Outline the features of globalization and analyse the intrusion of globalization on the standard of living in the global economy. Globalization, is an important typical within the contemporary frugal environment, and has undoubtly provided a significant stimulating drug to scotch issue for participating economies. The term globalization refers to the branch of increased integration amongst different countries and economies and the increased rival of international influences on all aspects of bearing and economic activity. The falsify for globalization has resulted in greater economic harvest-time globally, by dint of the opening up of barriers to international trade, save this increase in gentleman output is practically associated with detrimental effects in relation to the stability of a national economy, being amenable to the ups and downs of the international business cycle and also both confident(p) and prejudicious effects on the standards of livin g or lineament of life with in a nation.
There are many an(prenominal) dimensions to globalization, and it is often difficult to categories an economy as being globalized, yet at that place are several key indicators of integration between economies; these take: International trade flows International financial flows outgrowth of enthronization flows b/w countries and the transfer of technology The movement of workers b/w countries Whilst economic growth is one of the more or less perspicuous features of globalization, the driving force for field economic growth and economic growth within individual economies, is the growth in international trade flows. In the last 30 years world trade has grown significantly, a! s exports of goods and work provide a major stimulus to economic growth. In most years the growth in trade of goods and service volume has doubling the rate growth in world gross domestic product. In the Australian economy, exports represent over 20% of GDP in most years. One factor that has promoted trade growth is the expansion and military operation of transnational...If you want to get a full essay, order it on our website: OrderEssay.net
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