On more of an international level, "there is no question that freer capital flows have brought tremendous benefits to the global economy, as well as perils. Some places, like Hong Kong, have opened themselves to capital flows without restriction and are examples of the prosperity that free movements of capital can reap." (The New York Times, 9/20/98) On the other hand, the Malaysian economy, so far, has witnessed some short-term success with a localized view on their economy. Malaysia bans "most investments from being taken out of the country within the first year." (The New York Times, 9/20/98) Many countries are planning to try to follow in their footsteps.
There are so many pros and cons, or costs and benefits, of both globalization and localization. For the United States, being a largely international economic country, "trading...
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...with those changes are the adaptations that each country and each citizen of each country must go through. Whether or not the government chooses to act globally or domestically, there needs to be a conscience effort to make the best of what is offered.
From each of these economic views, there are fundamental gains and fundamental losses. Neither is a more correct way. It is just what works for a country on a whole. There are all different levels of economic complexity that goes along with these two schools of thought. One has to do with the citizens, another with the government, and another with the world. The best thing for a country to do is to give up as little as it can while its political systems and economy conform to what it wants. To do so, one must weigh the costs and benefits of each, choosing what will be the best in the present and in the future.
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