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International Business and Global Change Abstract Globalization helps nations to make sound macroeconomic policies and help to educate the workforce. In short, nations who ‘globalize’ experience wide range of goods and services, low prices, improved health for citizens, better paying jobs etc…
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Download file to see previous pages... International Trade helps nations to make sound macroeconomic policies and help to educate the workforce. In short, nations who ‘globalize’ experience wide range of goods and services, low prices, improved health for citizens, better paying jobs etc. all initiating an improved standard of living with higher per capita incomes. Institutions like World Bank, International Monetary Fund facilitates globalization. World Trade Organization helps to regulate norms and rules of international trade between nations. The key finding of the study is that globalization is indispensible but should be checked with the policy of import substitution and export promotion of every nation. Introduction Choice of production and scarcity of resources is the central economic problem of any nation across the world. A nation should always engage its resources in the production of goods and services over which it has comparative cost advantage (Ricardo, 1992). This is only possible when the world economy is open and there is international trade between nations. International trade involves imports and exports. The level of international trade in a country can be found from the gross domestic product (GDP) of the country. International trade as a % of world GDP has increased from 42.1% in 1980 to 62.1% in 2007. This is due to the emergence of globalization between nations which involves flow of funds, technology, products between nations. The foreign direct investment increased from 6.5%$ of GDP in 1980 to 31.8% in 2006. This is highly beneficial for the growth of developing nations and it also facilitates the progress of rich developed countries. The objective of this project is to analyse to what extent globalization in 1980 resulting in more even distributions of income. This essay also helps us to understand the importance and progress of international trade in the world economy. The study then emphasises the emergence of globalization in the eve of modern trade accelerating growth. It also shows the changing pattern in international trade for the last 50 years. The work also gives an overview of the current scale and distribution of international trade across countries. Definitions and Measures of Inequality The level of development between nations is not same. There always exists income inequality between nations due to social, economical, political and natural differences. Income inequality is the inequality of income distribution. Blau (1977) defined income inequality as the average difference in status among a pair having relatively average status. Similarly, Firebaugh (2006) defined disparities in wealth status between people and Nations is defined as wealth inequality. Income inequality divides the economy into ‘haves” and “have nots”. Income inequality is detrimental to the growth of an economy, social justice and welfare of the peoples of a nation. People with low level of income remain dissatisfied with their financial status thus inequitable income status in an economy often threatens the political stability of a nation. Income Inequality is also responsible for health problems in a country. It can often raise corruption in the society that can finally cause misallocation of resources in the society. There are various measurements of income inequality; the most commonly used is Gini Coefficient. The range of this index lies between 0 to 1 (0% to 100%), where 0 means perfect inequality and 1 shows no inequality. But it does not show why the inequality ...Download file to see next pagesRead More
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