The Global Economy and Prosperity
Tonight, economics professor James Murray gave a special lecture on the global economy. He exlained that globalization has led to higher economic output in many places. This, in turn, creates a higher standard of living. In some places, the increase is up to ten percent.
Murray says this is because having a global economy allows developing countries to trade with industrialized countries. As a result, national debts can be lowered and consumers can get products at lower prices. Also, workers in countries that engage in global commerce have better paying, higher quality jobs. All these things lead to increased prosperity.
The gross domestic product (GDP) of a country increases when it participates in global trade. The expanded market requires countries to produce more goods and services. However, the downside is interdependence.The daily choices we make, such as which clothes we buy, can actually have an affect on the economy of a country thousands of miles away. Its economy is dependent on what we buy. If a
country' s trading partner has a downturn in its economy, it will affect that country's economy as well.
In conclusion, Professor Murray started that our economy is no longer solely based on Wall Stree trends. Instead, the global economy is what will determine our economic situation in the years to come.
Feel free to share your thoughts on the topic:
Tonight, economics professor James Murray gave a special lecture on the global economy. He exlained that globalization has led to higher economic output in many places. This, in turn, creates a higher standard of living. In some places, the increase is up to ten percent.
The gross domestic product (GDP) of a country increases when it participates in global trade. The expanded market requires countries to produce more goods and services. However, the downside is interdependence.The daily choices we make, such as which clothes we buy, can actually have an affect on the economy of a country thousands of miles away. Its economy is dependent on what we buy. If a
country' s trading partner has a downturn in its economy, it will affect that country's economy as well.
In conclusion, Professor Murray started that our economy is no longer solely based on Wall Stree trends. Instead, the global economy is what will determine our economic situation in the years to come.
Feel free to share your thoughts on the topic:
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