It is the solved assignment of – “Will culture be eroded in the wake of globalization?” question from SMU MBA MB0037. The solved assignment is in the sequence of “Global Aspect of Globalisation in the Current World” and “Are Crises the Essential Feature of Globalization?”
Anxiety about globalization also exists in advanced economies. How real is the perceived threat that competition from “low-wage economies” displaces workers from high-wage jobs and decreases the demand for less skilled workers? Are the changes taking place in these economies and societies a direct result of globalization?
Economies are continually evolving and globalization is one among several other continuing trends. One such trend is that as industrial economies mature, they are becoming more service-oriented to meet the changing demands of their population.
Another trend is the shift toward more highly skilled jobs. But all the evidence is that these changes would be taking place – not necessarily at the same pace – with or without globalization. In fact, globalization is actually making this process easier and less costly to the economy as a wholly by bringing the benefits of capital flows, technological innovations, and lower import prices, Economic growth, employment and living standards are all higher than they would be in a closed economy.
But the gains are typically distributed unevenly among groups within countries, and some groups may lose out. For instance, workers in declining order industries may not be able to make an easy transition to new industries.
The economy as a whole will prosper more from policies that embrace globalization by promoting an open economy, and, at the same time, squarely address the need to ensure the benefits are widely shared.
Education vocational training to make sure that workers have the opportunity to acquire the right skills in dynamic changing economies and well-targeted social safety nets to assist people who are displaced.
Anxiety about globalization also exists in advanced economies. How real is the perceived threat that competition from “low-wage economies” displaces workers from high-wage jobs and decreases the demand for less skilled workers? Are the changes taking place in these economies and societies a direct result of globalization?
Economies are continually evolving and globalization is one among several other continuing trends. One such trend is that as industrial economies mature, they are becoming more service-oriented to meet the changing demands of their population.
Another trend is the shift toward more highly skilled jobs. But all the evidence is that these changes would be taking place – not necessarily at the same pace – with or without globalization. In fact, globalization is actually making this process easier and less costly to the economy as a wholly by bringing the benefits of capital flows, technological innovations, and lower import prices, Economic growth, employment and living standards are all higher than they would be in a closed economy.
But the gains are typically distributed unevenly among groups within countries, and some groups may lose out. For instance, workers in declining order industries may not be able to make an easy transition to new industries.
The economy as a whole will prosper more from policies that embrace globalization by promoting an open economy, and, at the same time, squarely address the need to ensure the benefits are widely shared.
Education vocational training to make sure that workers have the opportunity to acquire the right skills in dynamic changing economies and well-targeted social safety nets to assist people who are displaced.
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