Globalization And Globalization

1050 WordsDec 17, 20175 Pages
Jane Ogagan International Political Science for Public Health Practitioners Seminar Course: 221.614.01 CLASS PAPER Topic Choice 18: “On balance, globalization expands rather than contracts opportunities for economic prosperity around the world.” Why do you agree or disagree with this statement? Please support your answer with appropriate examples. Globalization has impacted almost every part of the modern world; it can be characterized by economic, political, and cultural integration. Economic globalization refers to the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, a flow of international capital and wide and rapid spread of technologies (Shangquan,…show more content…
This broader outlook, according to Rosenberg, helps lead them towards integration into the global marketplace (Rosenberg, 2002). Additionally, globalization allows for the concentration of labor in agricultural and industrial economic production (Sosa, 2004). This means the implementation of the concept of comparative advantage, which describes a country’s need to access information and discharge new technology to capitalize at what they are best at doing (Sosa, 2004). I believe Mitchell’s statement “when countries open their border to trade, they tend to specialize in producing goods and services that intensively use their most abundant factors of production” (Mitchell, 2002) is quite accurate. The benefits of implementing global production reside in the opportunities of taking resources from different areas of the world, and profiting from the national differences in the cost and quality of the production factors (i.e.labor, energy, land, and capital) (Sosa, 2004). By allotting the resources and capital invested to obtain those assets effectively, businesses can ultimately reduce their overall cost structure and improve the quality and functionality of their final products, measures that hold greater competitive potential in the global market (Hill, 2003). With globalization, changes in institutions, where organizations have a wider influence,
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