Some economies have much more than others, while other economies are struggling. The Trans-Pacific Partnership is an idea that may help improve economies around the world. The main purpose of the Trans-Pacific Partnership is to boost trade among the agreeing countries and expand jobs and opportunities to these countries as well. Many businesses in countries who have signed this agreement have already begun building facilities in the other agreeing countries. This creates new job opportunities, which in turn can boost the economy through trade and improving poverty levels.
Entrepreneurship has been described as the “capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit” (www.businessdictionary.com). Entrepreneurship takes the economy and the society to the state of progress and prosperity. New businesses can create new jobs and therefore will increase the employment rate of the nation. This will also generate income to the entirety of the nation. People who pursue entrepreneurship can generate new ideas which will provide a diversity of offerings for the consumer (Ramos, 2014).
I think globalization is very important and it become more necessary for now socials, so I want to talk about globalization. Globalization is the fact that different cultures and economic systems around the world are becoming connected and similar to each other because of the influence of large multinational companies and of the influence communication. Globalization will increase opportunities for firms to expand production in foreign markets, and countries has many benefits from economic synergy and collaborate in handing political, social and economic challenges and broad market allow producers to get more goods , and the global supply networks more purchasing options for the public and private entities. I collet some information from
President Rafael Correa quadrupled the budget from US$40 million to the US$150 million per year which it currently is in 2017. Across the country over 30 touristic projects are in development, representing around US$1.6 billion in investments since 2013 from local and foreign funding. The public policy towards tourism is based on five core values: Safety, Quality, Destinations and Products, Connectivity and Promotion. Domestic financing has been the main aid in positive development but a substantial amount of foreign investment has contributed. The successful “Invest Ecuador Tourism” campaign helped immensely in attracting investment from abroad.
This type of economy will appeal all types of investments. It also gives incentives for the development of more innovative technology and for workers to acquire marketable talents. Therefore, this allows the economy to exponentially grow. The protection of private property rights and the little government intervention in economic affairs gives workers the incentive to grow their businesses. As believed in the invisible hand theory, when an individual grows their business, they unknowingly benefit everyone else around them, thus increasing the overall economic growth in a nation.
Business world on the other hand, should do their job by complying with the regulations and operating profitably at the same time. However in my opinion, I do think that companies have a responsibility to pursue social good. Business corporations are the one and only biggest organization and also the most powerful entity to be able to influence and offer social good towards the society. Paul Hawken in the article “The Ecology of Commerce” stated that “Business is to increase the well-being of humankind through service, creative invention, and ethical action.” Since business is created to satisfy the needs that the society requires, it is understandable for business to satisfy the sustainable wants by the people. This is also supported by John Mackey, founder and CEO of Whole Foods, stating that “In the customer-centered business, customer happiness is an end in itself, and will be pursued with greater interest, passion, and empathy than the profit-centered business is capable of (2005).” Businesses perspectives are also changing greatly, where Aneel Karnani describes “Large companies now routinely claim that they aren't in business just for the profits, that they're also intent on serving some larger social purpose
Social entrepreneurship is the attraction of growing attention, money, and talents by entrepreneurs and companies. As the major focus, it aims at developing, funding, and implementing solutions for environmental, cultural, and social issues (Chell, Spence, Perrini, & Harris, 2016). Entrepreneurs engaging in social entrepreneurship have their basic levels of operating as a social cause. The success of social ventures is measured based on the improvements realized in the world rather than profits accumulated. Such organizations attain a successful change in underlying issues in the community through feedback and innovations towards solving the social problem.
The next positive aspect which is taken into consideration is that the developing countries now can receive sources of capital, new technologies from developed countries, which is very essential for the growth of a country. And in return, the developing countries let the developed countries’ companies do business in their countries. For instance, you can see McDonald’s store in almost every countries. In general, globalization has benefited both developing and developed nations, and became one of the most important factors that affect a country’s
Rich and industrialized countries are magnets for labor migration, with development of globalization it is becoming more easily to access for working in these countries. The local conditions for workers in their countries are also important. Because as causes of labor movements there are push and pull factors. Push factors are about origin country, such as overpopulation, few jobs, low wages, political problems. Pull factors are about destination country, such as more and better jobs, higher wages, “better life.” Globalization also means moving internationally more easily which is accelerate factors for labor migration.
Economic growth is driven by innovation, led by young entrepreneurial firms, where financing of these firms can be difficult because of moral hazard and asymmetric information. Venture capitalists are the specialists at solving these problems, connecting entrepreneurs who have ideas and technology with investors who have money. Ensuring funding for innovative firms has positive externalities on the economy, so it makes sense for governments to promote an active venture capital market. However, there is an argument for supporting the venture capital markets starting from standard macroeconomic theory: capital and labor should be available to produce output. How capital and labor are combined is central to how much output is produced.