How does globalization impact the development of local economies?(1 point) Responses Globalization often leads to local economies becoming more specialized, leading to interdependence. Globalization often leads to local economies becoming more specialized, leading to interdependence. Globalization forces local economies to become more diverse so that they can remain self-sufficient. Globalization forces local economies to become more diverse so that they can remain self-sufficient. Globalization has led local urban centers to focus on primary industries in order to compete on an international scale. Globalization has led local urban centers to focus on primary industries in order to compete on an international scale. Globalization does not impact local economies since it primarily deals with international trade.
Globalization often leads to local economies becoming more specialized, leading to interdependence. This is because globalization allows for the free flow of capital, goods, and services across national borders, creating opportunities for local economies to specialize in certain industries or sectors that they have a comparative advantage in. As a result, local economies may focus on producing specific goods or services that they are most efficient in, while relying on other regions or countries for the production of goods and services that they are not as efficient in. This specialization and interdependence can help local economies benefit from economies of scale, access larger markets, and attract foreign investment. However, it can also make local economies vulnerable to global economic fluctuations or policy changes, as they become highly dependent on certain industries or global market conditions.
