Economic Globalization And Chinese Poverty - 1826 Words

Economic globalization has been a crucial role and a very commonly discussed issue in today’s world. As explained in the book â€Å"International Business†, the term economic globalization means increasing economic interdependence of national, regional and local economies across the world through acceleration of cross-border movements of goods, services, technology, and capital (Joshi). Many people’s first impression of economic globalization would be the significant economic growth and higher living standards it creates, especially in East Asian developing countries. Recently, a heated conversation about economic globalization centers around its effectiveness in reducing worldwide poverty. Economic globalization has shown an unprecedented†¦show more content†¦Therefore, economies that joined globalization grow significantly faster and steadier, and the growth, in turn, will prompt developments in poverty reduction. Economic growth is the most powerful instrument for reducing poverty and improving the quality of life in developing countries by creating jobs, transforming society and driving human development. As trade goes on, economic globalization introduces new companies to another and increases employment across the globe. When people have a job, they have a relatively stable income, and thus become better off than before. One key of UN Millennium Goals is to halve the proportion of people living under the international poverty line of $1.25 per day by 2015 from its 1990 level. Thanks to the amazing speed of economic globalization, this prime target of the Millennium Development Goals was achieved around 2008, seven years earlier than planned (Chandy and Gertz). It is more surprising that only the six years from 2005 to 2011 would likely reduce half a million of people in poverty while the same feat had taken 25 years up to 2005. Needless to say, the speed continues to increase. Economic glo balization is never simply a notion suggesting theoretical benefits in textbook, but has been making great actual progress in the recent decades. China has been the biggest winner in this reallocation of resources andShow MoreRelatedGlobalization, Glt1, Task 1 Essays818 Words   |  4 PagesGlobalization Western Governors University Globalization refers to the development of an integrated world economy, exchange of cultural views, thoughts, and products (Wikipedia, 2013). Pologeorgis (2012) states that, essentially globalization began with the exploration and settlement of new lands. Communication and transportation advances have aided in this process. Two non-Western countries that have been impacted by globalization are India and China. 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