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Competition in the Global Marketplace: Should we protect ourselves from international trade - Term Paper Example

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The major weaknesses of this study are concentrated on the competition in the global marketplace. The following paper operates mainly based on research question which can be stated as follows: Should we protect ourselves from international trade?…
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Competition in the Global Marketplace: Should we protect ourselves from international trade
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"Competition in the Global Marketplace: Should we protect ourselves from international trade"

Download file to see previous pages This research will begin with the definition of globalization as increase in the degree of economical interaction between countries. This is a process of geographical realignment of networks, production and consumption and sites of power. Therefore, globalization can be said to be the integration of trade, technology investments capital and labor markets worldwide. This involves, opening up of the national economies into a global village, where it is considered as the process of increasing interdependence of individuals, group, companies and countries brought about by technological, economic and political change. This has made many countries engage in international trade, where countries have harnessed many benefits through international trade. This includes increased customer choices; customers obtain goods of high quality at lower prices, promotion of peace and relation between countries. In addition to these, companies that choose to operate globally benefit from increased sales, this result to higher profit, and also acquire a wider distribution channel. Apart from the benefit mentioned above, globalization or internationalization leads to the emergence of global competition. Global competition refers to a situation where organizations cross-subsidies the domestic market share, battles in quest of global brand and gaining control of distribution position in the international markets. Global completion arises where company engages in an effort of acquiring a certain percentage of the global market. Global competition may involve both fair and unfair practices. This results to trade injustice to the aggrieved states, since the unfair practices limit their trading capacity. Global competition has emerged as a persistent problem to many companies both from the developed countries and developing countries, due to the presence of trade Restriction, unfair Practices adopted by some states and high level of leniency, by the World Trade Organization. In an effort to control the global market, many multinational companies and their states have adopted strategies that ensure the achieve they objectives. Such strategies, includes; Transfer pricing. Transfer pricing refers to a situation where multinational companies transfer good from one of their overseas branches or subsidiary. In this case, multinational companies transfer goods from regions or states of high taxation to those or lower taxation. Through such transfers, multinational companies are able to reduce their tax burdens. Reduction in tax liability facing such multinational companies results to increased profitability to the companies . Devaluation Many states result in devaluing their domestic Currency against major world currencies such the sterling pound and the US dollar, which are the currencies used in carrying out transactions in the international markets. Devaluation of a domestic currency result to a situation where a state exports become more expensive and the import made by such states becomes cheaper (Klein & Shambaugh, 2010). This is unfair practices, since when a state devalues its currency, a product fetches more in the global market in terms domestic currency as compared to before. States like china which has joined the big three world economies engages in devaluation so can benefit more from international trading than their trading partners. Therefore, devaluation of their country would enable them to import raw materials cheaper, while at the same time getting a large amount of resources through their exports. Currency convertibility also inhibits free trade among the nations. Low cost of production. Another objective of any multinational company, is to reduce the cost of production. Cost of production mainly composes of cost incurred in production of the final goods both producer and consumer goods. Such cost includes the cost of acquiring raw material, cost involved in turning the raw materials to ...Download file to see next pagesRead More
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