Pros And Cons Of Globalization

Pros And Cons Of Globalization
Summary The paper examines globalization by defining the term and highlighting its pros and cons. Benefits realized from the operation of a large
scale global business are discussed as well as the problems that emerge from globalization. Challenges facing the spread of international business are
also presented in the paper. Recommendations on the hindrances of international business are then finally suggested in an attempt to solve the
stagnation in the global scale. Abstract Globalization was a policy initiative aimed at facilitating the removal of protective obstacles by various
governments policies adopted all over the globe to facilitate free business among all states of the world. However, over time, globalization has brought
more than just creating a perfect competition market for the goods and services availed to the world. Various problems have emerged from the issue of
conducting worldwide. In this paper, some of the benefits and problems arising from globalization will be illustrated to help understand the better
evolution of the current globalization. Keywords: Globalization, Exports, Imports, Free Markets, Pros, Cons Table of Contents Summary1 Abstract1
Introduction3 Background problem3 Pros of Globalization4 Cons of Globalization5 Recommendations and Conclusions5 Introduction Globalization is
defined as the process of creating a common bond between different nations to facilitate free movement of goods and services (Holton, 2011).
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The Pros and Cons of Globalization Essay
Globalization. Everyday you hear it on the news, you read it in the newspaper, and you overhear people talking about it– and in every single instance
the word globalization seems to have a different meaning. When I hear of globalization I think of the whole world coming close together in all phases.
I tend to think that we as human beings are breaking down barriers that have been protected or guarded. For instance, I initially thought of the progress
we are making in the communication aspect. So what its globalization and its effects on the United States?
WHAT IS GLOBALIZTION?
First off, we will search and explore some definitions of the term globalization. ?Globalization is the process of denationalization of markets, politics,
and...show more content...
Trade barriers such as tariffs were erected. World economic growth stagnated and exports fell back down. (The History of Globalization, 2005). It
seems as during this time, leaders became too conservative and very protective of our country?s future economy.
?Following World War II, a second wave of globalization emerged, lasting from 1950 to 1980. It focused on integration between developed countries as
Europe, North America, and Japan restored trade regulations through a series of multilateral trade liberalizations? (International Globalization, 2004).
At this time, third world countries other poor countries were being pushed aside while these three countries refurbished trade regulations to restore
adequate trading.
The most recent wave of globalization, which started in 1980, was spurred by a combination of advances in transportation and communication
technologies. Can you imagine not having a cell phone or the Internet? From a student?s perspective, this era of globalization, has greatly increased and
transformed our education. The advancements in technology and communication allow individuals to seek opportunities once not available. We need
to be able to adapt, and adjust quickly because times are changing.
INTERNATIONAL TRADE
Americans? views of international trade are complex and cannot be explained as a simple preference for free trade. A strong majority of Americans
views trade as something positive and

Essay on The Pros and Cons of Globalization
Globalization can be defined as the system of interaction among the countries of the world in order to develop the global economy. It also refers to the
integration of economics and societies all over the world (http://hotbabefatchicks.hubpages.com/hub/Definition–of–Globalization).
Globalization can be both advantageous and detrimental to developing countries. Some of its advantages are increased external finance, improved
technology and political conformism. Disadvantages of globalization include death of small and medium businesses, loss of cultural identity and the
effect of foreign policies on domestic economic development. Let us take a closer look at these consequences of globalization.
Increased external finance: Globalization...show more content...
They were also the first business to introduce 3G services in Nigeria. Now, Nigerians can communicate and network with people all over the world.
Political conformism: With the increasing influence of foreign companies on developing countries' economies, governments of developing nations need
to carefully consider the effect of their policies on foreign investors. As is well known, most developing countries practice different forms of autocratic
or pseudo democratic forms of government that lord it over their populace (Mostert, 2003).
Now, governments of these countries need to consider economic policies, tax forms and human rights decrees that will encourage foreign investors to
come help develop their nation. This has helped alleviate lots of oppression that citizens of developing countries experience (Balakrishnan, 2004).
Now, we examine a few disadvantages of globalization on developing nations.
Death of small and medium businesses: The influx of global organizations into developing countries often results in stiff competition for local business
(often small and medium scale businesses). Global organizations are armed with huge capital, advertisement strategies, sometimes higher quality and
better product prices. This leaves smaller local businesses scrambling for crumbs of the market share and as a result, these SMEs crumble leaving
scores of people jobless.
For example in Nigeria, prior to the entry of foreign textile and

The Pros And Cons Of Globalization
Abstract
Globalization can be viewed as a system of interactions or global relationships between economies and people from all different countries over the
world. Globalization can be contended as a device for financial development, headway and thriving through co–operation between the created and
creating nations. Those in favor of globalization argue that the advantages of globalization conveys to creating countries outperforms the negative
effects caused by globalization, and possibly even going above that to express that it is the best bet for developing these new national to flourish and
emerge. Be that as it may, the genuine inquiry to be asked is in the matter of what degree are the positives contended upon without considering the
negative parts of globalization towards creating nations.
Globalization can be seen as a two edged sword, since it affects and influences all ages of individuals, monetarily, politically, naturally, and socially.
Globalization has its advantages, by connecting a large number of individuals around the globe, making them presently more engaged in light of
globalization, however there are many other issues that can arise from social and financial improvement on a global scale. Along these lines, my paper
will debate that development and advances given by globalization to developing nations is useful in here and now, yet over the long haul, it will just
bring upon negative effects and difficulties because of the obstructions included, for

Cam Marino & Globalization
If you were to travel anywhere in the world and ask their people what "McDonalds" is, the likelihood of that person knowing the renowned food chain
is skyrocketing by year. This is because of Americanization, which is basically the spreading of American cultures and traditions. Americanization is
one of the biggest parts of globalization to date. Globalization is the idea of countries getting more and more involved with each other; becoming more
and more interconnected. Essentially, increased globalization has a severe impact on several different aspects of general life, but overall, the effects
are far more positive.
With globalization, countries work together in benefit of their people, and to also get things more efficiently done. The keyword is together.
Globalization presents an opportunity to accomplish goals and transfer items in tandem with one another. For example, in Planet Money Makes a
T–Shirt, there are 7 different areas of the world involved in the making of a normal T–shirt and the industrial efforts that surround them. The idea that
an ordinary T–shirt is processed in such an efficient way shows how working together is more beneficial in the long run, and how a task completed as
your own country is less convenient and productive. Let's put this into perspective: Your baseball team at midway through the season comes in at
23–70. Your record is so bad because there is only one talented player out of all 11 on the team. You

The Pros And Cons Of Globalization In China
Globalization means economic,social,culture and communications integration become integrated with each countries. All of the president very
concerned about the benefit which globalization bring to them especially economic globalization.However,it will cause a loss that can not be
overlooked if we are indiscriminate. Globalization to China is both pros and cons because China is developing country. Economic globalization has
made the contradiction between the ecological environment and sustainable development of developing countries increasingly acute.The entry of
transnational capital increases the speculative and risk of financial markets, making it easy for short–term speculative capital to hit the weak domestic
market in developing countries.Economic...show more content...
This creates a situation in which the governance structure of multiple regimes around the world is intertwined with the internal governance structure of
individual countries. Nairuwoods thought"In contrast to the fact that the world economy is becoming increasingly unstable, inequality and lack of
governance, in order to address these and the World Bank should play a greater role in trade, currency and development assistance, respectively."Wang
Guoxing and Cheng Jing think that global governance issues include global economy, human security, climate and environment, civil society, energy
use and so on. Zhang Yuyan and Li Zenggang that the scope of global governance, including global ecology, global crime, the global economic
order, global security, the elimination of global poverty and infectious diseases and other issues.After China's opening to the outside world, we have
begun to attach importance to the use of foreign resources and foreign markets to promote the socialist modernization drive, which has made our real
demand for global economic governance and its public goods. At the beginning of the reform and opening up, China's international rules of a class of
public goods is not much demand preferences, more is the hope that the international aid class of public goods. As China becomes a major trade and
investment country and participates in the growing degree of economic globalization, the demand for global economic governance and its public goods
is

1.export capital (factories, jobs, resources) for production abroad (remember, you will want to concentrate on the ethics of this proposed action, rather
than the political or legal implications) on Globalization is effectively removing the national boundaries for economic purposes. National boundaries
are becoming penetrable for goods and capital because of cheap labor. (Shaw, 2016, p.186). Globalization has both advantages and disadvantages. By
transferring the domestic manufacturing jobs to foreign countries such as Mexico or in Asia, Americans companies are bringing cheaper consumer
goods. It creates the unemployment's also the foreign employees are getting lower–wages. (Riordan, M., 2016, NY Times). Utilitarian would view the
export capital for production abroad as an unethical approach. Because utilitarian's main focus is to bring greatest happiness for everyone affected by
the actions. (Shaw, 2016, p.60). Export capital abroad only gives benefits to the company's shareholders in the form of cheap labor and it creates
competitive advantage to the company. But this action would create unemployment for large number of people which ultimately effects the overall
economy of the country. On the other hand, in the foreign country export capital for production creates more jobs and contributes to increase the
economy of the country. But according to utilitarian this action is not bringing greatest happiness for everyone effected by the actions. Also, utilitarian
believe

Globalization is the process by which businesses or other organizations develop international influence or start operating on an international scale.
According to economic and political writer Doug Bandow, "Some critics of globalization have contended that the process has helped the rich and hurt
the poor. However, the best research indicates that this is accurate: 'Poverty is falling rapidly in those poor countries that are integrating into the global
economy.". In both documentaries "The True Cost" and "Living on One Dollar" we can see how companies exploit their employees for consumer
benefit, as well as the social and economic inequalities that are attached with globalization.
The relations of production specify how the surplus is taken from the people who produced it, and who gets to decide how the surplus is used. In
capitalism, the relationships are not always cut and dry. For example, in America we do not have legally defined classes, because America is under
capitalism, there are not any legal laws that state who gets labor, and who does not. Capitalism is just like the bourgeoisie, defined by the fact that
they do own the factories and what is made in them. They control the means of production and the products that come from that. Karl Marx said, that it
leads to labor exploitations in capitalism, in the form of wage labor.
Both documentaries show the true ugly side of the garment industry, the films illustrate the hardships of garment workers and how their

The Pros And Cons Of Cultural Globalization?
What is globalisation
Introduction
Globalization has been a word in everyone's mouth but to what it really means, only a few people will tell you. In my research I will be defining
globalization and what it really about.
Now defining globalization has been one of the challenges that people face every day, globalization has in the past been defined as the worldwide
movement toward economic, financial, trade, and communications integration. Globalization implies the opening of local and nationalistic perspectives
to a broader outlook of an interconnected and interdependent world with free transfer of capital, goods, and services across national frontiers. However,
it does not include unhindered movement of labour and, as suggested by some economists,...show more content...
This mainly helps with understanding the next person and their cultural beliefs. It helps us to be able to connect with people outside our comfort zone.
It is portrayed through media and even the internet.
Advantages and Disadvantages of globalisation
And although there are good things that come out from each situation, we also have the bad things that may sometimes be a setback in our lives. We
are now going to discuss the pros and cons of globalisation and to see if we have indeed move forward in terms of globalisation itself.
Advantages
Globalisation may help in the boosting of an average growth rate of a country's economy in a long run through the following; resources for allocative
efficiency have improved; the production of labour has increased; and
The capital–output ratio has been reduced.
Globalisation has in the past created opportunities for getting rid of inefficiency of production system. Lengthy defensive situation in the deficiency of
globalisation would make the production system thoughtless about cost efficiency that would be achieved by succeeding the globalisation

The Pros and Cons of Globalization Essay
Globalization is the process by which states become interdependent on each other on all spheres of life. It is a process where countries go global by
adapting universal characteristics involving human race. It is therefore the process of uniting people of the world into one unit with universal
characteristics. This characteristics include; systems of education, politics, democracy, economy among many others. Throughglobalization economies,
civilizations and societies become integrated into a globalised arrangement of political ideas.
There are certain characteristics that describe globalization. In a globalised economy there is an open market society. This happens because the forces
of supply and demand are the determinants of prices...show more content...
This multinationals also are responsible for employing a large number of individuals from the investor states therefore reducing high levels of
unemployment in this developing countries.
Globalization leads to high investment levels and therefore increased wealth. Wealth is generated through economic gains of globalization. The gains
have increased access healthcare and water. This consequently has a direct effect to life expectancy levels. Research conducted reveals that more than
eighty–five per cent of the population is expected to live for almost sixty–eight years and above. This therefore demonstrates that globalization has a
direct effect on access to healthcare and stressing the need to access healthcare services.
With globalization there is reduced state autonomy. Multi–nationals have a lot of say in matters to do with the government and other concerned state
agencies. Organizations like the World Bank, World Trade Organization have direct link to settlement of government to government disputes and has
enabled international political and economic tension to be settled in an amicable manner. This has lead to a strengthened peace for many countries in
the international arena. This has lead to a reduced breeding ground for terrorist activities in the global world.
The process of globalization is involved with a

With globalization comes migration, as people choose to immigrate from one place to the other in search of better opportunities. Because of
globalization, nations attempt to homogenize their diverse population, with disregard to individuals own cultural ties. The backlash of this disregard
causes violent civil conflict, as differing cultures branch out and mobilize for their own cause. According to Samuel. P Huntington, people are no
longer defined by their political, ideological or economic positions, but rather their cultural identity. Huntington classified the world into 8 major
civilizations: Sinic, Japanese, Hindu, Islamic, Orthodox, Western, Latin American and African. Because of globalization, these cultures are migrating
with one another and are creating nations that are multi–cultural. Huntington argues that different cultures will always clash because of their basic
immutable differences, increased interactions, social change, and the West's superiority. For example, the West versusIslam is the most dominating
culture clash in modern time, as evident in the Gulf War, Afghanistan war, and Iraq War/ The increased communication between the two have
exaggerated their differences and the Wests repeated attempt to universalize values, and institution while maintaining their superiority, has caused
resentment within the Middle East and Muslim communities across the globe. In addition, Huntington argues that a resurgence in knowing your roots
and the revival of

Globalization is a term that is not familiar to most people. However, globalization is a process that is going on all around the world. The root word
of globalization is "Globe". In the Merriam Webster dictionary, the term is defined as the act or process of globalizing; the development of an
increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets. In other
words, globalization is the movement and distribution of goods and services on an international scale. Goods are tangible products like food, clothes,
and cars. Tangible products can be held, touched, and tasted. Services are intangible products that cannot be held in your hand, such as social
security, education, and traveling. Globalization prospers when free trade and free market of capital are available to companies and corporations.
Globalization is important because no country can produce all the products that their people need and desire. Global trade enables countries to produce
and sell goods and services for themselves and for another mutually benefited country. Globalization has many pros and cons, however, it is driven by
free market capitalism, businesses, and diversity. The United States has a thriving free market capital where people can own their own business. Free
market capitalism is a system in which most of the productions and distributions are privately owned for a profit. Profit by companies can be obtained in

Advantages of Globalization Essay
People around the world are more connected to each other than ever before. Information and money flow quicker than ever. Products produced in one
part of a country are available to the rest of the world. It is much easier for people to travel, communicate and do business internationally. This whole
phenomenon has been called globalization. Spurred on in the past by merchants, explorers, colonialists and internationalists, globalization has in more
recent times been increasing rapidly due to improvements in communications, information and transport technology. It has also been encouraged by
trade liberalization and financial market deregulation.
Globalization offers a higher standard of living for people in rich countries and is the only...show more content...
This research also shows that economic growth, on average, raises incomes for both the rich and the poor. It helps to lift the poorest in society out of
absolute poverty and does not automatically increase inequality. More importantly, no country has managed to lift itself out of poverty without
integrating into the global economy.
The countries that have experienced high and rising levels of poverty are more often than not, the developing countries that have been marginalised
from the process of globalization. Think of North Korea or many countries in Africa. Such countries have insufficient levels of international trade and
investment –– not too much. Whether poor countries are poor because they do not trade enough or because poverty stricken countries are prevented
from engaging in the global economy, less globalization is generally associated with less development. Ernesto Zedillo, the former president of
Mexico seems to have understood the power of globalization when he said, "In every case where a poor nation has significantly overcome its poverty,
this has been achieved while engaging in production for export markets and opening itself to the influx of foreign goods, investment and technology ––
that is, by participating in globalization."
One of the most common claims made against globalization is that it increases world poverty. Often this claim is supported with a statistic showing the
high rates of poverty in a given

Before we begin to describe globalization and argue whether a reader will conclude to be for or against the concept of it we should first define
globalization. Globalization is defined as a process of interaction and integration among the people, companies, and governments of different nations, a
process driven by international trade and investment and aided by information technology. Now this sounds great, countries are dependent upon each
other to continue flourishing in a growing world; but it may not sound as great when you realize that dependence means they have to be able to trust
the various governments and organizations that they a cooperating with. Also you realize that this is more of contracts and disclosure more than trust.
In this essay I will speak from both sides of the argument "For or Against Globalization".
Mike Collins wrote an article for Forbes on the "Pros and Cons of Globalization" . In the first paragraph he speaks about an article he read on
Washington Post some twenty years before the conception of his own that said, "globalization was pitched as a strategy that would raise all boats
in poor and rich countries alike. In the U.S. and Europe consumers would have their pick of inexpensive items made by people thousands of miles
away whose pay was much lower than theirs. And in time trade barriers would drop to support even more multinationals expansion and economic
gains while geopolitical cooperation would flourish." As I said in the introduction it seems on the outside to be a good thing all countries will be at
the table with the same expansion aspect that would be equitable for the growth of all willing to eat essentially; but although all countries willing to
partake would have access to markets and the exportation of cheap goods, Mike wrote "globalization has not been good for working people (blue or
white collar) and has led to the continuing deindustrialization of America." and that basically means that even though his main focus in this quote was
from the well–being of America I'm almost certain that not only American workers are dealing with the industrialization of their countries where jobs
are leaving for countries where they can get the same work for cheaper. The main

"The globalization of economic affairs evokes both hopes and fears. Some insist that it will divide humankind even further between rich and poor.
Others claim that it will assist the spread of economic development". Edward J. O'Boyle (2003:95)
No doubt that Globalization has increased the international flow of trade, capital, information, and people. Businesses are now only a mouse–click
away from their customers and competitors throughout the world and it has delivered undeniable wealth and opportunity and created millions of jobs.
However, it has some drawbacks as well.
This document investigates the concepts of economic globalization and the knowledge economy. It also explores some of the benefits and drawbacks of
the...show more content...
In the context of economic globalization, the economic agents (Business Enterprises, banks, and finance organizations) work in various countries and
could serve the whole world market without prevailing national base. These organizations decide on their location on the basis of their business
interests and opportunities for growth and profit, and they normally grow not because they are supported or protected by the nation–state but through
their own efforts.
In 1997 the 100 largest non–financial transnational companies in the world had foreign assets of $1.793 trillion, or 42.6 percent of their total assets,
and foreign sales of $2.133 trillion, or 53.5 percent of their total sales. Their combined foreign employment was 5.981 million, or 51.5 percent of their
total employment. In terms of foreign asset holdings, General Electric was ranked number one with $97.4 billion the other top ten companies were
Ford, Royal Dutch/Shell, General Motors, Exxon, Toyota, IBM, Volkswagen, NestleВ
ґ, and Daimler–Benz.
As a result of these estimates, one can realize the extent of the challenge of globalization. This challenge becomes more obvious as we analyze the
three great forces of the today innovation – information and communication technologies (ICT), finance, and production processes. The impact of ICT
on the economy is very unique in the history of economy. By enabling organizations to manage their products in

The term, globalization came into use in the 1600's. In theory the idea of globalization appears to be a beneficial process, however, the pros and cons
of globalization are often interchangeable. For every pro of globalization can also be seen as a con, this includes the spread of ideas, technology, and
hybridization. While some critics argue that globalization can often be seen as creating homogenization, ethnocentrism, and cultural imperialism,
others argue that it creates, cultural diversity, cultural relativism, and hybridization. This paper will focus on each side of the debate, as well as
describing how each form of globalization plays an essential role in defining what globalization is, as well as, the role it takes in each person's life.
In an article by authors, Lechner and Boli, globalization is described as having a different level of significance to each individual. The authors then
provide a definition for globalization as referring to, "the process by which more people across larger distances become connected in more and
different ways." (Lechner and Boli) While globalization can be seen as both a beneficial and an unbalanced process, it is obvious that it has created
diffusion and a greater sense of world consciousness. Interconnections across the world are increasing through the time–space compression that
globalization creates. This process occurs through each form of globalization working together.
The world we live in today cannot be fully understood

Pros and Cons of Globalization
The Pros
People have been on the move, traded, migrated and colonized in the earlier times; while in the process they transformed both places that they traveled
to and the places that they came from. The pro–globalization people say that it is not just good for the rich but it's good for the poor, because back in
the 1990's, when globalization took off, about 200 million people got out of poverty in places like India and China. Globalization is the process by
which economies of countries around the world become increasingly integrated over time. Supporters of this topic argued that it is both good and
beneficial because it has created outsourcing, for example, customer support, marketing, software development, insurance and accounting....show more
content...
American workers don't benefit from the increase in trade and that the U.S. Trade policy does not care about the needs of the American workers.
Smaller businesses are worried about being put out of business due to the bigger businesses that are growing rapidly. Bigger businesses are taking out
the smaller businesses to eliminate competition. They also say that globalization is "Uncle Sam's scapegoat". These people have gone out of control;
instead of protesting and having sit in, they are getting violent to the point where there killing and attacking police and official, they even destroyed
million dollars worth of property. The anti–globalist wants to destroy: liberal democracy and free–market economics; they want to continue on with
their old ways of living, despite its conditions.
There are a lot of good and bad things about globalization but each person has their own opinion and view on this subject and what they outcome will
be.
Works Cited
Texieria, Ruy (2007 January). The Century Foundation. Retrieved April 6, 2009, from What the Public Really Wants Web site: http:/
/www.americanprogress.org/issues/2007/01/pdf/wtprw.pdf%20
Ligi, Amanda (2006, April). Associated Content. Retrieved April 16, 2009, from The Pros and Cons of Globalization Web site: http:/
/www.associatedcontent.com/article/29797/the_pros_and_cons_of_globalization_pg3.html?cat=3
Smith, Robert (2000, April). Business Week. Retrieved April 16, 2009, from The Pros

War, military drive and composed savagery have been key to the globalization of human undertakings for a lot of history, particularly in the cutting
edge age and all the more as of late exposed to the harsh elements War period. By correlation with past ages, contemporary military globalization is
amazingly broad and concentrated (measured , for example, as far as military discretionary connections, arms deals and worldwide military generation)
for a time recognized by the unlucky deficiency of domains, extraordinary force clash and interstate war. Since the end of the Cold War there has been
a proceeding with organization and (yet uneven) regionalization of military and security undertakings to the degree that a dominant part of states are
currently...show more content...
In correlation with prior periods there has been a critical movement in the association of safeguard generation toward more broad and concentrated
transnationalization through authorizing, co–creation assentions, joint endeavors, corporate unions, sub–contracting, and so forth. Couple of nations
today, including the US, can claim to have an independent military creation limit. The same frameworks which encourage worldwide streams of
merchandise, individuals and capital have produced new potential security dangers for states, as digital war, global terrorism, eco–terrorism and
transnational sorted out wrongdoing, which are no more principally outside or military in character and which oblige a mix of multilateral and
household strategy

Pros and Cons of Globalization
Pros and cons of globalization
Department:
International Management
Lecturer:
Prof. Dr. Henkel and Prof. Dr. Perlitz
Name:
Shi Zhun
Student ID:
1223396
Date:
29/Oct/2008
Table of Contents
Page Number
1. Summary...........................................................................3 2. Introduction.....................................................................4 3. The definition of

globalization..................................................4 4. Economic growth (pros and cons)............................................5 5. Worker (pros and
cons)........................................................7 6. Consumer (pros and cons).....................................................9 7. Human rights (pros and
cons)................................................11 8. Conclusion......................................................................13
References.........................................................................14
Figure 1 Growth in Volume of World Merchandise Trade and Gross Domestic Product,
...show more content...
"The Era of Globalization" is fast becoming the preferred term for describing the current times. According to Patricia (2001), just as the Depression,
the Cold War Era, the Space Age, and the Roaring 20's are used to describe particular periods of history; globalization describes the political, economic,
and cultural atmosphere of today.
While some people think of globalization as primarily a synonym for global business, it is much more than that. The same forces that allow
businesses to operate as if national borders did not exist also allow social activists, labor organizers, journalists, academics, and many others to work
on a global stage (Patricia, 2001). While coming up with a definition is difficult, an even greater challenge is deciding whether globalization is a good
thing or a bad thing.
4. Economic growth (pros and cons)
According to Robert and Murray (2001), on average, countries integrating rapidly with global economy enjoy higher economic growth rates than
countries with closed economies. The result is higher levels of national output and rising per capita incomes.
5
Progress does not always proceed smoothly, but the trend is clearly upward and far more favorable than in the absence of open markets around the
world.
Figure 1 Growth in Volume of World Merchandise Trade and Gross Domestic Product, 1994
–2004 (Annual Percentage Change)
Source: World Trade Report 2005,World Trade Organization
As figure 1 from

Pros And Cons Of Globalization

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