Convergence, which is also known as the catch up effect,
states that poorer economies per capita incomes will grow faster than the
richer economies. Therefore developing countries such as China and India have
the potential to grow at developed countries because dimishing returns aren’t
as strong as in capital rich countries. Because of globalization, China and
India economies have increased rapidly.
Globalization is the independent of world economy, in
which countries interact with each other. There are some critiques about
globalization. Definitely some people will lose and some people will gain from
globalization. More specifically, some experts believe that it might diminish
sovereignty, change and dilute national cultural, and fewer ways to monitor
companies by government. However, people from the developed countries believe
that globalization brings more choices, promotes economic growth, provides more
jobs, and increase living standard faster.
Globalization
has influenced my life a lot. Without it, I probably still live in a really
shabby house with no technology, because globalization allows countries to
trade and interact from one place to another. For example, in Taiwan, not all the
things are made in Taiwan. There are many other things that are made in China.
Therefore without globalization, we might not be able to have some resources
that we are having right now.
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