Globalism In Markets - Commodities Have Always Been There

We are hearing a lot about globalism these days. In the early 1990s, European countries banded together to form the European Union which has become much more than free-trade zone. Coordinated policies and regulations among the members of the Union have resulted in Europe becoming more of a country of collective cultural states than a continent of divided nationalities. Since the start of the EEC which became the EU, many currency instruments became one, the euro.

There have been many teething issues in the years and decades following the EU's birth. The economies of the southern nations have a tradition of economic problems based on institutionalized corruption and a laissez-faire attitude towards spending. The northern countries have had stronger economic conditions and are accustomed to fiscal austerity that the south tends to reject. However, the north has done its best to help the south and many the southern countries have realized that it is better to be part of the EU than not.

The one country that refused to give up its currency turned out to be the only one to divorce the rest of Europe. The United Kingdom always kept the rest of Europe at arm's length, so it was not a surprise that they narrowly voted to divorce from the rest of the EU in June 2016.

The trend of globalism over past decades is evident in the EU and the many trade and security agreements and arrangements. In the years to come, it is possible that we will see similar macro zones emerge in Asia, South America, and the Middle East. The theory behind the EU is that a larger and more influential collection of countries under the same rules and regulations can compete more effectively on the global scene. Technology has fostered and is supportive of a move towards globalism.

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