Question

What is globalization? How do you think it might have affected the economy over the past decade?

Short answer

Globalization has affected the economy over the last few decades in many ways both good and bad.

Step-by-step solution

Concepts of Globalization 

The increased movement of goods, services, capital, people and information between nations has been referred to as globalization.

Explanation

Globalization has affected the economy over the last few decades in many ways. Both good and bad.

Globalization is exciting for global economic prospects because it enables the free flow of ideas, technologies, and various knowledge.

This has made way for the creation and emergence of many products without which we couldn't imagine our lives today, such as touchscreen smartphones, genetically mixed (modified) animal and plant breeds, etc.

This can also have a negative impact on certain companies because a lot of companies are heavily reliant on the global market - and politics, which can stand in the way of the free global exchange (therefore globalization itself), can cause certain companies to have negative business results.

Example

The USA blocking Google from Huawei smartphones, which cost this company several billion in losses the same year.