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130 J.L. Pol'y & Globalization 41 (2023)
Investing in Higher Education (Human Capital) Key Factors of Economic Development in Global Flows

handle is hein.journals/jawpglob130 and id is 42 raw text is: Journal of Law, Policy and Globalization www.ilste.or ISSN 2224-3240 (Paper) ISSN 2224-3259 (Online) I Vol.130, 2023 nSiE Investing in Higher Education (Human Capital) Key Factors of Economic Development in Global Flows Safet Emrull* Harun Tairi2 1. Faculty of Law, State University of Tetova, Ilindenska, 1220, Tetovo, North Macedonia 2. Faculty of Economy, State University of Tetova, Ilindenska, 1220, Tetovo, North Macedonia * E-mail of the corresponding author: safet.emruli@unite.edu.mk Abstract The phenomenon of globalization began as simple trade exchanges, but it has since developed into a multifaceted phenomenon that affects all aspects of people lives and nations around the world, from the biggest and most developed, which have millions of residents, to those with only a few thousand people and a small area. Starting with the political, economic, social, cultural, technological, and exchange of experiences in all areas, the advantages of this phenomena are widespread and diversified. There is no disputing the fact that everyone agrees that raising the standard and quality of education is one of the top concerns for all nations, whether developed and developing. Although education is first and foremost a fundamental human right, it may also be seen as a tool for advancing economic growth in any nation and as a significant driver of productivity and efficiency in the local, regional, and global economies. It is beyond dispute that resources (human, financial, and natural) are important, but only effective utilization of those resources can guarantee ongoing economic progress and social wellbeing. Keywords: globalization, knowledge economy, human capital, information society, economic development DOI: 10.7176/JLPG/130-04 Publication date:March 31st 2023 Growth without investment in human development is unsustainable and unethical. Amortya Sen 1. Introduction The global economy is the worldwide economic activity between different countries, which is considered intertwined that can negatively or positively affect other countries. In short, the global economy refers to the world economy, composed of different economies of individual countries, with each economy. Globalization has accelerated over the past century to the point that trade between nations has increased and cross-border constraints on migration and commerce have been greatly eliminated. The resulting phenomenon is what a global economy is all about. People are now able to sell their wares in any market all over the world. Also, consumers enjoy a wider variety of goods and services that they can find from other countries and not just in their own countries. The term globalization describes trends toward a more integrated and interdependent global economy, which means that national economies are transitioning from systems that are largely isolated from barriers to investment and trade to systems that are increasingly impacted by distance, time zones, language, and legal system differences. in open economies with declining trade and investment restrictions, and cultural. Distance is shrinking as a result of advances in technology, culture is unifying, national economies are merging into interdependent and integrated economies, thus creating a unique global system. Globalization is the development beyond the market and the world economy and means the so-called world without borders, it cannot be treated as a phenomenon which has a fixed starting point and does not have a precise definition. Globalization fostered the great mobility of people from one country to another and this has led to an interplay of cultures through their cultural and social adaptation also expanded the technological knowledge which has made this easier and faster phenomenon. And the word globalism itself does not include some countries with specific characteristics or features, but by the name itself it means that it includes all countries of the globe. The benefits of this phenomenon are universal and very diverse starting from the political, economic, social, cultural, technological benefits, exchange of experiences in all aspects. 2. What is Globalization - Definitions on Globalization The term globalization, which has been widely used since the 1960s, still lacks a precise and exhaustive definition. Such a thing makes it impossible to develop a theoretical and deterministic analysis, to enable the creation of a framework within which we can coherently analyse the innumerable empirical evidences, which are sometimes rightly and sometimes without it towards this so modern phenomenon. In this regard, one of the world's most famous economists Jagdish Bhagwati, writes: Non si ha ancora un'idea chiara, coerente e globale di come funziona questa globalizzazione...e di come si pu6 farla funzionarla meglio. However, researchers in various fields have tried to define such a phenomenon. Thus, the world-famous 41