Globalization is the process of countries' becoming more connected over time. There are many ways it affected nations around the world. Some of the effects are greater interdependence between countries and larger markets for goods and services. Trade has also been affected by globalization. Developed economies use outsourcing to take advantage of opportunities in developing countries and face aging populations and slow economic growth. Developing countries, on the other hand, have economies that are growing quickly and need to solve social and environmental issues as they grow. Globalization has led to economic growth in developing nations. This lead to an increase in jobs, growth of a middle class, and a rise in the standard of living.
Globalization has led to interdependence of world economies. Many nations have formed trade alliances or trade blocs to help their economies grow. As a result, trade has increased for all nations. Giant producing nations, such as the United States, are now contributing a smaller percentage of world GDP as other nations' production has increased.
