Question

Explain one national and one international consequence of globalization.

Answer 1

Globalization has become a familiar enough word, the meaning of which has been discussed by others before me during this conference. Let me nonetheless outline briefly what I understand by the term. I shall then go on to consider what has caused it. The bulk of my paper is devoted to discussing what we know, and what we do not know, about its consequences. I will conclude by considering what policy reactions seem to be called for.

THE CONCEPT

It is the world economy which we think of as being globalized. We mean that the whole of the world is increasingly behaving as though it were a part of a single market, with interdependent production, consuming similar goods, and responding to the same impulses. Globalization is manifested in the growth of world trade as a proportion of output (the ratio of world imports to gross world product, GWP, has grown from some 7% in 1938 to about 10% in 1970 to over 18% in 1996). It is reflected in the explosion of foreign direct investment (FDI): FDI in developing countries has increased from $2.2 billion in 1970 to $154 billion in 1997. It has resulted also in national capital markets becoming increasingly integrated, to the point where some $1.3 trillion per day crosses the foreign exchange markets of the world, of which less than 2% is directly attributable to trade transactions.

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Answer 2

Explanation:

Through globalisation nation's economy growth globally so it opening up the barriers of international trade which increase the stability and creates positive impact on quality of life with in a nation's individuals. Economic growth through Globalisation has both positive and negative impacts on the society.

Globalization certainly permits an increase in the level of global output. And international capital flows can transfer savings from countries where the marginal product of capital is low to those where it is high, which again increases world output.

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