Review:
Economic Globalization
overall review score: 3.5
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score is between 0 and 5
Economic globalization refers to the increasing interconnectedness of national economies through international trade, investment, and technology transfer.
Key Features
- Trade liberalization
- Foreign direct investment
- Global supply chains
- Migration of labor
- Integration of financial markets
Pros
- Increased economic growth and prosperity
- Expansion of opportunities for businesses to reach global markets
- Access to a wider variety of products and services for consumers
Cons
- Growing income inequality between nations and within countries
- Loss of domestic jobs to lower-wage countries
- Environmental degradation due to increased production and transportation