The paper "Economic Impact of Globalization" is a good example of a macro and microeconomic essay. Globalization has been in existence for a long period of time. It can be defined as the development of interconnected business networks and economies worldwide. It has lead to the creation of a worldwide network that has linked markets in all the global nations. The chief contributing factors which have facilitated this process are improved mobile technological advancement and internet accessibility (Beans 2001, pg. 1). There exist varied reasons which have prompted the popularity of globalization; they have led to both economical and political progression to countries that have embraced the process.
Despite the positive attributes of globalization, there have been claims that it is detrimental to the political and financial status of involved nations. Evaluation of the effects of globalization on involved countries will provide substantial evidence of its positive nature as well as shed light on the illegitimacy of these negative claims. Introduction The progression of globalization has brought about both the political and economical interdependence of many developing countries. Despite the fact that this issue has been subjected to rigorous debate, it has remained relevant to global development.
Prior to further expounding on the issue, the definition should be understood to ensure easier interpretation. Many parties have joined the bandwagon supporting globalization. They are non-governmental organizations, multi-corporations as well as international establishments and thus the implementation of globalization has greatly affected their decision making owing to the chain reaction catalyzed throughout the system. The main aspects which will be focused on are economics and politics to further elaborate on the effects globalization has had on them and determine whether the process is forthcoming or otherwise. Economic Impact of Globalization A nation’ s financial system determines its development and its sustenance in the global economy.
The government is responsible for devising effectual strategies that can be implemented to better the state of the economy. Merging of economies has been one of the suggested methods brought about by globalization (Donovan 2003, pg. 23). This has allowed nations to have a free-flowing income capital as the global market provides a wide range of marketing venues for their services and products.
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