Jay Sawyer from Glenview, IL explains the consequence of globalization on the economy of United States. He agrees that it has helped to lift a billion people from extreme poverty and improved the lives of billions more. The United States also gained an estimated 11%–19% of its annual GDP.
Globalization describes the process in which regional economies, cultures, and societies have become integrated via transportation, communication, and trade. According to Sawyer, the less developed countries will have the opportunity to raise their standard of living by engaging themselves in global system. Besides, the wealthier nations in the world such as US enjoy the benefits as lessened national barriers for economic integration and cultural interaction, lowered trade restrictions, and creation of new opportunities for their economic growth.
Jay Sawyer from Glenview, IL agrees with the fact that Economic globalization encourages free trade, which usually involves an increase in cash flow. An increase in cash flow ensures that capital is redistributed, resulting in more liquidity. It thus provides investors the privilege of only taking the financial risks they want to. Furthermore, with the elimination of barriers due to economic globalization, goods can be transported easily. This provides an obvious economic benefit for corporations as they no longer require paying for expensive border charges.
About Jay Sawyer
Last, but not the least, Jay Sawyer from Glenview, IL points that it increases communication flow all over the world. This ensures the sharing of valuable information between people as well as the organizations. It has lowered the likelihood of war amongst developed nations through the propagation of useful democratic ideals.