Globalization has had significant impacts on all economies of the world, with manifold effects. It affects their production of goods and services. It also affects the employment of labor and other inputs into the production process. In addition, it affects investment, both in physical capital and in human capital. It affects technology and results in the diffusion of technology from initiating nations to other nations. It also has major effects on efficiency, productivity, and competitiveness.
Several impacts of globalization on national economies deserve particular mention. One is the growth of foreign direct investment (FDI) at a prodigious rate, one that is much greater than the growth in world trade. Such investment plays a key role in technology transfer, in industrial restructuring, and in the formation of global enterprises, all of which have major impacts at the national level. A second is the impact of globalization on technological innovation. New technologies, as already noted, have been a factor in globalization, but globalization and the spur of competition have also stimulated further advances in technology and speeded up its diffusion within nations through foreign direct investment. A third is the growth of trade in services, including financial, legal, managerial, and information services and intangibles of all types that have become mainstays of international commerce. In 1970, less than a third of foreign direct investment related to the export of services, but today that has risen to half and it is expected to rise even further, making intellectual capital the most important commodity on world markets. As a result of the growth of services both nationally and internationally, some have called this "the age of competence," underscoring the importance of lifelong education and training and the investment in human capital in every national economy.
It means integrating an economy with the world economy for trade
there was a brief recession, followed by economic growth
There was a brief recession, followed by economic growth
The invention of credit cards
Serfdom was an unsustainable economic system, and it stunted the growth of the eastern European economy because eastern Europe maintained a farm-based economy long after the rest of the world had turned to an industrial economy.
Japan's economy experienced tremendous growth following World War 2, so much so that it's often referred to as the Japanese post-war economic miracle. The country eventually suffered economic stagnation in the 1990s.
World War 2 caused sustained economic growth.
The Indian economy is the world's twelfth largest according to market exchange rates. It is also the fourth largest economy by purchasing power parity (PPP) basis. From 1947 to 1991, the India Economic System was based on social democratic-based policies. The policies feature protectionism, extensive regulation and public ownership which led to slow growth and corruption. But the economy has moved to a market-based system with economic liberalization starting in 1991. The growth rate of the economy increased in 2000's with healthier economic reforms and policies. India became the second-fastest growing major economy in the world by 2008. In economic terms, India has a Mixed Market Economy - it uses a variety of government regulations to control the economy, but relies primarily on market forces to set pricing and demand and uses the general principles of capitalism.
globalisation is something spreading around the world
The Russian economy is considered a high income economy by the world bank. The economy of Russia is considered the 8th largest economy in the world.
There can be no economic justice anywhere in the world as long as there are humans involved in the economy.
Myanmar is the world's fastest-growing economy, according to the IMF's latest World Economic Outlook. The country's GDP is projected to grow by 8.6% this year. At this time Papua New Guinea has taken over the ranking of the fastest growing economy. It has a GDP growth of 16 percent.