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Connecting the local with the global - Essay Example

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These are as a result of globalization which may strengthen or weaken the existing economic systems. Economies may benefit from globalization of industries; leading to…
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Connecting the local with the global
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Download file to see previous pages On the other hand, economies are exposed to the risk of the spread of economic crisis, for example the current financial crisis in the United States which spread to several other economies due to globalization.
However, the benefits of globalization surpass the adverse effects since economies continue to thrive despite the negative aspects of globalization (John and Thomas 1997). For example, the East Asian economies are amongst those that have reaped much benefit from changes in the global scale. Once a peripheral economy, even with the devastating outcomes from the Korean War, Seoul, the capital of Republic of Korea, has become the worlds 11th largest economy in the world and has overcome the world economists expectation by developing into a semi-peripheral economy in a short time. This essay is a critique of events that have occurred as a result of globalization in South Korea. It offers an overview of the benefits that the community has reaped from globalization, as well as some hitches that have affected the people due to the globalization phenomenon in Seoul. It also gives the impression that the benefits that the benefits of globalization to the community surpass the few hitches that have been experienced. In the conclusion, it highlights the world-system theory of globalization that is reflected by the ideas that have been discussed.
Globalization is one of the occurrences in the Republic of Korea that has had extensive effects on the country’s economy. The community in Seoul, which is the capital city, has been affected by the shift from protectionism to a liberalized economic system. The proliferation of foreign direct investment is as a result of globalization. The United States leads in the number of foreign companies investing in the country, which is focused towards more import liberalization in order to encourage consumption of foreign products in the country. This was meant to encourage foreign investment in the country (Noland 2009). The ...Download file to see next pagesRead More
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