The term globalization is often considered as the replacement of national boundaries. This globalization in economic growth is also known as the globalization of the economy. It is an inevitable process that is occurring as we move forward and embrace the information age. The internet has made the world a global village. Moving from local markets to international markets is becoming more common every day.
The process of globalization in economic growth has been viewed as something inevitable, but not until the last decade or so have we seen this phenomenon taking shape. In the past several years, most developing countries have seen an increase in globalization, especially when it comes to trade. This has led to the integration of these countries, with multinational companies operating throughout the country, allowing goods and services from foreign companies to be purchased at a bargain price.
This process has been particularly beneficial for developing economies, which receive large shipments of goods every day. These nations then become viable competitors in the world market. As the globalization movement progresses, barriers are falling that once existed between nations. One example of this is the ban on the importation of electronics to the European Union.
This ban was implemented by the European Union, in order to protect its economic growth. However, this type of globalization in economic growth does not only benefit those countries with open markets; it has also benefitted developing nations. Because these nations do not have the benefit of being able to freely compete, they will tend to embrace more free trade practices. This in turn can lead to greater levels of development. Opening the market to other goods allows these nations to develop their natural resources.
However, this process also has some negative aspects. One of the biggest problems is the effect it has had on wages. Many of the developing nations that begin to utilize globalization in their economy do so because they desperately need jobs. Thus, their wages are forced up because of high productivity. Unfortunately, many of these workers soon leave the country due to lower wages or higher unemployment rates.
The globalization in economic growth that is taking place today has some major ramifications for the world at large. The main concern is that it is the result of too many people moving from one nation to another, and it is not being driven by an inherent national growth crisis. Instead, globalization is an ongoing . . . . . . process that is having an unpredictable outcome for humanity. For now, it appears as if the benefits outweigh the negative aspects. However, future developments may alter the landscape of this global trend.