Macroeconomics (Book Only)
12th Edition
ISBN: 9781285738314
Author: Roger A. Arnold
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 24, Problem 1VQP
To determine
The three driving forces of globalization.
Expert Solution & Answer
Explanation of Solution
The important driving forces of globalization in the recent periods are advancing technology, the end of then cold war, and liberalized policies.
- a) Advancing technology: Technological progression makes an economy to grow faster and products are available at a cheaper rate in the world market. It also helps people to communicate with the rest of the world easier than before.
- b) End of the cold war: After the end of the cold war, the world became more open than before. An increase in transportation and communication, lowering migration restrictions, and cultural changes acted as catalysts toward greater globalization by improving the relations with former enemies.
- c) Liberalization: In the recent times, the policies adopted by the government are favorable to free trade, thereby leading to globalization.
Economics Concept Introduction
Globalization: Globalization refers to the releasing of restrictions like tariff and quota to international trade.
Want to see more full solutions like this?
Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
five common functions the actors of Globalization play in the Global economy.
Enumerate 5 examples of globalization today and explain the advantages and disadvantages of globalization to humanity.
Relationship of globalization and the contemporary world.
Chapter 24 Solutions
Macroeconomics (Book Only)
Ch. 24.4 - Prob. 1STCh. 24.4 - Prob. 2STCh. 24.4 - Prob. 3STCh. 24.7 - Prob. 1STCh. 24.7 - Prob. 2STCh. 24.8 - Prob. 1STCh. 24.8 - Prob. 2STCh. 24.10 - Prob. 1STCh. 24.10 - Prob. 2STCh. 24.11 - Prob. 1ST
Ch. 24.11 - Prob. 2STCh. 24 - Prob. 1VQPCh. 24 - Prob. 2VQPCh. 24 - Prob. 3VQPCh. 24 - Prob. 4VQPCh. 24 - Prob. 1QPCh. 24 - Prob. 2QPCh. 24 - Prob. 3QPCh. 24 - Prob. 4QPCh. 24 - Prob. 5QPCh. 24 - Prob. 6QPCh. 24 - Prob. 7QPCh. 24 - Prob. 8QPCh. 24 - Prob. 9QPCh. 24 - Prob. 10QPCh. 24 - Prob. 11QPCh. 24 - Prob. 12QPCh. 24 - Prob. 13QPCh. 24 - Prob. 14QPCh. 24 - Prob. 15QPCh. 24 - Prob. 16QPCh. 24 - Prob. 17QPCh. 24 - Prob. 18QPCh. 24 - Prob. 19QPCh. 24 - Prob. 1WNGCh. 24 - Prob. 2WNGCh. 24 - Prob. 3WNG
Knowledge Booster
Similar questions
- Jan Aart Scholte has argued that at least five broad definitions of ‘globalization’ can be found in the literature. Explain each in your own words.arrow_forwardWhat are the positive effects of globalization? Identify and critique each clearly with relevant illustrations.arrow_forwardExplain why economic globalization according to Joseph Stiglitz is a failure.arrow_forward
- What are the underlying philosophies of the varying definitions of globalization? Explain briefly.arrow_forwardIn your own words, explain the statement. "No one is in charge of Globalization"arrow_forwardExplain the international stage in four stages of globalization and give some examples.arrow_forward
- What are the changes since the globalization was digitalized? What activities have been present in this form of new globalization that didn't really exist before? How do countries exchange goods or participate in globalization this time?arrow_forwardTrace the development of the concept of globalization since it first appeared in the 1940s. What were the factors that have led to its development as a full-blown approach and integrated body of knowledge? What makes globalization a contested concept? Explain fully.arrow_forwardThree strategies that have been used/ implement by different countries to reduce the negative effects of globalization?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Economics Today and Tomorrow, Student EditionEconomicsISBN:9780078747663Author:McGraw-HillPublisher:Glencoe/McGraw-Hill School Pub Co
Economics Today and Tomorrow, Student Edition
Economics
ISBN:9780078747663
Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co