to East Egg and stare across the water at a distant light. I can memorize literature and flee from robotic firehouse dogs, or I can take the road less traveled by. The perfectly strung sentences of authors not only of novels, but articles and poetry as well, instigate writing of my own. Their work compels me to increase my vocabulary, perfect my punctuation and organize my undeveloped thoughts. Writers who weave intricate stories, report events impeccably, and touch readers with melodic phrases fascinate me and I aspire to join them. I struggle to compete with countless examples of flawless writing, but the current inadequacy I maintain drives me to improve. The romance of Daisy and Gatsby and the life of Guy Montag are two of many works that inspire me, and I strive to construct a comparable world. I was blessed with a privileged upbringing, but now that the future is mine I know what to do with it, thanks to the authors whose works have provided me with the motivation to pursue a career that allows me to do what I love.

The Truly Global Economy

Introduction Many people have had different questions regarding globalization, some asking whether it is the integration of economic, social, political and cultural systems across the world or the dominance of the developed countries in making decisions at the expense of the poor regions.Advertising We will write a custom essay sample on The Truly Global Economy specifically for you for only $16.05 $11/page Learn More Others have questioned whether it can contribute to the economic growth, prosperity or the democratic freedom or it is a force for devastation of the environment and exploitation of the developing countries. This paper handles what a truly global economy is with emphasis on the consequences of the current economic crisis. Globalization Globalization refers to all aspects that seek to increase not only the connectivity but also the interdependence of the world’s markets. The main factor that has led to the increase in globalization is the technological advancement that allows people to freely move communicate and trade internationally. It is the interconnectedness of production, communication and technologies all over the world. It involves both cultural and economic activities. Additionally, it is said to be such a diverse, deep-rooted force that not even the current massive economic crisis can break it down or permanently destroy it. Many argue that globalization has brought about increased opportunities for everybody in the world, irrespective of their social backgrounds. The rich and poor actively participate in globalization. On the other hand, others who are against globalization claim that it has deprived some people in terms of resources, as they cannot compete with the rest of the world. â€Å"Globalization raises new challenges for governance, especially vis-vis the roles of government, workers, and citizens in the new economic order† (Ashford, 2004, pp.52). The differential success of regulatio n regimes affects the progress of globalization within many nations around the globe. Introduction of global markets has lead to many changes. One of the major changes is the harmonization of principles. This has been a success through the integration of ILO conventions and international environmental agreements. Many nations are reluctant in surrendering their overall autonomy since they are afraid of the possible negative impacts of the possible economic integration. A truly global economy Nations around the world began to globalize their economies towards the end of the eighteenth century as major discoveries on geography started influencing everyday’s business life. During this time, the economic interests as well as the advancements in technologies could not stand to integrate the world’s economies.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Community wars and politi cal instabilities have made the economic integration process and creation of a unified market place more unrealistic. This has caused the world economy to continue with the strengthening of integration. It is also being taken to the oblivion further by the differences in national developments that have proved to be increasing on a daily basis. As far as technology is concerned, many countries are lagging behind and have no characteristics of a global economy. Countries that have large populations and provinces have a continual disparity in terms of economic and technological developments. For instance, in Bangladesh, the large populaces have never made a telephone call. The gap between the rich and the poor continue to widen. However, the companies in different regions and continents have integrated and made it a reality. This does not mean that it is a truly global economy because globalization does not revolve around trade only. Countries such as Myanmar are working hand in hand w ith developed countries causing global economic harmonization. This creates GMP. A truly global economy requires a complete economic integration of the the various aspects of the national economy. Globalization theories Several terms bring out several aspects of the term globalization in different ways and contexts. Globalization has been like an extension of modernization. The instability in capitalism and traditional sovereignty has sparked reaction against reason. According to the World Polity theory, globalization is about culture. By the end of the twentieth century, world culture had crystallized and become part of the world society: a common heritage. Even so, it has not been able to claim global consensus. The main reason behind this is that different communities in different geographical locations differ in their interpretations of some aspects such as the rights each community in globalization. This definitely makes it hard for the world to attain a homogenous state of eco nomy. According to Meyer, â€Å"A polity system is a system of creating value through the collective conferral of authority† (1980, pp. 52). The players in the system happen to be â€Å"entities constructed and motivated by enveloping frames† (Boli and Thomas, 1997, pp.22). This is why the nations have adopted analogous constitutional forms as well as educational systems among others. The international non-governmental organizations also play a big role in world citizenship. Some ample room is created for innovation while in pursuit of similar goals by the states thus causing intense competition. The competition as part of the world’s cultural standards causes reactions that later demands putting things right. This will continue for as long as the world lives.Advertising We will write a custom essay sample on The Truly Global Economy specifically for you for only $16.05 $11/page Learn More Thirdly, there is so much pressure on survi val brought about by the capitalists. According to Robertson â€Å"globalization is the compression of the world and the intensification of consciousness as a whole† (1992, pp.8). By the end of the twentieth century, the world was in chaos as more people were being exposed to the need to live independently in such of sovereignty. According to the World System theory, globalization is a process by which the world’s system eventually becomes harmonized around the globe. It maintains that globalization is not a new phenomenon. Wallerstein argues â€Å"the current ideological celebration of the so-called globalization is in reality the swan song of our historical system† (1998, pp.32). It started with the Europeans whose desire for feudalism provoked technological innovations and developments of market institutions in the quest for production. This made it even easier to reach the other parts of the world. Military strength and a good transportation system made it e asier to establish economic ties with other nations. The peripheral areas provided raw materials while the semi-periphery regions had little if not zero benefit. It reached its geographic limit with the extension of capitalist market. Even with this, there was no way to change the situation because polarization of the system had taken place. Crisis arose that could not be solved by exploitation of new markets and there could never be a more equal or democratic world. The periods of innovation had a negative impact to the economy. Businesses experienced a reduction of profits, an aspect led to not only recession but also economic stagnation. It is clear that even with the theories, globalization actualization in its full capacity is an issue that seems to be at its peak though it is still in the process of winning many participants-nations. The increased economic interaction between different nations has led to the propagation of a different and deep-rooted political change. This has been evident in that most of the poor or rather third world countries have become more dependent of the developed countries for everything. In addition, economic power has shifted from the nation-state to multinational corporations. This is characterized by circulation of technologies, practices as well as ideas. â€Å"The intensification of worldwide social relations which link distant localities in such a way that local happenings are shaped by events occurring many miles away and vice versa† (Anthony, 1990, pp.64).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More With the current technological advancement, people are in a position to buy goods from the internet. They do not interact with the suppliers or the sellers but can only interact with the delivery personnel. Banking has also facilitated virtual interactions between the parties involved. The other casualties of this kind of a process have been a decline in national governments failure to direct and have an impact in their economies. A good example could be Japan whose economic shifts can be felt in countries all over the entire universe because of the interconnectivity. The lack of influence in the national governments does not mean that they are gone completely but in essence they remain â€Å"pivotal institutions especially in terms of creating the conditions for effective international governance† (Hirst and Thompson, 1996, pp.170). Multinational corporations are literal beneficiaries of globalization. The car manufacturing companies for instance go global in search of the p arts required for the assembling of the same. According to Hirst and Thompson, International businesses are still largely confined to their home territory in terms of their overall business activities, they remain heavily ‘nationally embedded’ and continue to be multinational rather than transnational corporations (1996, pp.98). The impact of this globalization on the local communities is evident. The multinationals can influence local communities in many ways. First, in order for them to operate, they establish operations that include sales and services in the regions that will eventually offer cheap labor and resources as required. This can bring wealth to the areas that the multinationals have elected; for instance, people can choose to work at the plant, on the one hand, or to be unemployment, on the other hand. This is because incase of relocation, the locals who had been offering services as workers would be rendered jobless, and this could be devastating. In most cases, the public spaces like the parks are eroded with their activities. Social places become privatized and commercialized leaving the locals with no social grounds. Everything eventually becomes expensive and inaccessible for the locals. Globalization is well thought-out to be a line in the sphere where the economic world is developing irremediably as well as irreversibly. Financial globalization presents a very high degree of development, especially within the financial markets. Technological changes in communication and data processing have made globalization to be identified as the irrefutable proof of huge capital movement achieved. Nonetheless, a global financial industry has not been established yet. The current financial crisis around the globe is a major barrier to the advancement of the process of globalization especially to the developing nations. Though it has been of great help to not only the developing but also developed countries by alleviating their poverty level s, it is very vulnerable to terrible and costly backlashes, as history has shown. The constantly changing global economy and market are challenges for all nations. The deteriorating economy poses a challenge to issues such as employment, occupational health and safety as well as people’s wages among others. (Ashford 2008, pp. 304). To achieve an affluent global economy, it is necessary for all nations to be aware of their rights to take part in the world trade and use the advantages of the innovations (Ashford 2004). Political and financial instabilities Nothing good comes on a silver platter and to achieve globalization in the vast continent has been a great achievement even with its failures. The failures that have brought about dysfunctional globalization as some view it, has been brought about by political and financial instabilities. Many countries have outstretched to their limits in an attempt to adapt to globalization but ended up being exhausted especially in cases o f financially driven globalization. These mainly are the developing countries whose financial status fails to handle their capital city’s economy and operations. Technical advances are the sole drivers for the upswing that causes many of the institutions to foster ways to adjust with some ending up being poorer than before. Protectionism became a key consequence in many of the countries. This is why the G-20 summit of November 2008 in Washington produced some reverberating denunciations of countries and nations being protective of their possessions. This did not last long before measures regarding protectionism were implemented in many of the countries like China. This at some point brought about a misconception of the end of globalization because globalization is not just about international trade and investment, which the countries were shielding. It is true that trade has plunged and financial flows drastically fallen and to some extent may not recover any time soon unless the main economic pillars are reignited. Although international trade plays a pivotal role in globalization, there other factors that are essential in enhancing the full realization of the process in developing an affluent global economy. Ways in which people are still connecting despite economic crisis All over the world, people are still connecting despite economical crisis threatening the countries. Internet connectivity is a key boost in the advancement of the great relationships among the people in the world. Social sites, like MySpace, Twitter, Facebook, have enabled communication to be cheaper and accessible even in the most of the remote areas one can ever think of. People from North islands can relate with people from Africa. E-bay also allows people to transact irrespective of their geographical locations. Their international activities could be bolstered regardless the current economic crisis. As witnessed all over the world, the global charities might bring people toget her in one way or another. This is so because many countries are in need and none seems to be isolated to live on its own without ever mingling with the others. Amazingly enough, the ability of a national government to protect its economy and society from outside influences has no strong roots recently. The current wave of globalization has proven to have unprecedented impacts, and this explains the reason why it is hard to tame and curb external influences. The internet allows Vietnam to trade their handicrafts in Europe without travelling there. The cultural, political, social, economic as well as military components have been quantified, so it is a matter of time before a qualitative change takes place. Nevertheless, even with the financial crisis still going on, nations from all over the world are interconnected. Globalization has multiplied the number of problems that have made it hard for any country to solve them on its own. These problems include such issues as financial pro blems, climate changes, terrorism that has interconnected the East African countries with America in one way or another to curb the menace. Pandemics like HIV/AIDS have brought together countries looking for cure, nuclear proliferations, among others. With the current global crisis, global governance will increase respectively. Countries in East and Central Africa have signed partnership deals to enable them to transport and export their products like oil through Kenya from South Sudan. Factors affecting globalization One of the major factors that affect globalization is the barriers associated with immigration. Some countries have imposed trade-impairing policies besides taking strict measures to curb immigration. Such an approach will work for a while, but the financial support will fail after a while. The world culture theory also called the Homogenism theory acts in unison with these findings concerning globalization being there no matter what happens. The theory marks differenc es in cultural homogenization and sees globalization broadly being the increasing uniformity of cultures all over the world, instead of just viewing it from an economical perspective. Transformational theory is handled in these findings as well. The theory focuses on the global forces that increase the powers of the nation-state. It maintains thinking globally as people or nations act locally, as well as maintaining diversity in the face of economic forces that encourage uniformity. Conclusion In conclusion, globalization presents both the opportunities and risks to every nation that indulges in it, especially the African nations. In most developing countries especially those in Africa, globalization presents certain risks. For instance, one of the possible impacts of globalization is the increase in political costs as well as the social tensions that come with (Ikeme 1999). Owing to this, the economic state of most developing nations may end up being strained to levels beyond their abilities or rather resources. This translates to economic redundancy in such nations, which will have a negative impact on the global economy as well. It is no doubt that globalization has tremendous potential benefits for any developing country. The bigest â€Å"challenge is to realize the potential benefits without incurring huge offsetting costs in loss of the ecological basis for development and in the increase of inequality and impoverishment of the public† (Ikeme 1999). Developing country should, therefore cease to see globalization as a result but as a means to the end. The end is sustainable wellbeing for everyone. The chance is created by the opportunity that the fender-bender of the two approaches towards globalization and sustainable progress will cause a new stage of human development, â€Å"which offers up-to-the-minute opportunities for the re-negotiation, and re-juggling of the world economic configuration† (Ikeme 1999). Both the developing and develop ed nations have equal opportunities to participate in the globalization of the word’s economy. However, their contribution is dictated by their economic stability. To do this, they must set free from all the stereotypes on frameworks for development that the Western powers have created in favor of their origin. To be competitive in the global economy, the nations should invest their natural capital in their economy. They should also train their locals and ensure that foreigner does not have too big share in the development of their economy. Thus, making sure that local companies are owned by the locals themselves ensures that profits are reinvested in the country as well as innovations in technology are never imported but developed in their own homeland. Following this way, they will make quick leaps in attaining the global goal and they will benefit from it just like the rest of the developed countries. Globalization is to stay and the countries that will be the most success ful in the next near future will be the ready to take all the obligatory informed decisions of their endeavors and in light of their goals irrespective of the misinformed guidance from the development experts. The so-called experts and giants in the economy have little business in enhancing the locals of other nations to remain superior and relevant. However, once the rest take up the task upon them to educate and take their country to the next level, the superiors will have no business with it. Unless this hard but fruitful task is yoked in the locals of the developing countries, the economic giants will always mingle in their affairs with no tangible returns witnessed. They should engage the global economy on the own terms and not using the preset order by the developed country. Until then, they will always have a way to elude them. Reference List Ashford, NA 2004, â€Å"Sustainable Development and Globalization: New Challenges and Opportunities for Work Organization†, in C Nova-Kaltsouni M Kassotakis (eds.) Promoting New Forms of Work Organization and Other Cooperative Arrangements for Competitiveness and Employability, National and Kapodistrian University of Athens, Athens, pp. 50-61. Ashford, NA 2008, â€Å"Environmental Regulation, Globalization, and Innovation,† in KP Gallagher (ed.), Handbook on Trade and the Environment, Chettendam and Northampton, Virginia, USA, pp. 296-307. Boli, J. and Thomas, G., 1997. World Culture in the World Polity. American Sociological Review, 62(2), pp.171-190. Ikeme, J 1999, ‘Sustainable development, globalisation and Africa: Plugging the holes’, Africa Economic Analysis. Web. Hirst, P Thompson, G 1996, Globalization in question: The international economy Meyer, W., Boli, J., Thomas, G. and Francisco O., 1997. World Society and the Nation-State. American Journal of Sociology, 103(1), pp.144-181. Robertson, R., 1992. Globalization: Social Theory and Global Culture. London: Sage. Wallerstein, I. , 1998. Utopistics: Or, Historical Choices of the Twenty-First Century. New York: The New Press. This essay on The Truly Global Economy was written and submitted by user Jenna T. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.