Economic globalization has played a significant part in increasing the national income of the world. One gets an opportunity to share technology for better production of goods and services. Today developed countries are investing their funds with developing nations, which gives them an opportunity to yield considerable amount of profit.
Global economy growth has created equal opportunity for developing countries to compete and grow with the other developed nations. It leads to inter country trade and marketing of various products. It controls the world inflation and ensures flow of goods and services.
Foreign direct investment has benefited many countries that cannot have investment in various profit making sectors. Such investments have helped them to control unemployment, increase in the PPP, and GDP of developing countries.
Such trade polices also leads to exchange of culture, tradition, technology, goods, and services. International trade is not a new concept for countries and one can find trading carried out for species, silks, cotton, tools, and others.
Today economic globalization helps in controlling the poverty of the world, food shortages, educating people, and many others. It has controlled the monopoly of wealthy and powerful countries their business class people.
World Trade Organization is formed by some of the world’s powerful countries that have drafted rules and regulations to help some of the poor and developing countries. They ensure proper supply of goods and services, and food materials to the needy nations. They make food grains available to these countries at a cheaper price.
It has benefited many developing countries like India and China trading their pharmaceutical products, silks and tea to the different part of the world at a cheaper price. WTO has an important role in regulating the trade policies and settling any disputes between the nations. The international trade policy brings harmony amongst various countries, increases socio-economic bond, increases trade, and helps in controlling various environmental issues.
Increase in trade ratio, and this in turn has resulted to faster consumption of natural resources. Through global economic nations also share the values of wisely using the electric power, forest, minerals, and others. Enough care has been taken for not contaminating air, water, as they are considered to be important parts of our life.
Today, mobile phones, computer peripherals, and other electronic products can be recycled without destroying the economic balance of the earth. The number of waste management companies has increased, which use new techniques for recycling different types of products. This avoids dumping of harmful electronic products, which can adversely impact it.
Manufacturers have adopted the concept of ‘Go Green’, which means that they would use techniques, which will use fewer resources, electricity, and emit less poisonous gas in the atmosphere. Various electronic…