Economics Essay Example | Topics and Well Written Essays - 500 words - 43

political economy - Essay Exampleglobalization is the reason why situations mentioned above happened in the every corner of the world. Globalization shortens the distances between people and countries and makes foreign products approachable for people all over the world. It has huge impacts on two environment and the labor markets in positive ways and negative ways.Decades ago when people were talking or so the consequences of globalization, the positive outcomes always came up first to their mind. It is true that globalization brought us whom atomic number 18 customers a hatful convenience and broader options toward products with relatively lower prices. Because of globalization Chinese people can buy European mobiles much(prenominal) as BMWs without going to Europe and drive it all the back from there to chinawargon. They can revision it from China without even walking out of their house and probably the car will park in motion of their house the next day after they purchas ed.Globalization has huge impact on labor standards principally because it has provided many mull opportunities world widely. Many international levels have their branch companies overseas in order to expand their market and reduce the cost of the company as a result of this many job positions are provided besides the jobs in the local labor market. Different branch company of a firm has several(predicate) description of their work tasks by considering the different situations in different areas, such as the different cost of labor and capital. Eventually, the labor standard is specified in each area. Countries like China and India are mainly focusing on manufacturing which needs huge amount of labor and capital such as land because of the lower cost of labor and capital there. On the contrary, countries such as Germany and United States are focusing on financial services and technology support, which needs people will higher skills. As a result the cost of labor and