StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Globalization. Globalization In Economic - Research Paper Example

Comments (0) Cite this document
Summary
Globalization is a widely discussed topic in the contemporary world. It is a term that gained popularity in the 1980s and refers to the increased mobility of people and goods across national and international borders that result to improved cohesion across the globe…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER93.4% of users find it useful
Globalization. Globalization In Economic
Read TextPreview

Extract of sample "Globalization. Globalization In Economic"

Download file to see previous pages Although globalization is largely viewed as an economic process, it is has been known to have numerous political and social effects as well (Pew Research Center). With regards to the political and economic aspects, globalization is described as the process of decentralization of markets and legal systems (Lynch 6). In relation to businesses, it can be explained as a process in which companies venture into the emerging global markets. Furthermore, entities are taking advantage of the internet to launch their virtual presence in the worldwide marketplace. In most cases globalization is linked to modernization whereby there is transformation of developing nations into developed ones. Internationally, globalization is analyzed in terms of the challenges to the global economy and economic issues in general. There have heated discussions of globalization and its advantages and disadvantages. There have been numerous benefits accruing from the process such as increased trade among nations and dissemination of information world over (Knickerbocker 45). On the flip side there have been drawbacks associated with the process including exploitation of the poor nations, erosion of traditional cultures through modernization and the rising levels of global terrorism. In a nutshell, the process has positive and negative implications on countries world over. This essay addresses the complex concept of globalization and focuses on its economic aspect. It can be noted that global economic activities have become more integrated and economically oriented over the recent past. It takes the form of increased trade among nations, an increase in imports and exports, an overall growth of foreign investments and foreign loans. This is due to the existence of better policies and a friendlier economic environment (Knickerbocker 76). In fact, most modern economies argue that it is meaningless to form one’s thinking on national economies as international trade has become the backbone of most domestic economies in most countries. This has been the trend in most countries that have adopted uniform business environments and legal systems that govern the operations of global markets. This has had both negative and positive implications on the global economy. The first advantage linked to globalization development of the industrial economies that are under the Organization of Cooperation and Development (OECD). It is clear that international trading activities contribute to a significant proportion of the economic production or GDP in most countries (Knickerbocker 77). This is because economies tend to specialize in the areas where they have the highest comparative advantage. For example, if a country is best suited to produce steel, it concentrates on its production and outsources other products that may be expensive to produce in the country. Through specialization, countries are able to make optimum profits from their production activities. Globalization has resulted to intensified trade in the national economies. This is due to the increased flow of goods, services and capital in the global market. This is due to the abolition of trade barriers among nations and uniform regulations on importation and exportation. This simplifies trading among nations and there increasing trading activities in the global economy (Lynch 10). This is facilitated by international trading organizations such as the International Monetary Fund (IMF) and the World Trade Organization (WTO) that make laws and regulations concerning the operations in the global economy. Regionally, bodies such as the European Union (EU), North America Free Trade Association (NAFTA), Common Markets for East and Central Africa (COMESA) and association of South East ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Globalization. Globalization In Economic Research Paper”, n.d.)
Globalization. Globalization In Economic Research Paper. Retrieved from https://studentshare.org/history/1476144-what-are-advantage-and-disadvantage-of
(Globalization. Globalization In Economic Research Paper)
Globalization. Globalization In Economic Research Paper. https://studentshare.org/history/1476144-what-are-advantage-and-disadvantage-of.
“Globalization. Globalization In Economic Research Paper”, n.d. https://studentshare.org/history/1476144-what-are-advantage-and-disadvantage-of.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Globalization. Globalization In Economic

The Economic Impact of the Emergence of China and India

The main macroeconomic variable that toys in the global economy’s shift are the emergence of India and China as new superpowers. This emergence certainly has a number of implications, but among the most relevant are: disruption of the equilibrium of the global economy which results in rising demand of goods, giving way to worldwide inflation; the attractiveness of outsourcing to these countries due to low cost but high talent workforce of these countries for cheaper operations.
The growing middle class of China and India results in booming demand for the automobile industry. This increase in demand, with the increasing purchasing power of these countries’ people, is not limited to automobiles but more apparent in...
10 Pages(2500 words)Assignment

Globalization and International Business: Starbucks Corporation

The Small Business Encyclopedia defines globalization as the process by which the economies of countries around the world become increasingly integrated over time. This integration occurs as technological advances expedite the trade of goods and services, the flow of capital, and the migration of people across international borders (globalization, Answers.com).
The shreds of evidence of globalization are all around us. For example, Hill (2005) cites an example of an American driving a car designed and produced in Germany that was assembled in Mexico from components made in Japan fabricated by Korean steel and Malaysian rubber. The car is filled with gasoline from oil pumped from off the coast of Africa, at a service station o...
12 Pages(3000 words)Case Study

Economic Value Added as Tool for Improving Performances

To discover whether pure profits exist, take the revenue of the firm and deduct the costs of all factors of production other than capital. Then deduct the pure return on capital and any risk premium necessary to compensate the owners of capital for risks associated with its use. Anything that remains is pure profits.” Simply in economic terminology economic value added (EVA) is commercial profits reduced by opportunity costs (that is the pure return on riskless investment and the risk premium). Lipsey calls the EVA defined in this fashion as “pure profits, economic profits or, where there is no room for ambiguity, just profits”.

Investors in any company are interested in real profits that are profits r...
7 Pages(1750 words)Report

Gross Domestic Product and the Nations Competency in Terms of Economic Welfare

It is often used to compare the economic performance to aid as a prediction tool and to analyze the business cycles and the recessive and expansive economic performances within them. This further aid economic and fiscal policy formulation of the government and is also used to analyze the consumer behavior and the economic phenomena involved. (Heakal, R. 2008).These figures can be a benchmark to compare economies of different nations and the economic prediction process is also made possible.

A usual pattern of assessing the Gross Domestic Product is to have an initial GDP report on every quarter which is an advance report. Two corrective reports follow this before the final figures on GDP are arrived at. It usually takes...
7 Pages(1750 words)Report

The Globalization Policies in Different Countries

...International trade International trade Introduction The Globalization, Liberalization and Privatization policies adopted by different countries, opened the doors widely open for international trade. Foreign investment and participation in business is welcomed by many countries. The consumers will get better products at cheap rates because of the competition in the market. For example, as per the economic principle, scarcity of a commodity creates demand in the market and hence the price of that commodity will go up. Because of the foreign participation in domestic market, the customers will never fee any scarcity and hence the prices will come down definitely. But most of the countries are still confused about the extent...
6 Pages(1500 words)Coursework

Globalization and Protectionism in Our Century

...Globalization and Protectionism in the 21st Century Globalization is an international phenomenon with far-reaching consequences in the social, political and economic realms. Economic globalization, namely the spread of neoliberalism and capitalist-inspired consumerism as the dominant engine of economic growth, has both supporters and detractors. The world is becoming more and more interdependent and whether you think globalization is a good or bad thing, it is here to stay. Many people in developed countries argue in favor of protectionism because foreign wages are much lower and domestic producers cannot compete. The result is that jobs are lost as employment trends shift overseas. Seeking to explore the present international...
6 Pages(1500 words)Case Study

Emergency Economic Stabilization Act of 2008 and How It Has Impacted the Financial Markets

Though there were objections from various quarters about the huge amounts of tax payer’s money being used in the bailout of huge corporates, the Act has been successful in moving the downturn towards a flat point and now has started slowly moving towards a recovery stage. The various programs under the EESA 2008 have played a significant role in the financial sector, housing mortgage, and banking institutions to save the institutions from complete disaster.

The Emergency Economic Stabilization Act is a huge taxpayer bailout designed to rescue the financial sector. The amount of money to be used is around $700 billion or $2000 per American citizen (Public mark up). Emergency Economic Stabilization Act of 2008 is al...
10 Pages(2500 words)Research Paper

Economic Analysis of India

The country’s economy is fast growing with a stable political system that encourages foreign investment although with certain restrictions. The country generally has good energy, transport and communication systems which make the cost of doing business affordably.

The Republic of India found South of Asia is by far the world’s most populous democracy and ranks seventh largest in terms of geographical area (Brown, 1994). India is also the second most highly populated country in the world. The country has a rich culture with four major religions having originally emerged from it; Sikhism, Buddhism, Hinduism, and Jainism. The Indian Republic consists of seven union territories and 28 states and ranks twelfth la...
8 Pages(2000 words)Case Study

International Business: World Economic Forum and Davos 2010

...Introduction Globalization, one of the most hotly debated issues means global capitalism to some while others consider it to be the continuation of modernism with the forces of wealth, progress, democracy and happiness at play (Kellner, 2002). Globalization is considered to be beneficial which promotes economic prosperity, cultural diversity and technological advancement. According to the critical social theory, technology and capital work together to create a new globalized and interconnected world. While each force of globalization is important, technological revolution has impacted the business models, value creation and differentiation (Spelman, 2010). The cloud computing technologies that have made the popular social networking...
7 Pages(1750 words)Coursework

Globalization and World Economic Forum at Davos 2010

...Globalization and World Economic Forum at Davos Forces Driving Globalization Globalization has resulted in enhanced interdependencies among thenations of unprecedented scale. This augmented interdependence has caused the dismantling of trade barriers and liberalization of markets. The forces of globalization have impacted the nations, the firms and the individuals alike with the prerequisite of liberalization of trade (Awuah, 2009). The seven forces of globalization are; Markets, Production, Culture, Labor, Technology, Environment and Liberalization. Of these factors, the globalization of markets has engaged substantial attention of the firms and the academia. Some markets are highly globalized, while some are not. The scale of market...
7 Pages(1750 words)Coursework
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Research Paper on topic Globalization. Globalization In Economic for FREE!

Contact Us