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Globalization and the Domestic Economy. Nichole Benson Miranda Campbell- Magaña Charlie Gipson Murtaza Sharifi. Globalization Defined. T he process of interaction and integration among the people, companies, and governments of different nations D riven by international trade and investment

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globalization and the domestic economy

Globalization and the Domestic Economy

Nichole Benson

Miranda Campbell-Magaña

Charlie Gipson

MurtazaSharifi

globalization defined
Globalization Defined
  • The process of interaction and integration among the people, companies, and governments of different nations
  • Driven by international trade and investment
  • Aided by information technology
gregory mankiw
Gregory Mankiw

GDP: the market value of all officially recognized final goods and services produced within a country in a given period of time

Globalization causes higher economic growth which will rise GDP, in a normal sample

Mahbubul Hag(left)

AmartyaSen(right)

human development index
Human Development Index
  • A composite statistic of life expectancy, education, and income used to rank countries into four tiers of human development
positive effects
Positive Effects
  • Increase in access to international markets
  • Domestic producers produce more efficiently
  • Wide variety of goods at lower prices
  • Comparative advantage leads to specialization and economic productivity
negative effects
Negative Effects
  • Detrimental to Small Businesses
  • Labor Costs
  • Marginalization of Lower Skilled Workers
  • Overuse of Natural Resources
globalization in domestic economic recovery
Globalization in Domestic Economic Recovery
  • Interconnectedness
  • Negative and Positive Effects in Process
  • GDP Growth
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