Impact Of Globalization On Economic Development

Globalization, with its broad implications, can be discussed in various perspectives, as socio-cultural, political and economic. Some economists outline the fact that how the free mobility of goods, labor, capital and services across the borders. The World Bank define the globalization as the ability of organizations and individuals to perform voluntary trade or business transactions with residents of different nations.

The prime purpose of this essay is to explain and understand that how globalization is affecting and influencing the economic development of the world. Economic development means promotion and betterment in the economic opportunities and quality of life; and the reduction of poverty. Improving health and education sectors, clean environment and proper use of resources are essential parts of economic development and growth. Also the transportation of goods as well as services is also part of economic growth. The good transport system in not only providing better supplies of goods and services, but also improving mobility of workers or labors.

Globalization has changed the global economy, currency exchanges, people 's circulation, free movement of capital, increased cross-border trade and flow of information. It has delivered the idea of an integrated world without border. It has brought new ideas to corporations around the world. Because of it there occur many strategic changes in the global business. Now, for every organization and business, the target