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Globalisation, Development, and Trade - Article Example

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"Globalisation, Development, and Trade" paper includes analysis regarding the unequal biased nature of globalization with lesser-developed nations and evaluating the impact of 2007-2009 financial crises that have altered a number of perspectives regarding the notion of development and globalization. …
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Globalisation, Development, and Trade
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Download file to see previous pages For few decades, there have been huge advancements in almost every field and part of the globe, and in midst of these developments, one buzzword has now become the component of almost every discussion and debate, ‘Globalisation.’ 

Although it is not a new term, and it has gone through different phases, however, experts (McGrew, pp. 23-29, 2007) have indicated that finish of the cold war resulted in significant importance of the globalization that now stands as a symbol of the process of liberation that different economies went through during a long period. In this regard, the term globalization cannot remain in isolation, and thus, it brings with it the whole progression of development and subsequently, it has transformed into an essential part of economic development of nations that now revolves around the pursuit of international business, in other words, interdependence or interconnection of global developed economies (McMichael, pp. 71-78, 2007). On the other hand, many developing nations, as well as under-developed regions of the world are still not affording the notion of globalization due to their closed economy structures and lack of relations with developed economies, which has now become very imperative for successful economic activity, development, or trade-in the region.

As earlier mentioned, globalization has now become a global term as it itself says. A huge number of socialists, scientists, theorists, politicians, and experts (McGrew, pp. 40-66, 2007) use it in their discussions while explaining the status of development and future of the trade and economy in any region.  However, it has now become very imperative that individuals on an international level should put efforts to interpret the term and explain the process of globalization in a declared manner with an indication of particular contexts, as ineffective interpretations are becoming a tool of developed nations to benefit from less-developed nations in pursuit of success on the international business platform.  ...Download file to see next pages Read More
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