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Globalization: A Microeconomic Approach - Book Report/Review Example

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In this paper, the author dwells on Chapter 8 of Episode III entitled “The Global Village”. This chapter is basically about the impact of technology on globalization. Because of the spread of technological advancements, trade and globalization have become easier for countries to participate in.  …
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Globalization: A Microeconomic Approach
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Download file to see previous pages Because of the advancements in communication and the popularity of the internet, the world for markets became "borderless". According to this particular chapter, India, Pakistan, African and China could not even participate in the world economy before. But now, they can easily get involved in the world economy because of the Internet ("Commanding Heights Episode Three: The New Rules of the Game"). Apparently, many multinational companies rely on China for labor while call center industries are very prominent in India.
I think the bottom line of this chapter is simple. Globalization affects many aspects of the economy. Entrepreneurs from one side of the world can transact business with the other side of the world with just a blink of an eye. This eventually leads us to the question of whether free market or government intervention is appropriate. If the government should intervene, what policies would be applicable to the ongoing globalization process
Households serve as the consumers in our economy so they are the ones who are most concerned with the price changes of goods and services. As we all know, the price of goods and services is one of the key factors that affect the demand for a good. The domestic prices as well as the world market price of a good affect the consumers' demand. So basically, the households are responsible for the demand for goods since they are the "beneficiaries" of the market ("Consumers play an active role in the economy"). In the United States, almost two-thirds of the country's economic output goes to individuals for personal use. Because of this, the country is often said to have a "consumer economy" (U.S. Department of State). Because of the behavior of consumers towards goods and services, their choices affect prices and other factors in the economy. They are also capable of influencing economic growth. In general, households make up the demand side of the economy.   ...Download file to see next pages Read More
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