Question

● Describe how globalization has changed the way trade has evolved for Canada?

Answer 1

GLOBALIZATION is the process of integration and interaction of different countries around the world. It describes the interdependence of world’s economies and culture of different countries through trade of goods and services, technology, information etc.

People involved in globalization, including producers, consumers and other middlemen respond differently to globalization. Richer countries have a stronger impact of globalization than the poorer countries as poor countries have shortage of goods and services and technology than the rich countries.

Globalization can be Economic, Financial, Cultural, Political, Sociological, and Geographical. It can have various impact on countries like because of globalization there can be free movement of labor among countries. There may be reduction in cultural barriers. People can get access to cheap mass-produced goods and can have many different economic opportunities.

Canada is one of the countries which got affected by globalization. Since second world war, Canada has become more dependent on international trade but mainly with United States. The largest companies of Canada have become more global over past 20 years. There has been an increase in the foreign exports and imports of Canada and its GDP. Job opportunities for Canadian people have increased and most of the CEO’s have international work experience because of globalization.