Globalization Is Turning The World Into An Integrated Economy

Globalization which gives us all access to each other s special skills and products is turning the world into an integrated economy. To poorer countries globalization brings the chance to sell their relatively low cost labor onto world markets. It brings the investment that creates jobs, and although those jobs pay less than their counterparts in rich economies, they represent a step up for people in recipient countries because they usually pay more than do the more traditional jobs available there. On the other hand, to people in richer countries globalization brings lower cost goods from abroad, which leaves them with spending power to spare and a higher standard of living. It also brings opportunities for productive investment in†¦show more content†¦The integration of the world economy has brought with it an interdependence. As countries co-operate in trade with each other, they get to know each other and grow into the habit of resolving disputes by negotiation and agreement instead of by armed conflict. Because of international trade, economic achievements of many of the countries are interdependent with other countries. Globalism is supposed to put the interests of the whole world above the interests of individual nations. It is the failed authoritarian in desiring for a single world rejecting the role of nations in encouraging productivity and protecting values. Groups which are globalist and non-Christian religions have campaigned actively for the creation of a world government. Globalism has been made faster due to the involvement of the internet which has made the world a global village and people can do business with the click of a button. Globalization has led to the improvement in the living standards, but has led to the exploitation of poor countries and decay of morals hence a bad thing to go with. According to Keidel (2008), China’s economic growth has continued to rise and is grounded by the domestic strengths of the economics of the country. The economy of this country is solely dependent on its domestic driven economy. Its balanced growth remains independent from the patterns of export trading and the fluctuations of the American economy.