In addition, when every country opens their markets, the import tax reduces. In Vietnam, The US is now Vietnam’s largest export market, much more than EU and ASIAN market, with textiles, seafood, and footwear and wood products ranked among the top earners. The nation’s reintegration into the world economy has proceeded at a rapid pace. In this market, trade has been increased and got more benefit. Advances in communication and transportation technology, combined with free-market ideology, have given goods, services, and capital unprecedented mobility, take advantage of abundant, cheap labor that are what we can get by reducing tariffs, privatizing state enterprises, and relaxing environmental and labor standards.įurthermore, market-based economic policies have contributed to open up the trade barriers have been removed and FDI ( Foreign direct investment) is now a fundamental part of most developing countries. Like society, economics is also developing days by days. The second positive effect of globalization is on economics. The Internet in essence makes the world a smaller place. We can make friends, get information easily, and observe many cultures from over the world through the development of internet. Globalization makes countries become closer. We can feel that our life become more modern, more comfortable than it was in the past when each of us get higher salary, shorter work hours and better public services. It improves quality of our life, and brings high standard of living. Positive effect firstly, globalization is developing our society. We should focus these effects on both positive and negative sides. The growth in infrastructure of VN is a real demand. After joining WTO, VN has changed dramatically and have attracted many foreign investors. Globalization is a phenomenon on over the world, so it affects all countries, all aspects of our daily life, such as society, culture and economics. In Vietnam, we have opened “our door” since we carried out the economy reform DOI MOI in the mid-1980s, and we actually joined in this playground when becoming a member of WTO on January, 2007
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Impacts of globalization in kenya free#
For this field, the principle of globalization bases on the combination of economic theory about free markets, reducing barriers in exchanging and trading goods that makes the specialization in export-import. In most cases, however, Globalization refers to economic globalization through trade, foreign direct investment, capital flows, migration, and the spread of technology. In this process, there is combination of economic, technological, socio-cultural and political forces. We can understand it as a process by which people around the world are gathering into a single society and function together.
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Globalization is not only a tendency any more but also a fact.
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Globalization is the process of growing integration of economies and societies around the world. Have you ever wondered about why society is more developed over time, what makes internet, communication and languages to be so important nowadays, why countries have tendency to join together, why inflation rate is also increased in every economies, and how we can take the advantages of most available resources to produce goods and services efficiently…? We will try to answer somehow these questions by understanding “Globalization and its effects” on both social and economic aspects.