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2 pages/≈550 words
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MLA
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Mathematics & Economics
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English (U.S.)
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Topic:

Globalization in Economics and Its Consequences (Essay Sample)

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This paper looks at globalization and its implications and influence in economics. The paper highlights how globalization has positively and negatively affected the worlds economic activities.

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Globalization in Economics and Its Consequences
Globalization is the international incorporation of financial and labor markets (Palley 4). This process is controlled by corporations, through increased competition for profits and new markets. Businesses have ventured into opportunities in the global market, and embraced new technology, as a result of globalization. As for economics, globalization facilitates the expansion of trade, which is influenced by the global political environment. Technical innovation has increased the movement of financial and physical capital. Globalization is also controlled by economic policies, which seek to eliminate barriers to the mobility of goods between countries. Technical innovation, expansion of trade, and free flow of goods have been facilitated by globalization.
Expansion of trade, because of globalization, has driven the global economy forward. When it is combined with the development of markets fostering on trade, the result is a dynamic process of growth. Exchange of goods between countries has been brought about by improved welfare of trading partners. However, nations have opposed different kinds of trade, leading to conflicts. In 2008, some of the leaders of the United States advocated the reduction or limitation of foreign trade (Colander 5).The reason for this move was the rules of the North American Free Trade Agreement (NAFTA), which made it difficult to trade other goods (Palley 6). Trading over the international front has also decreased the demand for domestic goods.
Technical innovation is evident in many countries around the world. Today, production processes of companies with headquarters in New York take place in China (Palley 6). This process is controlled by integrated computers and el...
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