Globalization presents both opportunities and challenges for growth from "summary" of Theory of Economic Growth by W. Arthur Lewis
Globalization has brought about a new era of interconnectedness among nations, allowing for the free flow of goods, services, capital, and information across borders. This presents opportunities for economic growth by expanding markets, increasing efficiency, and promoting innovation. As countries open up to international trade and investment, they can access a larger consumer base, tap into new technologies, and benefit from economies of scale. Moreover, globalization enables developing countries to attract foreign direct investment and technology transfer, which can boost productivity and create job opportunities. By participating in global value chains, these countries can specialize in their comparative advantage and enhance their competitiveness in the global market. This can lead to higher economic growth rates and improved living standards for their populations. ...
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