The Impact of International Trade and Globalization on Economic Growth, Employment, and Income Distribution

Zhandong Xu

doi:10.62051/jx2eaa26

Authors

Zhandong Xu

DOI:

https://doi.org/10.62051/jx2eaa26

Keywords:

International Trade; Globalization; Economic Growth.

Abstract

This essay delves into the profound impact that globalization and international trade have on economic growth, employment, and income distribution. By examining the case of DJI, a prominent Chinese company that has achieved significant success on the international stage, we gain insights into how local firms can expand their influence beyond domestic markets. DJI's rise as a global leader in the drone industry not only showcases its innovative capabilities but also serves as a catalyst for other Chinese companies aspiring to enter international markets. This phenomenon highlights the importance of globalization in fostering economic dynamism, as companies like DJI pave the way for increased competition, technological advancements, and job creation on a global scale. Moreover, the essay explores the reasons why international trade and globalization are crucial drivers of economic growth. By opening up markets and enabling the free flow of goods, services, and ideas across borders, globalization helps economies to capitalize on comparative advantages, leading to more efficient production and resource allocation. This, in turn, boosts overall economic output, improves living standards, and contributes to a more equitable distribution of wealth. Through the lens of DJI's success, the essay underscores the symbiotic relationship between international trade, globalization, and sustained economic growth.

Downloads

Download data is not yet available.

References

[1] Ahmed, Z., Zhang, B., & Cary, M. (2021). Linking economic globalization, economic growth, financial development, and ecological footprint: Evidence from symmetric and asymmetric ARDL. Ecological indicators, 121, 107060Fangfang. Research on power load forecasting based on Improved BP neural network. Harbin Institute of Technology, 2011.

[2] Amna Intisar, R., Yaseen, M. R., Kousar, R., Usman, M., & Makhdum, M. S. A. (2020). Impact of trade openness and human capital on economic growth: a comparative investigation of Asian countries. Sustainability, 12 (7), 2930Ma Kunlong. Short term distributed load forecasting method based on big data. Changsha: Hunan University, 2014.

[3] Huh, H. S., & Park, C. Y. (2021). A new index of globalization: Measuring impacts of integration on economic growth and income inequality. The World Economy, 44 (2), 409-443.

[4] Jahanger, A., Usman, M., Murshed, M., Mahmood, H., & Balsalobre-Lorente, D. (2022). The linkages between natural resources, human capital, globalization, economic growth, financial development, and ecological footprint: The moderating role of technological innovations. Resources policy, 76, 102569 Fangfang. Research on power load forecasting based on Improved BP neural network. Harbin Institute of Technology, 2011.

[5] Santiago, R., Fuinhas, J. A., & Marques, A. C. (2020). The impact of globalization and economic freedom on economic growth: the case of the Latin America and Caribbean countries. Economic Change and Restructuring, 53 (1), 61-85 Ma Kunlong. Short term distributed load forecasting method based on big data. Changsha: Hunan University, 2014.

[6] Le, T. H., Nguyen, C. P., Su, T. D., & Tran-Nam, B. (2020). The Kuznets curve for export diversification and income inequality: Evidence from a global sample. Economic Analysis and Policy, 65, 21-39 Fangfang. Research on power load forecasting based on Improved BP neural network. Harbin Institute of Technology, 2011.

[7] Oliinyk, O., Bilan, Y., Mishchuk, H., Akimov, O., & Vasa, L. (2021). The impact of migration of highly skilled workers on the country's competitiveness and economic growth. Montenegrin Journal of EconomicsMa Kunlong. Short term distributed load forecasting method based on big data. Changsha: Hunan University, 2014.

[8] Yang, B., & Usman, M. (2021). Do industrialization, economic growth and globalization processes influence the ecological footprint and healthcare expenditures? Fresh insights based on the STIRPAT model for countries with the highest healthcare expenditures. Sustainable Production and Consumption, 28, 893-910.

[9] Arif, A., Sadiq, M., Shabbir, M. S., Yahya, G., Zamir, A., & Bares Lopez, L. (2022). The role of globalization in financial development, trade openness and sustainable environmental-economic growth: evidence from selected South Asian economies. Journal of Sustainable Finance & Investment, 12 (4), 1027-1044.

[10] Usman, M., Jahanger, A., Makhdum, M. S. A., Balsalobre-Lorente, D., & Bashir, A. (2022). How do financial development, energy consumption, natural resources, and globalization affect Arctic countries' economic growth and environmental quality? An advanced panel data simulation. Energy, 241, 122515.

[11] Oliinyk, O., Bilan, Y., Mishchuk, H., Akimov, O., & Vasa, L. (2021). The impact of migration of highly skilled workers on the country's competitiveness and economic growth. Montenegrin Journal of Economics.

[12] Santiago, R., Fuinhas, J. A., & Marques, A. C. (2020). The impact of globalization and economic freedom on economic growth: the case of the Latin America and Caribbean countries. Economic Change and Restructuring, 53 (1), 61-85.

[13] Jahanger, A., Usman, M., Murshed, M., Mahmood, H., & Balsalobre-Lorente, D. (2022). The linkages between natural resources, human capital, globalization, economic growth, financial development, and ecological footprint: The moderating role of technological innovations. Resources policy, 76, 102569.

[14] Song, L., & Zhou, Y. (2020). The COVID‐19 pandemic and its impact on the global economy: what does it take to turn crisis into opportunity?. China & World Economy, 28 (4), 1-25.

[15] Khan, A., Khan, N., & Shafiq, M. (2021). The economic impact of COVID-19 from a global perspective. Contemporary Economics, 64-75.