Globalization has impacted nearly every aspect of modern life. While some U.S. citizens may not be able to locate Beijing,Chinaon a map, they certainly purchase an overwhelming number of goods that were manufactured there. According to a 2010 Federal Reserve Bank of San Francisco report, approximately 35.6% of all clothing and shoes sold in the United States were actually manufactured in China, compared to just 3.4% made domestically. Most economists agree that globalization provides a net benefit to individual economies around the world, by making markets more efficient, increasing competition, limiting military conflicts, and spreading wealth more equally around the world. However, the general public tends to assume that the costs associated with globalization outweigh the benefits, especially in the short-term, which has caused problems we’ll explore in the next section onprotectionism. The Milken Institute’sGlobalization of the World Economyreport highlights many of the benefits associated with globalization, while outlining some of the associated risks that governments and investors should consider. But, in aggregate, there is a consensus among economists that globalization provides a net benefit to nations around the world and therefore should be embraced on the whole by governments and individuals. Foreign direct investment(“FDI”) tends to increase at a much greater rate that the growth in world trade, helping boost technology transfer, industrial restructuring, and the growth of global companies. Increased competition from globalization also helps stimulate new technology development, particularly with the growth which helps improve economic output by making processes more efficient. In economies of scale, globalization enables large companies to realize economies of scale that reduce costs and prices, which in turn supports furthereconomic growth, although this can hurt manysmall businessesattempting to compete domestically. Although globalization has a net of benefit, it has also some downsides. Source : https://www.thebalance.com The passage can be summarized as follows…

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Globalization has impacted nearly every aspect of modern life. While some U.S. citizens may not be able to locate Beijing, China on a map, they certainly purchase an overwhelming number of goods that were manufactured there. According to a 2010 Federal Reserve Bank of San Francisco report, approximately 35.6% of all clothing and shoes sold in the United States were actually manufactured in China, compared to just 3.4% made domestically.

Most economists agree that globalization provides a net benefit to individual economies around the world, by making markets more efficient, increasing competition, limiting military conflicts, and spreading wealth more equally around the world. However, the general public tends to assume that the costs associated with globalization outweigh the benefits, especially in the short-term, which has caused problems we’ll explore in the next section on protectionism. The Milken Institute’s Globalization of the World Economy report highlights many of the benefits associated with globalization, while outlining some of the associated risks that governments and investors should consider. But, in aggregate, there is a consensus among economists that globalization provides a net benefit to nations around the world and therefore should be embraced on the whole by governments and individuals.

Foreign direct investment (“FDI”) tends to increase at a much greater rate that the growth in world trade, helping boost technology transfer, industrial restructuring, and the growth of global companies. Increased competition from globalization also helps stimulate new technology development, particularly with the growth which helps improve economic output by making processes more efficient. In economies of scale, globalization enables large companies to realize economies of scale that reduce costs and prices, which in turn supports further economic growth, although this can hurt many small businesses attempting to compete domestically. Although globalization has a net of benefit, it has also some downsides.

Source : https://www.thebalance.com

The passage can be summarized as follows…

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