Globalization affects economic systems worldwide from "summary" of Comparative Economic Systems by Richard L. Carson
Globalization has become a dominant force shaping economic systems around the world. It is a process characterized by the increased interconnectedness and interdependence of countries through the exchange of goods, services, capital, and information. This interconnectedness has significant implications for economic systems at both the national and international levels. One of the primary ways in which globalization affects economic systems is through increased trade and investment flows. As barriers to trade and investment are reduced, countries are able to engage more easily in economic transactions with one another. This has led to the growth of global supply chains, where different stages of production are carried out in different countries to take advantage of cost differentials and economies of scale. Globalization also affects economic systems through the diffusion of technology and knowledge. As countries are more interconnected, ideas and innovations are ab...
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