In today's highly competitive world, the recognition and the acknowledgement of one of the most influential economic movements of the twenty first century is ever more important. Globalization, the name of the significant economic phenomenon, both defines and represents the very movement that will eventually change the world economy forever. Globalization describes a process by which regional economies, societies, and cultures have become integrated through a globe-spanning network of communication and trade.
[...] But despite the fact that competition is and always has been vital to America's economy; competition may also lead to the downfall of the economy. In order to keep the competition going, education becomes a necessary institution because only through education can individuals To keep the competition going education is necessary, because through education individuals are motivated to succeed where innovation and invention occur along with constant updating of old ideas. Today, technology and science are the leading media through which competition is maintained. [...]
[...] According to Colander, outsourcing continues, the relative gains from trade accruing to the United States will become relatively smaller,” where outsourcing will begin to occur in the managerial departments If the outsourcers are eventually outsourced, then foreign nations like India and China will suck off riches from the American economy. As a result, equilibrium value of the dollar will be far below where it is (Colander 1). One of the contributors to America losing its significance economically was the collapse of the Soviet Union and the fall of the Berlin Wall, when, afterwards, “Some 3 billion people who had been out of the global economic game came onto the playing field—the people of China, India, Russia, Eastern Europe, Latin America, and Central Asia. [...]
[...] For example, if a graphic artist in New York City has a 100 thousand dollar salary and graphic artist in Delhi, India makes roughly 20 thousand dollars a year, the large gap in the salaries will close up as globalization continues to bring local economies into one global economy. As a result, in five, ten, or even twenty years later graphic designers will be making relatively same amount of money. Such an outcome defeats the purpose of outsourcing. But more importantly other countries will emerge on the global economy comparatively to that of the American strong economy. [...]
[...] According to Murray Weidenbaum, the chairman of the Weidenbaum Center of the Economy at Washington University, many companies began to make jobs overseas in order to enter foreign markets, but moreover, when American employers could not get in touch with their foreign employees due to immigration restrictions, the employers sent the jobs over to the employees rather than making having them come to the United States (31). Weidenbaum adds, “While doing so, the companies learned how to use modern technology to shift the location of work economically Many of America's largest corporations have moved on to outsourcing, from companies like Nike to Microsoft. [...]
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