Globalization is when people, businesses, or governments from different nations trade with each other, invest in each other, or exchange parts of their own culture with one another. Globalization allows for countries to specialize in certain products without crippling their own infrastructure. Russia, for instance, is one of the world’s leading producers of raw materials like timber, oil, natural gas, and different metals. Because Russia is able to specialize in the production of these goods, they do not have a large production of consumer goods, food, and complex machinery. However, they are able to trade with nearby countries (and the United States) that produce these goods, in exchange for their raw materials. In essence, globalization allows for countries to focus on what they are good at producing instead of having a segmented economy that is forced to produce every single good that their citizens require. As such, countries are able to produce more on the aggregate than they would without specialization.
Russia had been previously closed off during the Soviet era, but with the fall of the Berlin Wall, Russia is opening its doors to the benefits that globalization brings. A vast majority of Russians under the age of thirty speak multiple languages, Russian culture has started developing a “pop culture” (something that didn’t exist prior to the 1990s), and according to the World Bank, Russia has seen over 60% GDP growth since 1995, and a nearly steady 5% yearly GDP growth since the year 2000. Bringing Russia into the world market has benefited the people, and the economy, of the country in a way that hasn’t been seen in recent history.
Russia had been previously closed off during the Soviet era, but with the fall of the Berlin Wall, Russia is opening its doors to the benefits that globalization brings. A vast majority of Russians under the age of thirty speak multiple languages, Russian culture has started developing a “pop culture” (something that didn’t exist prior to the 1990s), and according to the World Bank, Russia has seen over 60% GDP growth since 1995, and a nearly steady 5% yearly GDP growth since the year 2000. Bringing Russia into the world market has benefited the people, and the economy, of the country in a way that hasn’t been seen in recent history.