Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Globalization has come under fire in recent years, with people in some countries becoming increasingly frustrated with the uneven distribution of its gains. But weaknesses in management or execution should not be allowed to obscure globalization's far-reaching potential benefits, including its promotion of productivity-enhancing technology transfer and innovation worldwide.As the April 2018 issue of the International Monetary Fund's World Economic Outlook points out, globalization – encompassing freer trade, increased foreign direct investment and the international use of patents and copyrights – has substantially bolstered the diffusion of knowledge and technology.The increased international competition associated with globalization may also contribute to overall prosperity, as it strengthens incentives to adopt new technologies and to innovate.These results remain robust even when China is excluded, indicating that the productivity effects associated with globalization were broad-based.Moreover, the global diffusion of knowledge and technology generates positive network effects through cross-pollination, as it enables technology-receiving countries to advance their own research and development. Globalization has already been shown to have enormous potential to bolster innovation, productivity and growth worldwide.
FOLLOW THIS ARTICLE