Why globalization is an engine of economic development in the modern world with specific regard to the United states & East Asia

Abstract

In this explorative report, we will take an in-depth look at globalization and how it affects the world. Throughout the report, we will examine what globalization is, the history of globalization, the many attributes that make up the phenomenon, global opposition, the ties to international business, the various advantages and disadvantages based on geographic region, and finally, why it is so important to continue a progressive policy that encourages and nurtures the growth of globalization. Simply put, the benefits of globalization are vast. Throughout this report, we will observe the benefits of globalization and its applications in regard to international business. The relationship goes hand in hand, and understanding it unanimously is crucial to the business world, humanity, and everything in between. The reciprocal relationship between the two entities will be meticulously examined through the lens of numerous concepts, including market size, pricing, freedom of movement, and free trade. While globalization has numerous positive effects, and it is fair to say that they heavily outweigh the negatives, it is essential to remember that the phenomenon is not without fault. Amongst other aspects, globalization leads to a loss in human capital, which entails the migration of citizens to already advanced nations, resulting in the strong getting stronger and the weak getting weaker. In addition to the loss of human capital, and as a direct consequence of migration, traditional forms of social structures are being disrupted in both the sending and receiving countries. The result of this is a change in values and traditions that have been built and formed over thousands of years. The consequences of this are cultural misunderstandings, which can then lead to widespread societal and humanitarian issues, including but not limited to racism, prejudice, and discrimination. Beyond this, we will closely examine the other consequences of globalization and weigh them against the positiv