M3Assignment_Emmerling.docx

M3Assignment_Emmerling.docx - Bonnie Emmerling M3...

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Bonnie Emmerling M3 Assignment MGT 4200 3/25/18
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2 Globalization has had a huge impact on the global economy by connecting countries from around the world. Through globalization our world has become significantly smaller and more connected, as stated in the article titled, “Globalization and its Impact on Economic Growth” there are three major ways globalization has impacted the global economy. These three major ways include, foreign direct investment, technological innovation, and economies of scale. An increase in foreign direct investment has helped boost technology transfer, industrial restructuring, and the growth of global companies, while technology innovation has helped increase the development of new technology, which, in turn, helps improve economic output by making processes more efficient. Lastly, economies of scale help reduce costs and prices, which in turn supports further economic growth While the debate as to whether globalization has had a positive or negative effect on the poor, economic and political writer Doug Bandow goes on to say, “Some critics of globalization have contended that the process has helped the rich and hurt the poor. However, the best research indicates that this is not accurate: Poverty is falling rapidly in those poor countries that are integrating into the global economy”. In the article titled, “Does Globalization Harm the Poor?” the author goes on the mention that the poverty rate around the world has been decreasing, as more and more countries have been participating in the global economy and globalization. With globalization the use of technology has spread, the division of labor has expanded, and the markets have become more open. The division of labor has given poorer countries the
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