Globalisation. Economy.

Economy is one aspect of the world that is directly affected by globalisation. With technology, the world has become smaller. As the world becomes smaller and it becomes easier to communicate with one another, man-made bondaries are rendered useless. What was once top-secret is now public property. This is especially so for the economics of a country. This is clearly reflected in the outbreak of Worl War II. The spark for this war was the collapse of the stock market in America. What happened in America managed to travel across the Pacific to shock the whole world.

In this article, the matter of outsourcing of work is in focus. The pretext to this article would be the fact that with the emergece of Less Economically Developed Countries (LEDCs), low-end jobs flocked to these countries from the More Economically Developed Countries (MEDCs). There was much hullabaloo over this, as the workers in these MEDCs were left jobless. The effect of this could be seen worldwide, as relationships soured between these countries.

Now, not only are low-end jobs going to these countries with cheaper manpower, the high end ones are also going there. This is a sure way of seeing the effects of globalisation. Without the ability to communicate cross boundaries, it would not have been possible for companies to outsource their workers. Globalisation made the world smaller and companies are taking advantage of this.

Economics and globalisation are very closely linked. The effect of globalisation is very quickly observed in any economy. The works of one country, will affect another one soon, if not the next moment.

Watch this space.
M.Balaji
Economic Expert