Assignment:
Economic Globalization Assignment
Introduction: Of late, there has been a growing debate on globalization. Those advocating the policy argue that globalization reduces it helps both developed and developing countries to be more competitive and, in turn, achieve higher economic growth. This is done by minimizing inefficiencies in the production systems, liberalizing international trade, free-flow of capital and labor as well as transfer of technology. On the other hand, those against argue that globalization has brought more destruction.
For example, it has led to job losses particularly to national countries as more multinational companies relocate to regions and/or countries where they can benefit from lower labor wages. They go on to say that globalization has also killed local industries as they could not stand competition from multinational companies. For developing countries, globalization has also posed a threat to the agriculture sector as their markets get flooded with products from developed countries. The above figure shows a number of factors contributing to globalization.
Purpose: This assignment is designed to test your understanding of the definition of globalization, fundamental attributes of globalization and factors driving it. In addition, the assignment is aimed at assessing the degree to which ECON 2020 students can effectively communicate their arguments and influence decision-making.
Approach: Using the questions below, write a six-page essay.
1) What does the term ‘globalization' mean to you?
2) Select any of the two factors of globalization from the above diagram and explain how they contribute to the process of globalization?
3) How does globalization impact you in your daily life?
Submission of the Assignment: Your essays must be well thought out using complete sentences in standard English. Use MLA (or APA) writing standard. The essay must have citations. Also, include references.