Question

Economic globalization has brought countries from all over the world together, not only in trade, but also as partnerships. In what ways has globalization impacted the global economy? List 3-4 examples of how globalization has changed the ways nations and corporations interact with each other economically.

Answer 1

1) Because the products are more similar now, there is more direct competition rather than exchange: for example the clothes people wear are now similar hthe globe and traditional clothing is rare

2) there are many international corporations that cross the boundaries of countries, which means that countries are less independent of each other

3) some production types is distributed among different countries, leading to a greater colaboration

4) the countries which "imposed" their goods on the others have a relative advantage (for example McDonalds is replacing regional food in many countries - less egalitarian world.

Answer 2

Answer:

less isolationism and protectionism; exchange of technology and ideas; added investment in developing nations; expansion of larger corporations; creation of more jobs and economic opportunities throughout the world; more competition; more cooperation between nations; global community

Explanation:

less isolationism and protectionism; exchange of technology and ideas; added investment in developing nations; expansion of larger corporations; creation of more jobs and economic opportunities throughout the world; more competition; more cooperation between nations; global community