Economic Globalization And Economic Analysis

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Economic globalization, or the continuous increase of worldwide interconnectedness, has a vast impact on many countries, and among these impacts are economic changes, such as an increased Gross Domestic Product. An increased Gross Domestic Product is often beneficial for states, as it is an indicator of overall income. If overall income is increased due to economic globalization, there will be an increased budget for states to spend on a variety of public services, such as education and healthcare, which would therefore increase the standard of living in that state. Economic globalization has become more evident in an industrialized and technologically advanced international sphere, and this can be exemplified by Poland’s accession into the European Union in 2004, which has resulted in an increased economic welfare. Poland’s surge in economic welfare can be see seen through an increase in Gross Domestic Product, which acts as a reflection of an increase in exported goods, and a lower unemployment rate. Poland’s economic welfare will be conceptualized through the measure of Gross Domestic Product. Gross Domestic Product is a measure that computes the summation of goods and services produced in one calendar year ("Domestic product - Gross domestic product (GDP) - OECD Data", 2017). This is a popular way to conceptualize the overall health and well-being of a country’s economy. Additionally, Gross Domestic Product will be used as an indicator because a multitude of variables
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