1.) Define globalization and regionalization. What relevance do the concepts have to the situation of Lesotho? Globalization per Wikipedia describes a process by which regional economies, societies, and cultures have become integrated through a global network of communication, transportation, and trade. Regionalization is much like globalization where the only difference is that regionalization is not focused on a global network but is focused on a regional area. These concepts are applicable to Lesotho in regards to the service it provides and is exported to countries all over the world. Even all the supplies received are imported from all over the world. Lesotho is part of stimulation in the global economy whether in positive or negative perspectives. 2.) What other industries in Lesotho could offer employment? What else does Lesotho export besides textiles? What opportunities exist for developing comparative advantage? What might be required to develop new competitive advantage?
Industries that could offer employment is the agriculture industry, construction, and possibly tourism for the future. Lesotho also exports footwear, wool and mohair, food and live animals. It could also be said that Lesotho also exports water in that it gets loyalties from South Africa for its sales of water to them.
Opportunities in Lesotho that exist for comparative advantage are in transportation costs and in educating their people. As Lesotho provides a lot of business exporting and importing, it would be recommended to obtain some kind of trustworthy relationship where transportation costs can be reduced to get more business in and out, this way costs would be lower. Also, educating and investing time in its people to make processes more efficient would definitely be a benefit. Education can come in a form of offering a class to learn how to sew more efficiently. Also, investing in equipment in their textile industry to become more efficient would provide a...
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