Economic Implications Of Globalization

732 Words 3 Pages
Globalization implies development. Globalization is a term that touches lives of people in all countries. Globalization is a process of intercommunication, co-operation and assimilation of people, companies, and governments of all nations. It is a process driven by trade and investments that is assisted by the development of information technology. Globalization produces winners and losers. The process’ of globalization has effects on environment, culture, labor, migration, educational and political systems, economic development, finances, technology and physical health of societies worldwide. The impact of globalization is complex, It has different implications on in each and every one of these areas.
Globalization has been driven by policies that have opened local and international economies. Since the Second World War (Smallman, S., & Brown, K. (2011).), and in recent years, governments have adopted free trade economic systems, thus increasing their productive potential and creating new opportunities for people, trade and investments. As explained by Ngaire Woods (1998) “Governments have negotiated dramatic reductions in barriers to commerce and established international agreements to promote trade in goods, services, and investment.” Globalization targets the way in which transactions in economy are increasing and the way in which production and
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It is a term that implicates lives of people world-wide. It is a process of articulation, collaboration and adjustments of people, companies, and governments around the world. It is a process directed by trade and investments with the help of of information technology. Globalization had positive and negative affects. The impact of globalization is complex, It has different implications on in each and every one of the areas of environment, culture, labor, migration, educational and political systems, economic development, finances, technology and physical health of societies

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