Global Economic Transformation: Impact of Industrialization and Interconnectivity - Essay Sample

Introduction

The article analyzed the transforming global economic trend, which is evolving from past organizations and relationships across the world. For example, the invention of new technologies and the creation of the division of labor during the industrial revolution initiated a global economic development. The vigorous economic growth increased the interconnection between trading countries worldwide. The trading relationship between dominant countries in Europe and America created a structural imbalance and a major global shift in the world economy. Therefore, causing other countries to develop transitional economies to counter the problem. To predict future economic trends, one has to study the past, then establish trading principles that balance the world economic development while promoting international trade.

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Preindustrial Foundations

The author examined the organizing principle that initiated the evolving capacity of the economy leading to the industrial revolution. The industrial revolution shaped the template of the world's economic geography, but preinstalled foundations triggered the revolution. The early urbanization and rural development in Europe presented opportunities for merchant capitalism and a European economic structure. The organization of previous trends and practices are still present in the current world, which is the nature of economic change. The integration of technology to improve the global economy has been constant through the historical period to date. Some practices still influence the economy map of the world's society.

Schools Brief: The Miracle Trade

The study reviewed the principle of comparative advantage in international trade. Countries can specialize in the manufacture of a single product that will promote their economy. Specialization requires import and export of goods between nations that develop a unique product in the market. The supplier of the product will have a comparative advantage due to the margin of superiority created by the provision of an exclusive product. The country will also have a wide range of market from local and international consumers, hence promoting its economy. The cross-border trade among nations that implement specialization practices balances the pricing of both imported and exported goods. All countries having a comparative advantage due to specific products ensures a free and fair trade.

Good or Bad? Evaluating the Impact of TNCs on Home and Host Economies

The article evaluated the potential impacts of Transnational Corporations (TNCs) in the local and foreign economies in which they operate. The increased competition in market shares and the ambition to expand businesses led to the development of TNCs. Big corporations such as Apple company and Emirates airlines contribute to the economies of their home and host nations. Thus, making TNCs a vital aspect of the world economy at large. The investment of TNCs aids in creating new job opportunities for citizens of host nations, the introduction of new technologies, the use of alternative manufacturing procedures, and better standards of living due to improved wages. However, overdependence on TNCs puts the host nation economy at risk in case the corporation shuts down.

Capital Market Liberalization, Economic Growth, and Instability

In this article, the author analyzes the response and recovery of the world's economy after the worst financial crisis since the great depression. The financial crisis affected the employment rates and wages of employees on a global scale. The crisis was as a result of capital market liberalization, which employs conventional neoclassical models to markets while ignoring small scale traders. The lack of a regulatory body to administer an evaluating framework during the implementation of the models initiated the crisis. Capital liberalization is vital in the development of a global economy where consumers expect high standards of quality products and valuable trading. However, the absence of a regulatory framework stagnates economic growth of small traders.

The Globalization of Migration: Has the World Become More Migratory?

The study focused on international migration by analyzing the shifting global migration patterns based on the changes in distance, spread, and intensity of the movement. Over the years, the number of immigrants has significantly increased from a global perspective. The migration of people of diverse origins occurs every day targeting prime destination countries in Europe, America or Asia. In recent years, the movement of Latin Americans from Mexico into the United States (US) is an example of a globalized shift of locations. The Latin Americans moved into the US due to geopolitical and economic influence that offer them a better standard of living. However, the influx of immigrants led to the formulation of strict migration policies and a declining number of job opportunities.

Has Globalization Gone Too Far?

The author in this article evaluates the impacts of globalization in marketing sectors and social stability of countries worldwide. Globalization led to rapid economic growth because of an ever-growing market, which placed social groups of workers, and the government in a difficult situation. The fast-growing economy presented non-existing problems to social groups which affected their performance. For example, globalization provided mega-brands corporations with cheap labor from third world countries, hence displacing unskilled labor in the developed nations. Brands like Nike and Adidas, manufacture their good in Asia, where they get cheap labor to ensure low-cost capital. However, the brands deny their local nation jobs and underpay their host nations. Federal governments have also had a hard time formulating universal regulatory policies for international trade.

Is Globalization an Engine of Economic Development?

The article studies the social and economic development brought about by globalization as the key driver of the world economy. Ever since the instigation of international trade, countries have had an increased Gross Domestic Product (GDP). The standards of living of their citizens also improved due to the introduction of new technologies, a variety of foods, and health products, which directly or indirectly impacted their lives. Globalization led to a general decrease in the rate of poverty across the world, as new jobs and business opportunities were present. Furthermore, the valuation of local products in the foreign market rises, earning the exporting countries higher revenues.

Making a Living in Developing Countries: Sustaining Growth, Enhancing Equity, Ensuring Survival

In this journal, the author investigates the benefits and losses incurred by developing countries due to globalization; for instance, the current conditions of ordinary citizens of East Asian countries. The globalization of trade brought economic prosperity to some nations because of an equitable share of profits. In Latin America and Africa, the dependence of globalization for regular jobs of unskilled labor gave TNCs a chance to exploit the use of cheap labor to generate high revenues without developing the host county's economy. The corporations operate at a low cost hence only benefiting the head executives but not the ordinary employees. Even after globalization, most Africans and Latin Americans are living below the daily standard income threshold.

Globalization and the Environment

The author of this article analyzed the effects of globalization on the health of the planet and ecosystem. Companies use environmental resources to manufacture, market, and sell their products. Therefore, they should ensure the preservation of natural resources for future use. The establishment of a global environmental organization to protect the health of the planet signifies the role of the environment in the world economy. The ecological contribution of globalization is also essential to improve standards of living of humans by ensuring the availability of a healthy environment. Over the years, reported cases of companies that exposed toxic chemicals to the environment have led to fatal medical conditions such as cancer.