Question

Consider how economic integration with other regions relates to your life. You may consider some or all of the following issues: Does it impact your experience? How does it inform how you regard current global events, or how you interact with other cultures?

Answer 1

Economic integrations with other regions, affects us in different ways and in different forms. The integration, makes movement of capital, labor and goods & services from one region to the another. It makes me as a consumer to get better quality products at competitive prices. The economic integration also brings higher volume of capital as FDI and development take place. It can create new job opportunities for me. Though, it also creates a threat to the existing companies where I work and make the company to change in a way that it becomes more efficient to not only thwart the risk., but also to find opportunities in other markets of integrated regions. Hence, as a worker, it creates a challenge to remain employable and best to be able to get the job in the scenario of economic integration. Yes, it impacts my experience and it a way that it makes me more competitive and updated with new skills and technologies to be able to find new jobs if one job is lost due to the foreign companies coming to the domestic economy and making smaller players to go out of the market. So, it adds new information to the experience.

Economic integration, also makes me aware of the global events as these events impact the economy. Since the economic integration, means free trade  between the nations of different capacity, then issues taking place in one economy is going to affect the other associated economies. It happens, as demand of one economy is catered by supply from other economies. For example, the financial crisis of 2008 in USA, affected other major economies in the world and it is due to the economic connectivity developed between different economies. Hence, it makes me more aware about the global events and remain updated. Further, I have to be more ready for the cultural assimilation and change as people move from one labor market to another and work place become more diversified in nature in the scenario of economic integration.