Elena Gutierrez, Chapter 13, Question 6

The introduction to this unit was kicked off with reasons why the global mark is growing, and the definition of globalization. Globalization is (put simply) the action that countries take to make their capital available world wide. Currently the global market is growing, because of an increase in globalization. Businesses located in various countries around the globe are opening up to trade with other countries, because of technological advances in communication between countries, and transportation between countries. After learning about globalization, it was nice to read chapter thirteen in Naked Economics, and get an idea of why globalization is so important for countries and their monetary wealth. 

In chapter thirteen Wheelan talks about countries that reach out and trade with other countries, and countries that "economically isolate" themselves. According to a researcher at Harvard Center For International Development, the countries that globalize typically had a 4.5% per capita annual increase. Non-globalizing countries or countries with "closed economies" had a 0.7% per capita annual increase. The difference between the economic growth in closed economies and open economies is surprising, and like my peers I had no idea how important it was for countries to export goods to other countries, and import goods from other counties.