Apart from globalization, it was given several impacts to Belgium country. The impact on Belgium country was covered the various aspects such as economy, social, education, labor, and politics.
Apart from globalization, it would give a big impact to the economic sector in the Belgium country, whether will give benefit to the nation or harm as well. One benefit of the globalization is can access a new market among the business worker are there. Based on Borio and Filardo (2006), Belgium’s economy is more dependent on international trade. Due to globalization, Belgium had implemented the free trade barriers in order to attract the investor from outsiders. The trade barriers was ...view middle of the document...
Moreover, the producer of goods also will tend to improve their goods and services in order to fulfilled the demand from the customer by making an innovation in their products. As we can see, due to globalization will make the highly competitive around the market. For example the United States, which one of the technology richer product, will bring their new technology well to invest. Indirectly, it will make the other investor compete to improve their quality of goods in line with the economic status todays. Based on Feinson (n.d.), stated that OECD also implemented the National Innovation System (NSI) project where one of that things is work within the focus group which is in the organization mapping area was led by the Belgium country. It is focussed in the qualitative comparison on the NSI institution profile and the R&D collaboration at the international level of the market.
Apart from that, it also would increase the income and economic growth of Belgium. Globalization will make the Belgium become the shrinking country with others. Based on Beule and Bulcke (2010), many foreign investors came to Belgium not only focusing to invest in the chemical industry, but they also illustrate their monetary asset to involve in the automobile industry as well. Besides that, they also stated that 38 out of 142 project investment in Belgium are headed by the United States. As we know, the United States is a major production in the technology of production and automobile sector, for example Ford and General Motors (GM) is a main role in that particular sector. As we know GM already assembled in the Belgium country. Indirectly, it will assist to increase the income of nations apart from the selling the production and export activities. Besides that, it also provided the employment in the community, then increased their standard of life and helped to improve the economic growth of nations.
Globalization phenomena not only give the positive effect of the economic perspective, but it also can harm several aspects of the economy. It is, Belgium is it would give the high competition in the market. The local companies would compete with the foreign investor where had came to invest attribute by the implementation of the open market system. According to Monti (2011), stated that by the opening gate of the Belgium’s market, it will allow harm the economic status in the future where exposed to the monopoly economic crisis by the foreign investor. The local investor will reap the risk for failure apart from the smallest companies that their owns. In addition to the foreign investor that transfers the technology from their home country and apply to the investment operation to get greater performance. The local investor needs to buckle down to grow and compete in line with them.
Since that globalization had presence, it also will tend to make the economic recession in the Belgium country. It would hold that when the international trade had taken place are in an...