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Globalization as the Process of Interaction and Integration Among the People - Research Paper Example

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The paper describes the formation of an international industrial and financial system that is contributing towards a free flow of information, products, people and investments across the globe. Intensive trade activity has catalyzed global competition elevating living standards of the participating masses…
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Globalization as the Process of Interaction and Integration Among the People
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Download file to see previous pages New economic developments internationally have played an important role in fading the spatial barriers between nations. The formation of an international industrial and financial system is contributing towards a free flow of information, products, people and investments across the globe. Intensive trade activity has catalyzed global competition elevating living standards of the participating masses. Due to the availability of better products at a cheaper price, globalization has also led to lower inflation rates. Productivity expansion and technological developments have contributed to the formation of an increasingly improvisational industrial sector. Steady market growth has triggered the demand as well as the utilization of commodities. The internet facility has influenced world trade enormously by connecting more and more people. Foreign direct investment and resource inflows are far higher than ever. Globalization has also led to a more integrated, independent and stable global economy. Additionally, employment growth rates are increasing in developing countries. For instance, in the past few years, India has been able to achieve a continuous economic growth rate of over 8% per year. Globalization has a number of positive effects in the fields of education and technology too. Free market policies will help developing countries to improve literacy rates by stabilizing their economies. The corporate sector has got the opportunity to lower production costs through outsourcing. ...Download file to see next pagesRead More
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