Globalization refers to all economic transactions among countries.
AbstractGlobalization refers to the growing economic interdependence of countries worldwide through the increasing volume and variety of cross-border transactions in goods and services and of international capital flows, and also through the more rapid and widespread diffusion of technology. On a broad level, the welfare benefits of globalization are essentially similar to those of specialization and the widening of markets through trade, emphasized by classical economists. By enabling a greater international division of labor and a more efficient allocation of capital, and by increasing the degree of competition faced by firms, globalization raises productivity and average living standards, while broader access to foreign products allows consumers to enjoy a wider range of goods and services at lower cost. On the capital account side, globalization can also confer benefits by allowing a country to mobilize a larger volume of financial savings and by spreading risks more effectively (in part because investors and savers have access to a wider range of fmancial instruments). Show
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These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves. This paper draws heavily on Chapter IV of World Economic Outlook, May 1997, IMF. PreviewUnable to display preview. Download preview PDF. References
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Rights and permissionsCopyright information© 2000 Springer-Verlag Berlin Heidelberg About this paperCite this paperCitrin, D., Fischer, S. (2000). Meeting the Challenges of Globalization in the Advanced Economies. In: Wagner, H. (eds) Globalization and Unemployment. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-662-04082-9_2 Download citation
What does globalization mean in economics?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, flow of international capital and wide and rapid spread of technologies.
What does globalization mean to countries?Globalization is the word used to describe the growing interdependence of the world's economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.
Whats Does globalization mean?Globalization is a term used to describe how trade and technology have made the world into a more connected and interdependent place. Globalization also captures in its scope the economic and social changes that have come about as a result.
What are the 2 definitions of globalization?It is generally understood to include two inter-related elements: the opening of international borders to increasingly fast flows of goods, services, finance, people and ideas; and the changes in institutions and policies at national and international levels that facilitate or promote such flows.”
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