What is the relationship between globalization and economic development?

globalization and economic development are related to several ways. Globalization can be considered a catalyst for the growth of the economies of several nations. Increased movement of people across territorial boundaries means that there is a cross transfer of knowledge, expertise and work. A cross -border store means that there are more opportunities for selling various goods and services. Globalization has also led to the availability of various technologies from different countries of origin by other countries for its advantage.

One of the links between globalization and economic development is the fact that people from different nationalities now consider it easier to go to other countries in an effort to live, career, trade and other purposes. These people bring with them much needed expertise, knowledge or work that the host country can use in its own benefit and economic development. For example, some countries that need qualified engineers, nurses, doctors and architects can benefit from immigrants of other countries who have those who have thoseAbout skills. In most countries, there is usually a lack of qualified healthcare professionals, and these people are often more likely to be considered in terms of immigration policy. These people help develop the economies of their host countries through their various gifts and expertise.

Another relationship between globalization and economic development is that it has led to an increase in trade between different countries. It allowed the country to sell its goods and services to countries based in different corners of the world and buy the necessary goods and commodities from other countries for the same country. For example, countries in the west that do not have oil can buy a commodity mainly from countries in the Middle East and Africa, which have huge reservoirs of oil deposits. The selling commodity can benefit from the point of view of increased financial resources.

The relationship between globalization and economic development can also be seen in the way of globalization has led to tech transfera nology between several countries. For example, due to the effects of globalization, new United States technologies will soon be available in other countries that will be able to benefit from it. An example of such technology is the development of different brands of smartphones that will soon become available in other markets as soon as they are released to the American markets.