midtermessay - Nitish Venkatesh Econ 201 Midterm Essay The...

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Nitish Venkatesh Econ 201 Midterm Essay The Global Village: What the Future Brings Globalization refers to a set of processes that increasingly make the parts of the world interdependently integrated. It is the driving force that former President, Bill Clinton, used that resulted in the economic boom when he entered office in 1992. It made the economy as prosperous as ever. During his tenure the economy expanded by 50 percent in real terms, created 50 million jobs which helped drop the unemployment rate in half. The creation of the Global Village took place, giving countries the ability to communicate and trade in ways that were never imaginable. The advancement of technology changed the way business and commerce was done between the world. As long as countries allowed global trade to take place, entrepreneurs and industries had unlimited freedom of capital. The reduction of tariffs, transportation costs, and capital control enabled every one to take part of it. While the economy grew at a pace never before in American history, the inability to adjust to the rapid changes have led to the current economic downfall. The introduction of Global trade gave a rice farmer in India a chance to trade its goods to other countries at a higher market price, rather than to settle with the local lower price. The Internet boom was Corporations and Entrepreneurs best friend in helping to grow. It gave the ability to sell goods and to market its products online. Messaging and email capabilities helped people to communicate all over the world. Currently it is helping make the presidential election a global discussion by using communication web sites, like Facebook, as an arena to share political beliefs. The middle class benefited the most from the internet boom because they were earning more money and was helping stabilize the difference from rich and poor. The Stock Market was at the highest ever, enabling buyers to invest money with confidence into companies. With spending and investing increasing, large
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amounts of capital was being distributed to every one involved. The technology development also increased migration flows because it increased millions of jobs all over the world. It enabled people from other countries to have the privilege to work in another country to earn better wages. Silicon Valley was the center of the Internet Boom by recruiting talent all over the world to come together in one campus located in California. It has recruited over 200,000 people just from India, sparking the recognition of talent in the Software Industry. American companies began seeing the talent coming from countries like India, and offered jobs to them in large amounts because they wanted to have that talent in order to keep up with the other companies. My dad is a prime example of the effect of the Internet boom. He came to America in the late 1980's, before the
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This note was uploaded on 02/25/2010 for the course MAT 443 taught by Professor Roberts during the Winter '10 term at Arizona.

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midtermessay - Nitish Venkatesh Econ 201 Midterm Essay The...

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