How has economic globalization affected contemporary globalization?
2 years ago
Answered By Arsalan Q
To answer this question we need to first define both terms,
Economic Globalization refers to the interdependence of different economies around the world, almost every country on earth trades with every other country for something. For example, many countries around the world buy oil from us, Canada, whereas we buy fruit from a lot of other countries like Columbia since we cant grow it here. Both Canada and Columbia's economies are stimulated in this case. This is one example that illustrates how countries rely on each other for economic development
Contemporary Globalization refers to the final wave of globalization, the word contemporary means present day, and the word globalization as you know refers to the interconnectedness of society, in aspects of technology, culture, politics, and of course economics.
Now to connect these two terms. Your question is simply asking, how do countries relying on other countries for goods and services, affect modern-day interdependence. At this point, it's very straightforward. Economic globalization has caused every country in the world to have a list of strengths and weakness economy-wise, there are things every country can produce, but then there are things they can't produce and need to buy, This reliance on needing to buy things causes countries to become closer to one another, and rely on each other, they become interdependent, they become globalized. A perfect example of this is COVID. When COVID peaked in April of last year, Every country lost money, not just one, because every country needs other countries to buy from them to keep their economy stimulated. We rely on other countries so much in the 21st century, that if even a handful of countries can no longer trade, the entire world economy, literally shuts down.
To summarize, economic globalization affects contemporary globalization, because of the fact that when countries rely on one another to buy and trade goods with, it keeps their economy stimulated and causes them to become more interdependent.
2 years ago
Answered By Arsalan Q
To answer this question we need to first define both terms,
Economic Globalization refers to the interdependence of different economies around the world, almost every country on earth trades with every other country for something. For example, many countries around the world buy oil from us, Canada, whereas we buy fruit from a lot of other countries like Columbia since we cant grow it here. Both Canada and Columbia's economies are stimulated in this case. This is one example that illustrates how countries rely on each other for economic development
Contemporary Globalization refers to the final wave of globalization, the word contemporary means present day, and the word globalization as you know refers to the interconnectedness of society, in aspects of technology, culture, politics, and of course economics.
Now to connect these two terms. Your question is simply asking, how do countries relying on other countries for goods and services, affect modern-day interdependence. At this point, it's very straightforward. Economic globalization has caused every country in the world to have a list of strengths and weakness economy-wise, there are things every country can produce, but then there are things they can't produce and need to buy, This reliance on needing to buy things causes countries to become closer to one another, and rely on each other, they become interdependent, they become globalized. A perfect example of this is COVID. When COVID peaked in April of last year, Every country lost money, not just one, because every country needs other countries to buy from them to keep their economy stimulated. We rely on other countries so much in the 21st century, that if even a handful of countries can no longer trade, the entire world economy, literally shuts down.
To summarize, economic globalization affects contemporary globalization, because of the fact that when countries rely on one another to buy and trade goods with, it keeps their economy stimulated and causes them to become more interdependent.