global economy for essay

Globalization and the World Economy Essay (Critical Writing)

The current trends in the global economy development can be viewed as the foundation for considering the further political and financial changes on both the statewide and the global levels. Particularly, the fact that China, after years of being a manufacturing area, has developed enough to boost its economy and enter the global environment as a production leader deserves to be mentioned.

Therefore, it is desirable that global companies should consider expanding and redesigning their current supply chains so that room for partnerships with the identified companies could be created. Moreover, the competition issue deserves to be brought up as one of the scourges of the contemporary economic environment. Therefore, in the context of the present-day business environment, the emphasis must lie on developing a competitive advantage (CA) that would make an organization stand out as entrepreneurship among a range of similar companies.

While the focus on quality can be deemed an essential component of developing CA, it cannot be interpreted as a standalone tool that will propel a firm to the top of the economy. Instead, one must stress the significance of branding and create innovative approaches to addressing particular problems.

The significance of industrial upgrading, which has recently become especially important in the context of the global economy, can be viewed as the extension of the technological breakthrough that has been occurring over the past few decades. On a more basic level, the importance of networking in the online environment can be tracked even in everyday conversations. For instance, participation in sharing content via networks such as Facebook or Twitter can be deemed as a part and parcel of identifying, processing, and distributing information. Therefore, the application of the corresponding tools for managing both the internal and external processes of companies is crucial to their existence.

However, the expansion of the global network and the supply chains conflicts with the phenomenon of global income inequality. Although defining the subject matter is an admittedly complicated task, the fact that there is a significant gap in the average annual incomes of different social tiers is indisputable. At this point, the problem of low-income countries should be brought up. Specifically, the dilemma known as the development trap needs to be brought up.

Throwing a state several decades, if not centuries, back in its development, it blocks people from exploring their opportunities as it creates a unique socio-cultural environment, in which progress is barely possible. Therefore, it is imperative to make sure that awareness could be raised and that learning opportunities could be available to all those concerned. For these purposes, the issue of e-learning as the tool for distanced education must be mentioned.

Operating in the environment of the global economy is a challenging task. Moreover, some states cannot explore their options due to economic, political, legal, financial, sociocultural, environmental, and other restrictions. Thus, networking should be viewed as a tool for removing boundaries and helping people across the world join the global community to share knowledge, experience, and skills.

Globalization and Nation States
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Redesigning a Booking to Cash Process
Fire Prevention: "Development a Statewide Fire and Life Safety Education Program"
Three Tiers of Response-to-Intervention
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Foreign Direct Investment Role in Unemployment
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Chicago (A-D)
Chicago (N-B)

IvyPanda. (2020, October 19). Globalization and the World Economy. https://ivypanda.com/essays/globalization-and-the-world-economy/

"Globalization and the World Economy." IvyPanda , 19 Oct. 2020, ivypanda.com/essays/globalization-and-the-world-economy/.

IvyPanda . (2020) 'Globalization and the World Economy'. 19 October.

IvyPanda . 2020. "Globalization and the World Economy." October 19, 2020. https://ivypanda.com/essays/globalization-and-the-world-economy/.

1. IvyPanda . "Globalization and the World Economy." October 19, 2020. https://ivypanda.com/essays/globalization-and-the-world-economy/.

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Home — Essay Samples — Economics — World Economy — Understanding the Global Economy

Understanding The Global Economy

Categories: World Economy

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Words: 645 |

Published: Jan 15, 2019

Words: 645 | Page: 1 | 4 min read

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