Final answer:
Globalization integrates markets worldwide, bringing both benefits such as economic efficiency, and drawbacks like job displacement. The impact is nuanced, with arguments both for and against it based on the variety of effects seen over the past decade.
Step-by-step explanation:
Globalization refers to the process of integrating governments, cultures, and financial markets through international trade into a single world market. It can have both positive and negative impacts on economies around the globe. Economically, globalization has helped by allowing countries to specialize in the production of goods for which they have a comparative advantage, boosting efficiency, and providing consumers with a wider variety of products at lower prices. It also creates employment opportunities in different sectors as companies expand globally. However, it can be harmful by causing job displacement due to companies moving production to countries with cheaper labor, increasing income inequality, and diminishing local cultures and industries.
Significant factors that have contributed to a country's economic growth, such as Japan's, include technological innovation, a skilled workforce, and participation in global trade networks. The positive international impact of additional nations moving towards a free market economy includes increased global investment, technological exchange, and economic cooperation between countries, promoting overall global economic growth.
The message regarding whether economic globalization has been positive or negative is complex; it varies based on different perspectives and the specific impacts considered. Critics argue that globalization gives too much power to multinational corporations and that political decisions can be unduly influenced by financial interests, affecting social, economic, political, and environmental spheres. Those favoring globalization highlight the spread of democracy, economic growth, and increased quality of life it can bring about. Therefore, the economic effects of globalization over the past decade have been both extensive and mixed.