Impact of globalization on local economies from "summary" of The Great Transformation by Karl Polanyi
Globalization has had a profound impact on local economies around the world. As markets have become more interconnected and boundaries have blurred, the dynamics of trade and production have shifted dramatically. Local communities that were once self-sufficient and autonomous have found themselves at the mercy of global forces beyond their control. The rise of multinational corporations and the spread of free trade agreements have brought both opportunities and challenges to local economies. On one hand, globalization has opened up new markets and created opportunities for economic growth. Local businesses can now tap into a global network of suppliers and customers, expanding their reach and increasing their profits. Foreign investment has poured into many developing countries, bringing with it much-needed capital and technology. As a result, some local economies have experienced rapid growth and development, lifting many people out of poverty. However, the benefits of globalization have not been e...
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