Diving Deeper into Macroeconomics in The World Is Flat
Thomas Friedman’s The World is Flat is relevant towards macroeconomics by introducing topics that relate to how the economy works today. More specifically, in regards to what Friedman means by “The World is Flat,” and how those who will be growing up into it will be experiencing and competing for jobs within this global economy.
Friedman’s explanation in what he means when he says “The World is Flat” is that, through new developments in technology and communication allow for anyone to compete from anywhere within the global market and economy. Instead of the past where one would be limited to only their area to compete in, now possible to compete from all over the globe. An example of this would be potential entrepreneurs looking into selling things worldwide having to account for things on a global scale. Instead of only competing locally, one would have to account for any other potential competitor that may also have a similar vision to what product they would like to offer. Plus, one would also have to also try to create value globally, which in itself is not an easy feat. In addition to that, being an entrepreneur in itself requires tough decisions that can be incredibly risky even without competing globally. With that in mind, the flat world Friedman speaks of can be portrayed as one where it is possible to compete from anywhere in the world.
Friedman also envisions the children who will be growing up and into this type of economy will not necessarily understand the concept at first. The older generation may adapt to it but the children may not be told about it. As such, it might be difficult for them to try and compete for a job. Those who may want a job within your area that you may want are capable of competing for it, even if they do not live anywhere near you. This is only possible through the new developments that lead to this flat world. Plus, since economies are intertwined due to all of the collaboration and connections, the economy they are competing within in the first place are also being affected by other countries economies as well. A nation’s economic growth, which is an increase output and the expansion of production possibilities, could easily be affected by having companies offshoring to take advantage of lower costs in another county. Specifically, the reduced costs would hypothetically allow for a company to increase their output of their product, which of course would eventually have an effect on the economy the company is a part of. Also, offshoring in itself would cause less jobs to compete for in some countries would make it even more difficult for children to be able to compete in the job market. In short, the economy children will be growing up into will be competitive for them to obtain an job in, and will be heavily intertwined with other economies of different nations. Overall, Thomas Friedman’s The World is Flat has relevance towards macroeconomics by delving into topics on how the economy currently works. Especially in regards to what he meant by saying “The World is Flat” and how children will eventually compete to obtain a job in it.
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