What is the relation between economy and globalization? -- CHEN HEBING
Globalization promotes the cross-border flow of goods, services, capital and labor, creating more opportunities for economic growth. Through globalization, companies can more easily enter the international market and expand their business scope; consumers can also obtain more diversified goods at lower prices. This global allocation of resources improves production efficiency and helps promote technological progress, industrial upgrading and economic development. However, globalization may also bring negative effects such as increased economic inequality and job outflows, especially among low-skilled labor groups in some developing economies and developed countries. Economic growth and the implementation of open policies have laid the foundation for globalization. Developed countries have supported the expansion of globalization by providing capital, technology and markets; at the same time, the rapid development of emerging economies has become a new driving force for globalizati...