Globalization Photo and Statement Assignment Example | Topics and Well Written Essays - 250 words

Globalization Photo and Statement - Assignment Example In economics, globalization is essentially the convergence of prices, rates of interest, product wages and profits. The mentioned are directed towards developed country norms on the role of international trade, human migration, and integration of financial markets and movement of capital. The International Monetary Fund has noted the growing economic independence of many countries through the through the steady increase in volume and variety in the cross-border transactions. It has also noted the economic independence through free international capital flows as well as the rapid and widespread diffusion of technology. Those supporting free trade point out that advantage suggest that comparative trade mostly leads to efficient allocation of resources. The trade therefore benefits generally leading to lower prices, more employment and higher living standards (Schaeffer