Can you explain and make a summary the given below? Thank you! MERITS OF GLOBALIZATIONGlobal competition and imports keep a lid on prices such that inflation is less likely to derail economic growth.An open economy spur fast innovation.Export jobs often pay more than other jobs.Unfettered capital flow keeps interest rates low.Living standards go up faster.Productivity grows more quickly.Countries liberalize their visa rules and procedures.It results in freeing up the unproductive sector to investment and the productive sector to export related activities resulting in a win-win situation for the world economy.DEMERITS OF GLOBALIZATIONSeveral people lose their jobs when companies import cheap labor or materials or shift production abroad.Worker’s face pay cut demands from employers who often threatens to export jobs.Unregulated globalization can cause serious problems to poor and developing countries.High foreign stake on industries where it is not necessarily needed could affect the economic growth of domestic enterprise.Sovereignty of a country and company/institution may be at

Globalization is the process of increasing interconnectedness between countries, businesses and…

Answered: Can you explain and make a summary the…

9th Edition

ISBN:9780134746241

Author:Edward J. Tarbuck, Frederick K. Lutgens, Dennis G. Tasa

Publisher:Edward J. Tarbuck, Frederick K. Lutgens, Dennis G. Tasa

Chapter1: The Study Of Minerals

Section: Chapter Questions

Problem 1LR

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Can you explain and make a summary the given below? Thank you!

MERITS OF GLOBALIZATION

Global competition and imports keep a lid on prices such that inflation is less likely to derail economic growth.
An open economy spur fast innovation.
Export jobs often pay more than other jobs.
Unfettered capital flow keeps interest rates low.
Living standards go up faster.
Productivity grows more quickly.
Countries liberalize their visa rules and procedures.
It results in freeing up the unproductive sector to investment and the productive sector to export related activities resulting in a win-win situation for the world economy.

DEMERITS OF GLOBALIZATION

Several people lose their jobs when companies import cheap labor or materials or shift production abroad.
Worker’s face pay cut demands from employers who often threatens to export jobs.
Unregulated globalization can cause serious problems to poor and developing countries.
High foreign stake on industries where it is not necessarily needed could affect the economic growth of domestic enterprise.
Sovereignty of a country and company/institution may be at

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