According to Dr. Ayman Kandeel, there are numerous intriguing aspects to globalization. Take, for example, the fact that an increasing proportion of our consumption is made up of goods that are available anywhere in the world. Production processes are becoming more standardized, allowing goods to be made available in a wider range of locations. Now, even ideas are universally recognized and shared by all human beings. In fact, globalization has increased the efficiency of many aspects of human life, including agriculture. A number of additional benefits have resulted, including lower travel expenses. The global economy is shaped by a diverse range of economic activities taking place all over the world. These activities can range from the production of raw materials to the exportation of finished goods and services. According to Morgan Stanley, the bank imported four million barrels of crude oil and petroleum products in 2012. Goldman Sachs is one of the world's largest commodity derivatives dealers. Its expansion into other sectors has included the acquisition of toll roads, ports, and airports, among other things. JP Morgan is also a marketer of electricity in the state of California. Some of these activities contribute to the development of underdeveloped countries by allowing them to import capital goods while simultaneously exporting primary goods to the developed world. The increased availability of raw materials, labor, and other resources in globalized countries is a contributing factor to economic growth in these countries. Developing countries will be able to respond to natural disasters more quickly as trade continues to grow, and advanced medicines will become more readily available as trade continues to grow. In addition to encouraging the creation of new jobs, increased international trade also promotes international competition and innovation. As the number of people studying abroad grows, so does the standard of living in the countries where they are studying. Over the course of the twentieth century, a number of countries have seen an increase in their trade volume. Consequently, the global economy is more interconnected today than it was a century ago. In addition to the exchange of raw materials, manufactured goods, and services, the global economy is comprised of a complex web of financial and business relationships. One example of this is the position of cargo ships as they travel across the oceans at different speeds. It is one of the most useful tools for comprehending the global economy and the interdependence of nations that this type of data visualization exists. Dr. Ayman Kandeel pointed out that international trade has resulted in the development of a global economy, and the consequences of this development can be felt in every aspect of our lives. Globalization has facilitated greater access to advanced technology as well as the ability to produce and distribute independent media. As a result, it has provided a framework for international cooperation on issues that are not directly related to the economy. The influx of goods and services from other countries may necessitate the improvement of the quality of education in many countries as a result of globalization. In addition, the development of global trade and finance has resulted in the development of a number of common solutions to problems. Following World War II, trade between countries on the European continent grew more rapidly. Trans-oceanic trade between Western Europe and Asia constituted the majority of trade during the first wave of globalization. Trans-oceanic trade continued to expand and was responsible for approximately half of all global output. Intercontinental trade, on the other hand, was highly dynamic and varied by empire during the early modern period. Post-World War II trade has increased dramatically in recent decades, accounting for more than half of total global output in the last few decades. The economy of the United States is an excellent example of the impact of global trade. The United States, as the world's largest economy, is responsible for more than a quarter of global gross domestic product (GDP). It also accounts for one-fifth of the total market capitalization of the world's stock markets. Finally, the United States dollar is the most widely used currency in the world. As a result, the United States' monetary policy is a significant driver of global financial conditions. In Dr. Ayman Kandeel’s opinion, when it comes to countries with high incomes, economic globalization has a lot to offer. In spite of this, it does cause some difficulties. Furthermore, integrating with the global economy necessitates the development of appropriate income levels in order for countries to fully reap the benefits of internationalization. Economic globalization is unlikely to be successful in countries with inadequate infrastructure, macroeconomic instability, and a corrupt political class. The ability to be open to globalization is essential for achieving economic growth.
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