Economic Globalization and its Impact on National Development
While some argue that the movement of capital and goods around the world will help countries' economies improve and create jobs, others contend that it will only increase poverty. In any case, there is no denying that the economy of world is becoming increasingly globalized. The global development of nations has been significantly impacted by this.
Positive Effects
Globalization has raised people's living standards and helped more people escape poverty. However, it also has some drawbacks. Some critics contend that workers in developing nations are being exploited as a result of globalization. Others point out that the global market gives businesses full access to customers and provides them with a wider range of products. These products might be bad for the environment in some cases.
According to estimates from the World Bank, 1.1 billion people living in extreme poverty were lifted out of poverty in 2010. In the meantime, life expectancy has increased by two centuries. However, the question of whether or not the digital revolution is a legitimate contributor to the global economy persists.
Governments and businesses are coming together as a result of globalization to create economic opportunities for everyone. The garment industry, for instance, makes clothes in Bangladesh that are shipped all over the world. The sector is thought to employ four million people.
People must compete for high-skilled jobs in developed nations. As a result, manufacturing costs are lower. Products of higher quality and greater variety are available to customers. Additionally, they might be able to consume healthier foods.
Choice Of Communist Or Free-Market Economics
It's hard to choose between free-market economics and communism. There are a lot of things to think about, but this article will focus on the most important ones. The health of the working class, a worker's wage, and the cost of living are among them. In addition, numerous efforts have been made to find ways to boost employee productivity. The majority of workers in a capitalist system do not receive compensation for their labor, and their contributions frequently require recognition.
A system that emphasizes collective ownership of the means of production (MoP) has the potential to significantly ameliorate a nation's predicament. Socialists want to raise the standard of living for the majority of people, not just a select few wealthy individuals. In
particular, they suggest starting worker's cooperatives. This is similar to real democracy. It is an admirable endeavor.
Naturally, if one is willing to put in a lot of time and effort, they might think about the advantages of a socially and economically viable alternative. As a result, the economic, political, and philosophical facets of socialism that are most relevant to the issue of choice are the focus of this article.
Supra-National Bodies on Nation-States
The rise of supra-national bodies on nation-states and economic globalization coincides with the acceleration of economic globalization. They are non-state organizations that use economics, laws, international markets, and international trade to shape the world. Although they may serve distinct purposes, their scope and goals frequently overlap.
The United States' free trade system was established by the North American Free Trade Agreement (NAFTA). In the meantime, there are several supranational institutions in the European Union (EU). "Paradigmatic supranational organization" has been used to describe the EU.
Supranational organizations' ability to influence the global monetary system is a significant advantage. For instance, countries experiencing severe economic difficulties receive financial assistance from the European Stability Mechanism. They are able to achieve greater economic stability as a result of this.
The expansion of international trade and commerce is supported by numerous supranational organizations. These organizations give nations a way to collaborate to promote international business practices, improve relations with other countries, and make international sports more popular.
But these organizations are not the answer. Nation-state autonomy is still a contentious issue. Some skeptics assert that they cause instability, while others assert that they regulate global markets effectively.
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