(2005). New York: McGraw-Hill. Levy, F. A Half Century of Incomes. Great Divides: Readings in Social Inequality in the United States. (2005).
During the late1990’s, International co-operation contributed widely to new ideas concerning world trade and economic development. Currently, many countries are growing economically and improving their relations with other nations because of further international co-operation. In this essay, international co-operation is defined as the sharing willingly of ideas and work tasks between the bureaucrats of different nations for their own benefit and interest. Damages refer to spoiling something which reduces its importance. Finally, economic growth means an improvement in the economy of a particular country because of an increase in the number of goods and services.
The technological progress is an indispensable part for the economy globalization. Because the rapid development of technological in information dissemination and communication, it not only reduce the cost of commodity circulation and create more export opportunities, but also exploit some new products and service in the world markets (Hibbert, 2000). The improvement of technology creates the conditions for the globalization of production, which is allowed to produce many goods in different countries. Therefore, some developing countries can benefit from significant amount of foreign direct investment form develop countries. The foreign company can corporate with local company to develop product and those multinational companies can exploit local markets.
ADVANTAGES OF REGIONAL ECONOMIC INTEGRATION Regional economic integration enhances political cooperation. Several group of nation can have significantly greater political influence than each nation would have by individually. This integration is an essential strategy to address the effects or issues of conflicts and political instability that may affect the region. Improved political cooperation due to regional economic integration is also useful tool to handle the social and economic challenges associated with globalization. Countries which are link together will be more dependent on each other that will reduce the likelihood of violent conflict between each nation.
Nations as well as business organizations are able to explore new markets and therefore increase their output leading to economic growth. Economic globalization can also lead to exportation of technology that will aid production process by increasing the units produ... ... middle of paper ... ... participation and better economic relations worldwide all parties need to play their role. The ground should be fair and leaders from developing countries should be given as much attention as those from developed countries. Proper utilization of opportunities presented by economic globalization will enable governments to achieve their goals with much easy. Moreover, there should be programs to enable developing countries adjust to economic globalization since this is the vehicle that will ensure that these countries benefit.
References Parker, martin, pearson, Gordon, 2005. Capitalism and its regulation: a dialogue on business etics. Spingers. Journal of business ethics. Vol 60 pp 91-101 http://www.forbes.com/global/2009/1019/opinions-steve-forbes-capitalism-true-love-story.html Candice G, Charles L, and Linda W, 2004.
Globalization is the tendency of investment funds and businesses to move beyond domestic and national markets to other markets around the globe, thereby increasing the interconnectedness of different markets. (“Globalization,”) It also has had the effect of not only increasing the international trade but the cultural exchange. However, when it comes to globalization both its advantages and disadvantages have been greatly scrutinized and heavily debated in the past few years. People who believe in globalization say that it helps the developing nations “catch up” to the much faster industrialized nations. This happens through increased employment and a great amount of technical advances.
International trade is one of the driving forces behind globalization. Countries specialize in specific goods wherein it has a comparative advantage. This results in a higher efficiency and productivity and ultimately leading to an improvement of the living standards. As a consequence, export increases. Hereto, more jobs are created, a higher variety of goods are available and international competition has increased.
Outside immediate ventures vary generously from aberrant speculations, for example, portfolio streams, wherein abroad establishments put resources into values recorded on a country's stock trade. Elements making immediate ventures commonly have a huge level of impact and control over the organization into which the speculation is made. Open economies with talented workforces and great development prospects have a tendency to pull in bigger measures of outside immediate financing than shut, profoundly managed economies. Foreign investment brings higher wages, and is a major source of technology transfer and managerial skills in host developing nations. This contributes to rising prosperity in the developing nations concerned, as well as enhancing demand for higher value-added exports from advanced economies.
2014). For example well economic develop such as Singapore, Dubai, New York, and Japan. These countries are well develop and maintaining their economic growths. Economic growths are really important because higher average incomes enables consumers to enjoy more goods and services. Then, lower unemployment with higher output and positive economic growth firms tend to utilize more workers creating more employment.