Understanding the Immigrant–Trade Link
Globalization may be considered a single broad amorphous topic or, perhaps, as a metaphorical umbrella under which there exist a series of related topics, each of which is quite expansive. A working definition of globalization might be that it is a process that involves the increased interconnectedness of economics, governance and the inter-linkages of the social and/or environmental aspects of human life. Extending from this definition, we can say that the process of globalization involves an increased interconnectedness of people and societies in different countries and the corresponding interdependencies in terms of three inter-related dimensions: economic, socio-cultural and political. The extent to which these processes are important and are often characterized by extremely imperfect information is striking. The cross-border movement of goods and services, the international flow of capital, and the migration of people have been the subject of much discussion in both policy making circles and in the empirical economics literature. A large number of studies, for example, show that increased international capital flows in the forms of mergers and acquisitions, joint ventures and other equity-sharing arrangements have enhanced the global reach of a seemingly ever-increasing number of multinational organizations. In addition to allowing firms to produce greater varieties of goods and services, these capital flows have also enabled recipient countries to finance development projects and, thus, have contributed to both economic and social development, broadly speaking. As a result, it is not at all uncommon for products to be designed in one country while component parts are produced...
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