Global Economic Crisis-Free-Samples for Students-Myassignement

Question: Write a report on Globalization and/or the Current Global Economic Crisis. Answer: The current global economic scenario has been experiencing the implications of an international phenomenon known as the Globalization. The term globalization indicates towards a more open and interconnected global framework, which facilitates the free and easy transfer of goods and services across different countries. As can be gauged from the notion of the term of globalization, the phenomenon is expected to facilitate international trade considerably and is also expected to facilitate the internal cost effectiveness of those industries of the countries in which the country experiences comparative advantages in production, thereby taking the concerned economies on the path of development (Beck, 2015, pp 9-10). However, Globalization, though is expected to have positive effects on the overall international economy, it is however expected to have several negative implications on those countries which are developing or are at low stages of development and in which the condition of the economies are fragile. This may happen because in most of such economies the industrial sectors are either almost non-existent or are at infant state. In such a scenario, Globalization, by opening the countries to entry of foreign efficient companies who can pose a serious threat to the growth and expansion of the domestic industries (Kaplinsky, 2013). Thus, it can be expected that the Globalization may have a distorted and skewed effect on the overall scenario of international economics as the benefits are mainly expected to be accrued to the developed countries. However, the poor and low developed countries face the threat of losing out economic power and growth aspects which may hamper their growth in the long run. The paper tries to analyze the pros and cons of Globalization in this aspect. References Beck, U. (2015).What is globalization?. John Wiley Sons, 9-10. Kaplinsky, R. (2013).Globalization, poverty and inequality: Between a rock and a hard place. John Wiley Sons.