What factors help make some countries more globalized than others?
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There are a number of factors that can help to determine how much a particular country gets integrated into the globalized world. Let us look at a few of them:
- Wealth. Wealthy countries are typically very globalized. The main reason for this is that they are major consumers of goods and services that can be offshored and made in foreign countries. Such countries’ consumers tend to demand the lowest possible prices, making it important for firms to manufacture in other countries and sell to the rich countries.
- Infrastructure. Among countries that are not wealthy, it is important that they not be too undeveloped. Truly underdeveloped countries like many African countries have a hard time becoming globalized. This is because they, unlike countries such as Thailand or Vietnam, lack the infrastructure that allows large multinational corporations to locate in them.
- Location. Countries that are located near to rich countries are very likely to get connected to the global network. It is for this reason that Jamaica, for example, is more connected to the global economy than a country in Africa. The proximity to rich countries (and the fact that English is spoken as a native language) makes Jamaica a more appealing place for globalization.
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