a few decades ago faced only local or regional competition now must compete with firms from across the globe. Although not as free as the flow of international trade in goods and services millions of workers at all skill levels have migrated around the world and thousands of jobs have moved from advanced countries to such emerging markets such as India and China. Globalization is a revolution which in terms of scope and significance is comparable to the industrial revolution, but while the industrial revolution took place over a century, today’s global revolution is taking place under our very eyes in a decade or two. Globalization is of course is not new. Roman coins circulated throughout the empire two thousand years ago and even earlier so did the Chinese currency in China. As all revolution however, today’s globalization brings many benefits and advantages but also some disadvantages or harmful side effects. In fact there is a great deal of disagreement as to the extent and type of advantages and disadvantages. Does getting cheaper and or better products and service from abroad justify sacrificing domestic jobs? Why some people in some countries are very rich and obese while others dismally poor and starving? (Deaton, 2017), argued that globalization has seen negative force alarming the nations about threatening jobs in developed nations and making the residents feel that they have lost their the command over their lives and their families destinies. Being an economists we are not here to tell the stories, being a student or policy maker we have to find the solution that how can we combat our these problems. We have to move back from the ridiculous mathematical or econometric models and have to focus on the behavior of the humans; that what they are facing and what will be best suitable for them. Our aim should be sustainable development rather than the economic growth phenomenon. Conventional economic theories always encourage the self interest or competitiveness; so we have to break the chain and raise the slogan of do together, get together and distribute together.
Where The World Is Going?
Citation
References:
Deaton, A. (2017). Where in the World is the World Heading? Journal of Policy Modeling .
Myerson, R. B. (2017). Linking the best and worst of Global Trends. Journal of Policy Modelling , 1-3.
Phelps, E. (12th April, 2017). Dangers in a repeat of Historic Corporatism. Journal of Policy Modelling .
Salvatore, D. (2017). Where is the World Economy heading? An Overview. Journal of Policy Modelling .
Stigletz, J. (2017). The Coming Great Transformation. Journal of Policy Modelling .
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