DEFINATION OF ECONOMIC GLOBALIZATION:
Economic globalization is the term used to define the increasing integration of national economies that is occurring in association with modern technology and trade liberalization. With the helps of modern inventions, technology, communication and transportation such as Internet, mobile phones and airplanes, the world is becoming smaller. Countries and regions formerly separated be geography and forms of technology. Many multinational companies are successfully developing and the international trade is growing at a much faster rate than world economic output of goods and services. THE PROS OF ECONOMIC GLOBALIZATION:
There are many reasons for societies to join in the expanse of globalization. Productivity grows more quickly when countries produce good and service in which they have a comparative advantage, and for many people in the developing world, such as Vietnam, working in factory is a far better option than staying down on the farm and growing rice. Besides that, people prefer export jobs because the payment is much higher than other jobs. Thus, it can be said that, because of globalization, living standard can go up faster. Moreover, an open economy enhances innovation with fresh ideas from abroad and global competition and cheap imports can keep a lid on price so inflation is less likely to derail economic growth. Unfettered capital flows also give the US access to foreign investment and keep interest rate slow. Besides that, globalization is also a mechanism for societies to express their strengths and assuage their weaknesses. It creates opportunities for societies to export their traditional culture to the world and everybody can exchange opinions, ideas and communicate in a variety of fastest and cheapest ways. For example, the Internet is one of the most efficient ways to advertise your country’s unique landscapes and culture over the world; consequently, the development of tourism is growing faster than ever...
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