Thomas Friedman once said, “In Globalization 1.0, which began around 1492, the world went from size large to size medium. In Globalization 2.0, the era that introduced us to multinational companies, it went from size medium to size small. And then, around 2000 came Globalization 3.0, in which the world went from being small to tiny.” By this, Friedman was saying that the expansion of globalization has made the world “smaller”. Within the last fifty years, globalization has completely altered the manner by which nations communicate with one another; making communication between nations instant. Today, foreign economies depend heavily on each other to advance, predict and control capital flow. The benefit of globalization has been far reaching. Economic trends reveal that growth in productivity is more readily evident when countries are producing at their comparative advantage. A nation has a comparative advantage at producing a good or service if they can produce it at lower costs than other nations. In Adam Smith’s book,...
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...global market and fostering economic advancement.
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