Lesson: Globalization and Emerging Nations

Instructor: Nick Palazzolo

In this lesson, Nick Palazzolo, CPA, demystifies the concepts of globalization and the classification of emerging nations in the context of international trade and economic influence. He communicates the criteria used by the AICPA for the CPA exam, discussing why certain countries are categorized as emerging nations while acknowledging that these classifications can evolve over time. Nick clarifies how globalization is measured and shares insights from the International Monetary Fund regarding what constitutes an emerging market. He reassures by affirming faith in the ability to grasp and recall these concepts for success.

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Transcript

Instructor: Nick Palazzolo

Nick Palazzolo is head instructor of ExamPrep.ai CPA Review. Nick's teaching style is engaging & upbeat, combining practical Big 4 tax & assurance expertise with years of 1-on-1 coaching. His lessons are concise and emphasize what you need to know to pass. Whether you're a recent grad or working full-time, we’re confident you can conquer your CPA exams with Nick’s review.

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Globalization and emerging nations. Well, let's talk a little bit about this. These are more terms we got to know for the exam. Examples of emerging nations. Per the exam, per the AICPA.

I mean, gosh, it could change. In reality, maybe Brazil is not an emerging nation anymore. But these are typically what the exam tests, the process by which businesses or other organizations develop international influence. We're starting to offer trading on an international scale.

Globalization is often measured using world trade growth as a percentage of GDP. Now, what are emerging nations or markets? Again, it's not for me to say what's emerging and not emerging. I'm just the messenger. So don't shoot the messenger, as they say.

For example, I would say that China is probably not an emerging market anymore, but we're here to go with what they want us to know. So, in the words of the IMF, the International Monetary Fund, you don't need to know who they are. Don't worry about them. But emerging markets are typically countries with low to middle per capita income that have undertaken economic development and reform programs and have begun to emerge as significant players in the global economy. Take it all in. Take it all in. You will remember all this. You're going to do well.

I believe in you.

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