The Role of Globalization in Economic Development

Abstract

Globalization is the process of increased interconnectedness among countries. The prosperous economic development that is typically gained because of the increased interconnectedness among countries usually results in a better standard of living, and an overall improved quality of life. The successful economic development of a nation hinges on its ability to globalize. Given that the international integration of national economies has such a profound effect, globalization plays a central role in determining the future of the world. This paper attempts to explain what role globalization has played and its overall impact on economic development.

Keywords: Globalization, Economic Development

JEL Classification: A10, A22, O10, O19