3. what does the term ‘globalization’ mean to you, and how does it relate to the idea of world development? from what you have heard before this class, do you see globalization as a good or bad issue for the united states economically? why?

answer using a minimum of 125 words.

Term globalization describes as the process of outflow and inflow of politics, economics and cultural values that define a country.

Explanation:

Being a process of human interaction among various countries the globalization is considered to n expansion in the capitalization of the country resources. In the era of growing technology and data, globalization is neither good nor bad and everything has pros and cons. From a positive side the impact of globalisation on the country is good as being global refer to opening of the doors to market economy and a notable aspect of this seen in the slave trade trade of species and trade of silk route as the earlier traders used these means to spread their cultural values thus, reaching every corner of the world. Globalization like any other country also benefited the US economy and allowed for the growing up of the demand and foreign markets. Other negative aspects of globalization were the huge immigration of labor from various places thus creating high competition. Economically globalization strengthens the economy of those who were poor and as a result of the transfer of skills and technological resources from one place to another. As it diversifies the markets and raised the demand without focusing much on the environment.