Question

What is globalization, and how does it affect different countries?

Answer 1

Answer: Globalization can be defined as the integration and interaction process among people, companies and governments worldwide. Globalization is the process of movement of people and goods easily across borders. In economic concept, it is the integration of market, trades with some barriers to slow the flow of product and service between nations. Globalization also promotes and increase interaction between different regions around the globe. Globalization is the expansion of business on a worldwide level.

Globalization is nowadays seen as marginalizing the less educated and low skilled workers. Business expansion will automatically not increased employment. Globalization due to higher mobility compared to labor can cause a high remuneration of capital.