Globalization broader outlook, according to Rosenberg, helps lead

Globalization has impacted nearly every aspect of the modern world. It can be characterized by economic, political, and cultural integration. Economic globalization refers to the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, a flow of international capital and wide and rapid spread of technologies (Shangquan, 2000). Many continue to argue about the advantages and disadvantages following globalization. Most civilians are against globalization, fearing the negative aspects will outweigh the benefits, while economists believe that globalization is the most widely accepted solution to ensure consistent economic growth. Because of its usefulness with businesses in less industrialized countries, ability to increase Foreign Direct Investment (FDI), and increases economies of sale, I believe globalization expands rather than contracts opportunities for economic prosperity around the world.With the integration of markets on a worldwide basis, globalization can also lead to more access to capital flows, technology, and cheaper imports and larger export markets. Globalization has included openness in the international economy, and progress towards a borderless world. This permits more opportunities for businesses in less industrialized countries to tap into more, larger markets around the world. The inherent link between trade and growth constitutes a real possibility for developing countries to escape their poverty and benefit from the international relationships with foreign businesses (Sosa, 2005). For example, Chile has benefited from the advantages and international trade opportunities offered by globalization. Chile’s government stopped solely focusing achieving self-sufficiency through the domestic economy and, rather, placed an emphasis on exports.  This broader outlook, according to Rosenberg, helps lead them towards integration into the global marketplace (Rosenberg, 2002).Additionally, globalization allows for the concentration of labor in agricultural and industrial economic production. This means implementation of the concept of comparative advantage, which describes a country’s need to access information and discharge new technology to capitalize at what they are best at doing (Sosa, 2005). As the article published in the Australian Financial Review restates, “when countries open their border to trade, they tend to specialize in producing goods and services that intensively use their most abundant factors of production” (Mitchell, 2002). The benefits of the implementation of global production reside in the advantage of having the possibility of taking resources from different parts of the world, and profiting from the national differences in the cost and quality of the production factors: labor, energy, land, and capital. By allocating the resources and capital invested to obtain those assets effectively, businesses can ultimately reduce their overall cost structure and improve the quality and functionality of their final products, measures that hold greater competitive potential in the global market (Hill 7).