Reading 4: Economic globalization 진심이 CHEN XINYI

What is the relationship between economy and globalization?


1) Summary Economic prosperity is tied to globalization. With the rapid growth of the world economy, international trade and investment are also expanding rapidly. We no longer consider national borders when buying goods and acquiring information, and economic globalization is irreversible. In order to further understand the role of multinational corporations in economic globalization, this paper explains the scale and geographical distribution of multinational corporations in the global economy, why and how they engage in transnational activities, and the power relationship between multinational corporations and other participants in the global economy. There are multiple links between globalization and economic development. Globalization can be said to be a catalyst for economic growth in several countries. The increased movement of people across borders implies cross-transfer of knowledge, expertise and labor. Cross-border trade means more opportunities to sell a variety of goods and services.
2) Interesting points As a result of the globalization of the economy, new technologies from American multinationals can be quickly marketed in other countries, and these countries will benefit as well. One of the most obvious examples of technology is the development of smartphones, such as the Apple brand. once multinational companies have passed the test of the US market and achieved success, they can soon occupy the markets of other countries and regions. This is the phenomenon of uneven economic development in economic globalization.
3) Discussion In order to obtain huge profits, multinational companies often do not care about even the national interests of their own countries. For example, in order to reduce labor costs, Apple's manufacturers moved their manufacturing companies to Vietnam and other places, resulting in the loss of domestic manufacturing in the United States and the loss of some workers' jobs. This has long been a negative image of multinationals. At the same time, in order to further obtain profits, multinational companies often adopt strict production copyright restrictions. But if pharmaceutical companies restrict their Copyrights too tightly, they may end up with drugs that are too expensive for patients in developing or poor countries to afford.

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