How globalization has affected the economy?

Answer 1

It has added a lot of volatility to the market. For instance, every time there is a "crisis" in the Middle East (Iran threatens Israel, etc), the price of oil goes up. This is because a war in that region would result in a disruption in the supply of oil (see the Iraq War), so any hint of a problem causes a jump in prices. Also, the attacks of 9/11 put the American economy into a recession. Whenever there is a lot of uncertainty (and the threat of terrorism does that easily), it creates a lot of risk aversion, which has a lot of negative effects on the economy such as less investment, less spending, and less risk-raking.

Answer 2

This makes it possible to sell goods in many different areas. They have more trade options and even more options for jobs.

Answer 3

It means more interdependence so more economic growth as business offshore to you so it is like selling your service to developed countries

Answer 4

The major benefit of globalization is improved trade and competition between different economies which leads to better products.