This agreement between the three countries significantly facilitated the influx of imported goods within their territories. This also allowed Mexico, the nation with the lowest wage rate to win jobs from US and Canada through outsourcing.
The developing countries reaped the positive impacts of globalization. The large pool of software engineer in India were benefited as jobs from major economies like US and European countries channel their job requirements to take advantage of the India's skilled professional labor force and low wage rate. Japan, one of the miracle economies recorded amazing growth because of its export sector. These are but a few examples of how exchange of goods and services facilitate the growth of an economy through globalization.
Globalization doesn't just involve the goods and services. Market integration also means the assimilation of countries' financial markets. Countries like Thailand were greatly helped by the inflow of foreign direct investments. However, financial integration exposes countries to the risk faced by their trading partners. ...Show more