Globalization of the World Economy

Friedman: Globalization of the World Economy Declining trade and investment barriers, advancements in technology, frugal dominance amongst Western international condescensiones, and the worlds changing foreign direct investment picture, have all contributed to the up-to-date state of our worlds economy. Although the United States still accounts for to a greater extent than than twenty percent of the worlds gross domestic product, their stinting dominance has declined dramatically collectable to these contributing factors. This shift in our global economy has make the idea of a more integrated global economic system, globalization, more desirable. As the concept of globalization deals to gain bankers acceptance amongst international businesses, the United States and other developed nations will continue to experience a sinking economy, while bleak markets and new competitors will continue to cultivate in the development regions of the world, much(prenominal) as China and India. Forecasts predict a rapid turn up in the share of world output accounted for by developing nations such as China, India, Indonesia, Thailand, and South Korea, and a decline in the share by industrialized countries such as expectant Britain, Japan, and the United States (Hill, 2010). Transforming, shifting, and changing: The U.S.

and World Economy In the early 1960s, the U.S. prevail the world economy and the world trade picture; more importantly, the U.S. dominate worlds foreign direct investments (FDI). U.S. multinationals dominated the international business scene about half the world--the centrally planned economies of the communist world-- was off limits to Western international business (Hill, 2010). The United States was the worlds dominant industrial power accounting for about 40.3% of world manufacturing output. By 2007, the U.S. accounted for only 20.7% of the World GDP (Hill, 2010). Other developed nations such as Great Britain and Japan, undergo a similar decline resulting in a precise different world economy than... If you want to get a full essay, order it on our website: Orderessay

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