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Globalization: Effects on Economy, Immigration, and Technology - Essay Example

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The concept of globalization greatly contributes to effective and rapid circulation of ideas, languages, and cultural ideologies. With intent to enhance foreign investment and cross-border trade for international business expansion nations have liberalized cross border trade regulations. …
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Globalization: Effects on Economy, Immigration, and Technology
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Globalization: Effects on Economy, Immigration, and Technology

Download file to see previous pages... The emergence of globalization can be directly attributed to the World War I & II and their serious aftereffects which raised serious ethical issues across the globe. On the basis of numerous studies, economists realized that the concept of globalization would contribute to the rapid economic restructuring of the global economic condition. In addition to the economic benefits, nations could improve their political as well technological relations globally. The last few years have proved that globalization can benefit developing countries more in achieving rapid economic growth. To be more specific, despite the possible socio-economic adverse impacts, the concept of globalization stimulates the advancement of nations’ economic stature. This paper will explore various aspects of globalization with regard to economy, immigration, and technology globally.
Impacts of globalization on economies
Before the emergence of globalization, developing and underdeveloped countries had little access to developed markets and improved technology. This condition negatively affected the economic growth and thereby living standards of underdeveloped economies. However, since globalization, the global economic environment has undergone tremendous changes....
Often, foreign markets benefit an organization rather than domestic markets when a potential offshore country offers favorable business conditions including cheap raw materials, labor, liberal government laws, and large number of potential customers. For instance, Starbucks Coffee Company transplanted its business operation from the United States to China and other parts of the globe. The emergence of a global financial market is the direct impact of globalization, which assisted the borrowers to get better access to external financing. This external financial assistance assists the organizations to expand globally. In addition, the global interconnectedness helps nations to attract more and more investors to complete their capital accumulation process successfully. This favorable economic environment increases the volume of national and international trade transactions which would in turn boost the rapid economic development of a country. As per statistical data, “everyday more than $1.5 trillion is swapped in the world’s currency markets and around one fifth of products and services generated per year are bought and sold.” (Benefits of Globalization). Evidently the economic development of a country raises the standard of living of its citizens. The improving unemployment rates in third world countries can also be clearly referred to the fruitful impact of the globalization. The rise in people’s living standard would assist the nations to concentrate more on economic development. In the opinion of Arnold (2008, p.300), other fascinating feature of the globalization is that it can keep inflation level lower. The higher inflation rate in a country will cause dreadful issues and ultimately it ...Download file to see next pagesRead More
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