Global economy understanding

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Danny Quah is the Institute in Global Affairs' Dean, Lecturer of International Development and Economics, and Director of the Saw Swee Hock Southeast Asia Centre. Professor Danny Quah focuses on social democracy and the global economy in this video. He claims that when the Soviet Union fell apart 25 years ago, many people thought it was the end of history. He goes on to say that China's economic development is an indication that the country is maturing and will soon become a superpower. He claims that globalization has had a huge economic effect on the planet and has added to humanity's well-being. Danny explains that through globalization, the world has turned into being a small village; a person can interact and transact business with other person miles away. Businesses are thriving and growing daily, and the returns from them are encouraging. We cannot compare the world today with the way it was 25 years ago. Moreover, Professor Danny explains that globalization has helped millions of families worldwide to rescue themselves from wheels of poverty. This was made possible through the movement of people from one country or continent to other in search of jobs.

Danny further points out an important thing that as days pass, the west is slowly dying. The east is utilizing all available chances to build their economic base. The world's economic power has shifted to the East, and many developing nations are working closely and receiving support from the East. He concludes that these changes have been made possible through globalization. In the past, people did not know much about Asia, but now they need not be told about Asia. This issue should worry the US and other western nations if they wish to remain dominant in controlling the world economy.

Work Cited

"Economics, Democracy, & The New World Order | Danny Quah | Tedxkl." Youtube, 2017, https://www.youtube.com/watch?v=CTRTF85ozZM.

November 09, 2022
Subcategory:

Political Science

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2

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313

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