Be sure to discuss this process from BOTH the theoretical and empirical perspective: how do the levels influence and impact each other economically in terms of foundational principles in the system AND in terms of actual events that can be pointed to and explained as real-life evidence of those principles in action. Be sure to treat all three levels as equally and balanced as you can (do not allow one level dominate the analysis compared to the other two levels).
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Globalization is increasingly gaining prominence in today’s global economy as it has integrated the global economy and led to a reduction of the boundaries and barriers which had inhibited the free movement of goods and services across nations. Steger (2013) states that globalization has led to the shrinkage of time since communication and transportation have become easier and economical also. In this paper, the impact of globalization on the global, national, and local levels has been analyzed, so that further steps are taken to enhance the degree of globalization.
Globalization across the global level
The theories of comparative advantage can be used to understand the benefit of globalization on a global scale. As per this theory, some economies possess a comparative advantage in the production of certain commodities and as such, they should be engaged in the production of those goods only. They can trade their surplus with economies that produce other goods and this would lead to an increase in global consumption. The Hecksher-Ohlin model states that different economies are endowed with varied levels of resources. As such, they have a comparative advantage in the production of the commodity that makes use of its scarce resources. They should produce commodities...
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