The economic integration associated with globalization can provide an opportunity for more widely dispersed development. why is this possible? what are the major stumbling blocks to such integration?

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12-09-2022
Business

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The economic integration associated with globalization can provide an opportunity for more widely dispersed development. why is this possible? what are the major stumbling blocks to such integration?

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Economic integration refers to the removal of trade barriers or barriers and ensures coordination between fiscal and monetary policies. Economic integration aims to increase trade between countries by reducing the costs of products and services for both producers and consumers.

Economic integration is the result of the globalization initiative. Globalization opens the gates of opportunity for business organizations and promotes free trade between countries. Globalization has brought many reorganizations at international, national and local or sub-national levels. And this reorganization facilitates international trade and the integration of financial markets of different countries, thereby promoting economic integration among nations as a whole. Globalization of the world's goods and services and financial markets refers to economic integration and its growth, which will increase trade between countries. Yes, it creates the possibility of widely dispersed development. For the following reason: globalization helps to use scarce resources of society and nations more efficiently. Globalization has allowed companies to specialize and increase R&D efforts and bring innovation. globalization creates job opportunities for many countries and economic integration between nations has the potential to create a huge amount of job opportunities. The following main stumbling blocks of economic integration: An unstable political and economic environment and a dynamic business environment is one of the main stumbling blocks of economic integration. Because of social and cultural differences between countries, economic integration is resisted. The anti-globalization movement opposes economic integration. In the current scenario, there are massive riots for globalization in many countries because they have not benefited from globalization. Developed countries have gained many benefits from globalization and 3rd world countries are becoming victims of globalization. As a result, an era of protectionism is emerging at the global level.

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