Globalization has both benefits and challenges for growth from "summary" of Growth Theory by Robert M. Solow
Globalization, the increasing interconnectedness of economies around the world, has become a prominent feature of the modern economic landscape. It has led to a more efficient allocation of resources, as companies can take advantage of lower production costs in other countries and access larger markets for their goods and services. This has the potential to drive economic growth by stimulating innovation and competition. At the same time, globalization poses challenges for growth. One of the main concerns is the potential for increased income inequality within and between countries. As companies move production to countries with lower labor costs, workers in developed countries may lose their jobs or see their wages stagnate. This can lead to...
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