Impact of globalization on economic activities (Other (Not Listed) Sample)
To what extent has “globalization” impacted economic activities?source..
Impact of globalization on economic activities
Moak defines globalization as the forging of closer interactions, including economic and geopolitical interactions with other nations (12). Globalization has played a critical role in the economic space of countries all over the world. Proponents of globalization saw it as a way of creating more jobs and markets and a route to expand manufacturing and other companies. This paper will analyze the extent to which globalization has impacted economic activities.
Free World Trade
According to Moak, globalization has impacted economic activities by opening up new markets and eliminating trade barriers. Globalization is a proponent for free world trade, and since the adoption of the concept, trade barriers have reduced tremendously. This factor has opened up new markets for firms, which increases the demand for their products, and in turn, increases their revenues. Multinational companies, which contribute significantly to their economies, have propped up as a result.
The economic development of Less Developed Countries (LDCs)
Globalization has also led to the development of previously less developed regions. According to Vertova, globalization has contributed significantly to the growth of Asian countries like India and China (24). The industries in these countries have grown due to the opening up of markets in other regions of the world where consumers have high purchasing power. Furthermore, the inflow of Foreign Direct Investment (FDI) has also led to the growth of the economies of these countries. Globalization has enabled all these factors.
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