Nigeria, like other developing countries of the world is paying more attention on how to accelerate the rate of her development through the various sectors of the economy.
International commodity marketslabor marketsand capital markets make up the economy and define economic globalization. In Sumeran early civilization in Mesopotamiaa token system was one of the first forms of commodity money.
Labor markets consist of workers, employers, wages, income, supply and demand. Labor markets have been around as long as commodity markets. The first labor markets provided workers to grow crops and tend livestock for later sale in local markets.
Capital markets emerged in industries that require resources beyond those of an individual farmer. Most of the global economic powers constructed protectionist economic policies and introduced trade barriers that slowed trade growth to the point of stagnation.
Globalization did not fully resume until the s, when governments began to emphasize the benefits of trade. Governments shifted their economies from central planning to markets.
These internal reforms allowed enterprises to adapt more quickly and exploit opportunities created by technology shifts.
Labor-intensive production migrated to areas with lower labor costs, later followed by other functions as skill levels increased. Networks raised the level of wealth consumption and geographical mobility.
This highly dynamic worldwide system and powerful ramifications. This event came to be known as the Big Bang. Global actors[ edit ] International governmental organizations[ edit ] An intergovernmental organization or international governmental organization IGO refers to an entity created by treaty, involving two or more nations, to work in good faith, on issues of common interest.
International non-governmental organizations NGOs [ edit ] For more information, reference non-governmental organization NGO Despite its activity within one nation, NGOs work towards solutions that can benefit undeveloped countries that face the backlash of economic globalization.
Classified as any non-profit, voluntary citizens' group which is organized on a local, national or international level. NGOs perform various services and humanitarian functions, bring citizen concerns to Governments, advocate and monitor policies and encourage political participation through provision of information.
In businessoutsourcing involves the contracting out of a business process e. ECLAC states that in order to create better economic relations globally, international lending agencies must work with developing countries to change how and where credit is concentrated as well as work towards accelerating financial development in developing countries.
Key factors in achieving universal competition is the spread of knowledge at the State level through education, training and technological advancements. The fair trade movement works towards improving trade, development and production for disadvantaged producers.
The fair trade movement has reached 1. Fair trade works under the motto of "trade, not aid", to improve the quality of life for farmers and merchants by participating in direct sales, providing better prices and supporting the community.
Some global brands were found to do that before but they took some methods to support the labors soon after. The movement is taken to decrease the wrongdoing and gain the profits for labors.
Race to the bottom Globalization is sometimes perceived as a cause of a phenomenon called the "race to the bottom" that implies that multinational companies are constantly attempting to maintain or increase their influence in countries that are already reliant on foreign investment alone.
Multinationals tend to target export dependent countries. Due to a rise in competition, underdeveloped countries are undercutting their competitors through lowering their labor standards thus lowering the labor costs for the multinational companies investing into them.
Companies will deliberately move into countries with the most relaxed laws and regulations for labor standards allowing them to do whatever they want.
This results in factories with harsh labor conditions, low wages, and job insecurity.
With the growing demands of science and technology, Gao states that with world markets take on an "increasing cross-border division of labor". Rappa agrees that economic globalization is reversible and cites International Studies professor Peter J. Per capita GDP growth in the post globalizers accelerated from 1.
This acceleration in growth is even more remarkable given that the rich countries saw steady declines in growth from a high of 4. Also, the non-globalizing developing countries did much worse than the globalizers, with the former's annual growth rates falling from highs of 3. This rapid growth among the globalizers is not simply due to the strong performances of China and India in the s and s—18 out of the 24 globalizers experienced increases in growth, many of them quite substantial.The global economic crisis is a reality NGOs face today.
The crisis has dire consequences for HIV and AIDS funding. These effects are felt particularly in sub-Saharan Africa, which has the highest levels of HIV and AIDS infection in the world, with approximately 25 million (more than 60 percent of global .
Nov 21, · 6 factors shaping the global economy in 23 Dec Anders Borg Minister of Finance of Sweden () will be a challenging and difficult year for the global economy. but the macro-economic impact has so far been on the weaker side because the growth has come from a low level.
Every year this is gradually changing. Economic globalization is one of the three main dimensions of globalization commonly found in academic literature, with the two others being political globalization and cultural globalization, as well as the general term of globalization.
Economic globalization refers to the free movement of goods, capital, services, technology and information. It is the increasing economic integration and. A Global Convergence: Exploring the economic, social, and environmental impact of globalization [David Conrad McDonald] on iridis-photo-restoration.com *FREE* shipping on qualifying offers.
In his first novel, David McDonald — an economics student at The University Of Guelph and founder of The Global Millennial — dives into the globalization discussion with a particular focus on how economic theory and. Artificial intelligence has large potential to contribute to global economic activity.
But widening gaps among countries, companies, and workers will need to be managed to maximize the benefits. The role of artificial intelligence (AI) tools and techniques in business and the global economy is a hot.
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