Globalization is an economic phenomenon but it has trickle down effects on society, culture and communication. The current global economy has gone through major changes in trends and growth patterns. Demand, consumption patterns, regulatory environment changes and changes in the global trade are all included in the changing trends in the economy. The industrialized economies are finding it hard to sustain consumption and demand patterns and this is due to the deterioration of the global environment and this caused by environmental stress which is the immediate effect of increasing poverty levels in countries around the world.
The consumption patterns in some parts of the world are very high but demand is still not fully being met. The natural resources are being depleted and the environment is in danger. The excessive demand is damaging the environment because the lifestyles of the richer segment is lavish and unsustainable and the poor are not even receiving basic needs for survival and this extremity in society caused by changing consumption and demand patterns is damaging the environment and the world economy (Thussu, 2000). The energy products like natural gas, oil etc are being sold at different prices all over the world to industrial customers and final consumers which has further caused uncertain demand and consumption patterns. Urbanization has resulted in changing consumption and demand patterns since a segment of the population has distinct lifestyles that are lavish and have pushed demand up. The regulatory environment which includes taxes, interest rates, inflation rates are all changing now as well. Inflation causes interest rates to shoot up. But due to globalization countries have developed their own financial markets internationally and this is a result of unanticipated changes in domestic interest rates.
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