Globalization, if Explained in Economic Term Paper

In order to achieve operational efficiency, use can be made of modern automated technology which globalization has readily made available via international trade.

Schumacher has further presented his view that the current production managers have become more focused towards the efficiency factor of the production processes. These managers set their targets based on producing goods in such a way, that the cost of the process decreases to a minimum while the production rate increases dramatically. To achieve this, these managers have employed the automated systems rather to rely on the human labor skills. Schumacher believes that the goods and their consumption have become more important to these producers today, rather than people and their creative skills. He believes that this should not be the case and the production of goods must be done to provide people with the chance to present their skill work and develop them, rather than to work to produce goods. This would eventually result into the optimum levels of satisfaction achieved for the people, allowing them to become more productive and develop as a better person for the society.

In the modern era, with the growing population and current economic situation of a recession, Gwartney has the approach that may lead the nations towards growth and revival of the economy. On the other hand, the Schumacher approach will further depress the economy without any uplifting solutions.

Bibliography

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Imbs, Jean. "Trade, Finance, Specialization, and Synchronization." The Review of Economics and Statistics (2006): 723-734.

OECD. Glossary of Statistical Items. 08 August 2002. .

Schumacher, E.F. "Buddhist Economics." Manas Journal (1969): 33.

Warsh, Kevin and Scott Davis. The Retreat of Globalization. 14 October 2012. .