Solution For Contemporary Economic Issues Essay - 1371 Words

Solution for Contemporary Economic Issues The economic globalization is known as the growing scale of cross-border trade of goods and services, communication, and transportation because of Strengthening economies of a group of countries (Shangquan, 2000). Recently, many countries have encountered new types of economic problems, which is related to economic globalization. To master these problems, economists adopted two general types of economic theories. The first theory is protectionism, which is a philosophy to protect local markets from foreign competition by putting barriers, such as high tariffs. The second theory is known as trade liberalization. The clue of this theory is to encourage countries to stimulate international trade by reducing restrictions between countries. Today, adopting trade liberalization theory is more practical strategy for many countries because it supports the economic growth through stimulating free movement of labor, free trade and outsourcing jobs. The free movement of labor encourages countries to develop their economic renaissance. Pettinger, an economics professor at Greenes College, points out in his article Free Movement of Labor, that many jobs; such as cleaning or some construction jobs, usually are not popular among local people (2012). In Saudi Arabia, almost all workers in cleaning and most of workers in the field of construction are not local workers. Filling high-skill jobs such as research, medicine, and engineering by localShow MoreRelatedProblems Faced By The New Industrial City1586 Words   |  7 PagesContemporary cities face major problems and certain technologies are employed to address these issues. However, while the technological advancement in these cities resolves the problems to a certain extent, further problems are also created. This essay will argue that this requires a continuous need for constant technological solutions to be created to solve the continual influx of problems. 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