00:01
Hello, so here the question is, has ecuador benefited from globalization? so globalization entails the transformation of local and nationalistic ideas to a broader view of an interconnected and independent globe with unfettered cross -border movement of capital products and services.
00:25
However, it excludes unrestricted labor migration, which, according to some economists, might harm smaller or more vulnerable economies if applied indiscriminately.
00:38
So one of the most significant benefits in the transfer of new technology across countries, which is extremely useful to national growth, and when the easy access to incoming technology is prohibited, or one of the major serious drawbacks is going to arise.
00:54
So here we consider ecuador, which is a poor country whose products cannot, compete in terms of quality advantage technology or pricing from other from rich countries and ecuador's government has implemented a number of programs to boost domestic consumption and reduce money transfers overseas but ecuador has been in an economic crisis now for a few years as a result of the collapse in oil prices and the decision to implement safe measures was made in order to limit imports and stabilize the trade balance.
01:35
Now, one of the official comments made when the safeguards were originally implemented was that consumers will not be affected and that the quote -unquote increase in costs will be covered by the importer or enterprise.
01:51
So this assertion, though, was incorrect...