The term economic Globalization is given to the modern phenomena that describe the development of economic relations between countries. Economic relation means the trading system in which goods and services are being exchanged between different countries. In the modern world, it seems obvious that a country cannot operate in a vacuum. Countries are interconnected in a web of economic interest.
Economic globalization allows different companies and industries to operate in more than one country. This does not only benefits the firms but it also fuels the job opportunities for the common man as well. Multi-national countries seek to hire people from the countries where they are operating. Also, many foreign companies give jobs to people as foreign workers. In this way, with the emergence of more economic activity, jobs are created for foreign people as well.
Economic investment doesn’t necessarily benefit the people of that particular country but it also allows other people from foreign countries searching for jobs to avail opportunities overseas. This can be regarded as one of the positive impacts of economic globalization. Most of the people availing job opportunities belong to developing countries. Economic globalization has negative impacts as well but the positive side shows how the problem of unemployment can be solved through this.