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Globalization and the Domestic Economy

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

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  1. Globalization and the Domestic Economy Nichole Benson Miranda Campbell-Magaña Charlie Gipson MurtazaSharifi

  2. 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

  3. 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)

  4. Human Development Index • A composite statistic of life expectancy, education, and income used to rank countries into four tiers of human development

  5. 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

  6. Negative Effects • Detrimental to Small Businesses • Labor Costs • Marginalization of Lower Skilled Workers • Overuse of Natural Resources

  7. China Enters WTO

  8. Globalization in Domestic Economic Recovery • Interconnectedness • Negative and Positive Effects in Process • GDP Growth

  9. Interconnectedness seen in GDP

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