The Many Benefits of Globalization

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“Globalization is not just one impact of the new technologies that are reshaping the economies of the third millennium” (Thurow 19-31). When speaking of globalization, most people will not have a complete understanding as of what it actually means or what aspects of the world it affects. Globalization promotes free trade and creates jobs. The capital markets attract investors, resort cheap labor, and leads to job losses in some areas of higher wage. While all of this is happening, the world economy is being effected: economically, culturally, socially, and politically.

It is known that the economy is definitely effected by globalization, but not always in a negative way. In a sense, the world revolves around some situations dealing with globalization. Countries around the world are becoming more of a unified world because of the advantages and technologies of globalization. “The globalization both production and capital has the affect of limiting the effectiveness if states in managing their own economies, and limiting their ability to adapt policies that are not seen to be market friendly” (Goudie 531). People’s ability to communicate across the borders, suggests that globalization has effected just about every part of the world in some way. Globalization can be put into many different forms or categories based on what part of the world it effects.

Economic globalization would probably be one of the most familiar forms. This form of globalization refers to the growing economic interdependence of countries worldwide through increasing volume and variety of cross-border transactions in goods and services (Soleymani 2010). Production, flow of capital, and multinational corporations like McDonald’s and Burger King are a part o...

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