In his book, The Road to Global Prosperity, Michael Mandelbaum discusses the economic importance of globalization. In the book, he explains that globalization is a fundamental force that contributes to the development of strong economies globally.
In a chapter entitled The Roof, the book discusses the basic factors of production and their distribution throughout the world. Such factors as land, capital, and availability of markets are among the basic consideration in economic prosperity. Globalization creates a perfect scenario in which entrepreneurs can exploit such factors to their advantage regardless of their geographic location. Globalization requires effective cordial relationship among countries. In the chapter, the author discusses the essence of diplomacy and the need for regional integration among countries in order to enhance the process of economic globalization. Globalization is the policy issue that requires countries to develop similar economic policies in order to open their boundaries for foreign entrepreneurs to invest in the economies.
The author explains that the world has strived to build infrastructures that enhance the globalization of the world thus creating the conducive environment for economic prosperity. Such institutions as the World Bank continue to facilitate the economic integration of countries thus creating the global market. Security, peace, and stability are fundamental factors that influence the economic prosperity of countries. The chapter explains the importance of creating the safe and secure environment for the growth of global business. Creating such a peaceful environment is a difficult process given the fact that globalization enhances the globalization of crime as well. However, with effective diplomatic relations among countries, the author explains that governments can succeed in creating the safe and secure environments to facilitate economic globalization.