What is the connection between economic growth and globalization?
The connection between economic growth and globalization is derived from the benefits of increased globalization in relation to its effect on various economies. Countries can benefit from globalization in many ways, including expansion in the international market for locally produced goods, benefits gained from human capital in people from other countries, and the ability of different countries to benefit from raw materials from other countries. In other words, the connection between economic growth and globalization follows from the lightness of communication and transport that supports mutual dependence and other forms of economically beneficial and social relationship between countries.
Perhaps the most visible relationship between economic growth and globalization is the role of globalization as a facilitator of international trade. With the advent of the globalization trade between different countries, the distance, customs and language is no longer prevented. Most people may not even leave their own region to do business in other countries because globalization allowed economic transactions to be carried outand long distances. One way to measure the link between economic growth and globalization is the assessment of the impact of international trade on some economies. Such economies are largely dependent on the balance of local resources or local goods produced to other countries.
Another parameter for measuring the connection between economic growth and globalization is related to the benefits derived from the mobility of human capital that cannot be separated from the individual. For example, an experienced engineer transmits his wealth of knowledge of any country or territory that can live. As a result, one of the links between economic growth growth is that it has allowed different countries to benefit from human capital in a way that was not possible before the advent of globalization.
Country with oil abundance can only earn oil value on the international market to achieve economic progress as a result of globalization. SuchSuccess will not be economically beneficial for the country, which is possible without the occasions provided by globalization. The structure based on the international market serves as a means of economic growth of various economies. This relationship between economic growth and globalization is the most visible in tourism. The industry is a direct offshoot of globalization that has allowed cheaper transport and mutual communication between close and distant nations.