Globalization's Impact: Economic Shifts, Benefits, and Challenges
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Globalization's Impact on Economic Inequality
Globalization has created economic inequality between states. One way to analyze this imbalance is to consider each region's participation in the international division of labor. This categorizes countries based on their involvement in the manufacturing process.
Raw Materials
These countries are often the most underprivileged because raw materials have a low market value.
They often lack the industrial infrastructure to exploit these materials effectively. Major oil-producing countries are an exception due to the high cost of petroleum.
Manufactured Goods
Because goods production creates infrastructure and such products are worth more on the market, these countries become more developed. However, production... Continue reading "Globalization's Impact: Economic Shifts, Benefits, and Challenges" »