Integration on Economies
The impact of this integration on economies and their people
The world’s economic landscape has changed significantly in recent years, especially considering the implementation of significant trade treaties and technological advancement, which has been essential in promoting change and improve the level of engagement. Global economic integration is an ever-present aspect of economic growth, considering a more substantial influence it has in presenting a more transparent system that improves the level of development. Global economic integration has been greatly influenced by trade, communication, and factor movement (Walmsley et al., 2019). Factor movement includes the costs of production, which have presented a stronger emphasis on the different aspects that have focused on promoting change while also promoting the level of economic integration.
During the recent past, the rate of economic integration has been rapid, owing to increasing globalization and technology growth. There are three fundamental factors that have been integral in boosting the economic growth process and globalization. The improvement in the technology of transportation and communication has played a significant role in reducing the costs of transporting goods and services across different parts of the world with ease. The tastes of an individual within the global landscape have significantly shifted, which presents a clear strategy that emphasizes on better approaches that promote change and adoption of structures that emphasize on reduced cost management (Hayward, 2019). The public policies that have been implemented have also been essential in promoting economic integration. Thus effective management of these measures has been vital in creating a more reliable system that influences change and development of better processes that influence change and commitment within the economy.
The level of Integration has been crucial in promoting change while ensuring that there is a greater emphasis on the quality of life as well as the increased skills among individuals to navigate through the changing technological environment. promoting change within the economy requires a focus on essential processes that help in redefining transformation and promoting positive economic change. Promoting the economy needs a closer interaction among government policies, entrepreneurs, and consumers in the market (Jain et al., 2019). Economic integration has presented a global economy as one block which encompasses different regions. This is aimed at creating a more sustainable economic context.
References
Hayward, D. J. (2019). International trade and regional economies: The impacts of European Integration on the United States. Routledge.
Jain, S., Kashiramka, S., & Jain, P. K. (2019). Cross-border M&As: integration practices from emerging economies. Journal of Business Strategy.
Walmsley, T. G., Ong, B. H., Klemeš, J. J., Tan, R. R., & Varbanov, P. S. (2019). Circular Integration of processes, industries, and economies. Renewable and Sustainable Energy Reviews, 107, 507-515.