Globalization and economic development are linked through cross-border transfer of knowledge, skills, and work, increased trade opportunities, and accessibility to technologies. Immigrants bring necessary skills to host countries, while trade enables countries to sell and purchase goods and commodities. Globalization also leads to the transfer of technology between different countries.
Globalization and economic development are linked in several ways. Globalization can be said to be a catalyst for the growth of the economies of different nations. The increased movement of people across territorial borders implies a cross-transfer of knowledge, skills and work. Cross-border trade means that there are more opportunities for the sale of various goods and services. Globalization has also led to the accessibility of various technologies from various source countries by other countries for their benefit.
One of the links between globalization and economic development is the fact that people of different nationalities now find it easier to go to other countries in search of livelihoods, careers, trade and other purposes. These people bring with them the necessary skills, knowledge or work, which the host country can use for its own benefit and economic development. For example, some countries that need skilled engineers, nurses, doctors and architects may benefit from immigrants from other countries who possess these skills. There is usually a shortage of skilled health workers in most countries and such people are often given more consideration in terms of immigration policies. These people help develop the economies of their host countries through the use of their various gifts and skills.
Another relationship between globalization and economic development is that it has led to the increase in trade between various countries. It has enabled a country to sell its goods and services to countries located in different corners of the globe and for that same country to purchase necessary goods and commodities from other countries. For example, Western countries that have no crude oil can buy the products mainly from Middle Eastern and African countries that have huge reserves of oil fields. The countries that sell the goods can benefit in terms of increased financial resources.
The relationship between globalization and economic development can also be seen in how globalization has led to a transfer of technology between different countries. For example, due to the effects of globalization, new technologies from the United States will soon be available to other countries as well, which can benefit from them. An example of such technology is the development of different brands of smartphones that will soon be available for other markets as soon as they are released in US markets.
Protect your devices with Threat Protection by NordVPN
