Effects of Globalization

by | Jul 5, 2021 | Homework Help

Effects of Globalization. The essay is to be 3 pages with three to five sources, with in-text citations and a reference page. Migration is proxied by the number of immigrants to the United States. Historically, before about 1870, none of these flows was sufficiently large to warrant the term globalization”.

At such, several countries like China which used to be idle and locked itself into a closed society for several years, welcomed the idea of economic revolution and gradually rise above the others, having a second chance in economic freedom.

The recent upsurge of the economy of China is one of the various effects of globalization which they started to develop in the last thirty years. Considered as one of the largest countries in the world, China has acknowledge the need to reform their economic policies and embrace the power of open economic relations with outside territories since the great Chinese leader Deng Xiaoping assumed position in 1977 after the Cultural Revolution.

Slowly, the country planned all-out market-oriented strategies to save them from the negative effects of socialism advocacy on the economy. New economic reforms were established giving emphasis on vital concerns like agriculture, industry and foreign trade and investment. Agriculture was treated as a household responsibility instead of a collective activity, local government officials were given an increased authority in the industrial sector and private and public enterprises were tolerated to take over the services and manufacturing sectors though most of them are still state owned. Agriculture was treated as a household.

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