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

Globalization and Canada. Globalization and free trade - Essay Example

Comments (0) Cite this document
Summary
Globalization of business and economies has changed societies in all countries and Canada is no exception. In fact, the term "global village" to denote the effect of globalization was coined by a Canadian journalist, Marshall MacLuhan at the dawn of the 21th century. …
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER91.7% of users find it useful
Globalization and Canada. Globalization and free trade
Read TextPreview

Extract of sample "Globalization and Canada. Globalization and free trade"

Download file to see previous pages Globalization of business and economies has changed societies in all countries and Canada is no exception. In fact, the term "global village" to denote the effect of globalization was coined by a Canadian journalist, Marshall MacLuhan at the dawn of the 21th century. Free flow of capital in and out of Canada, free trade and the existence of multinational companies have together linked Canada to the rest of the world's economies. In addition, Canada has become a part of continental integration through the North American Free Trade Agreement (NAFTA) that has already exposed the trading and business community of Canada to the United States. As a result of the interaction of a global business environment and a multicultural population, the Canadian society is undergoing a change that needs to be explored further. Besides, globalization has had an impact on the sovereignty and democracy of the country as Canada's economy as well as its culture has got integrated with that of the United States. In this paper, I will discuss the economic, social and cultural effects of globalization on Canada and propose a methodology for further questions.Inter-linkages between economies across different geographies have existed for centuries but it is only recently that the world has become truly integrated into a 'global village' rather than in a state of one group of countries exploiting the other. Capitalism and the Industrial Revolution had its roots in technological innovations like the power looms and railroads in Britain in the middle 19th century but it soon spread across Europe and North America, allowing for growth in commerce (Chirot, 2000). The modernization of the European and North American economies was aided to a large extent on the availability of raw materials (cotton from India in the case of Britain) and labor (African slaves for North America) from the colonies. By the advent of the 20th century, however, the limits of the capitalist development had been reached, leading to the Great Depression of the 1920s in North America and Europe (Giddens, 1986). The two World Wars changed the global economic power balance, with most of the colonies gaining independence over the period and Soviet Russia becoming more powerful and dissociated from the western powers. Post war reconstruction, growing urbanization and technology improvements revived the North American and European economies while Soviet Russia too developed technological capabilities. However, the world got bifurcated between the capitalist (mainly North America and Europe) and the socialist (mainly the USSR) camps while the Third World countries (the developing or underdeveloped nations, most typically erstwhile colonies of European powers) aligned themselves to either of the two camps. The 1950s saw a boom in the United States economy, much as a result of Fordist automation of industries and growth of consumerism, and US multinational companies endeavored to invest in other countries, the nearest neighbor, Canada, being the most convenient. However, in the 1960s and 1970s, even the capitalist economies, Canada being an important example, largely believed in economic sovereignty and foreign ownership was not seen as favorable (Smythe, 2001).
The global economic order has significantly changed since the end of the Cold War in the late 1980s. As the divergence of the world between the two superpowers and their respective beneficiaries in the so-called Third World disappeared, the world has now become a 'global village' that is increasingly inter-linked for mutual benefits. The processes of production and consumption have undergone significant globalization, aided be the nearly free flow of capital and technology across political barriers. Over the years, multinational companies (MNCs) have ruled world business and governments have had limited roles to play. A survey by Institute for Policy Studies in 2000 found that the world's top 200 ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Globalization and Canada. Globalization and free trade Essay”, n.d.)
Globalization and Canada. Globalization and free trade Essay. Retrieved from https://studentshare.org/macro-microeconomics/1523274-what-are-the-disadvantages-of-political-polling-does-it-really-have-an-adverse-impact-on-the-political-landscape-does-the-criticism-about-political-polling-ma
(Globalization and Canada. Globalization and Free Trade Essay)
Globalization and Canada. Globalization and Free Trade Essay. https://studentshare.org/macro-microeconomics/1523274-what-are-the-disadvantages-of-political-polling-does-it-really-have-an-adverse-impact-on-the-political-landscape-does-the-criticism-about-political-polling-ma.
“Globalization and Canada. Globalization and Free Trade Essay”, n.d. https://studentshare.org/macro-microeconomics/1523274-what-are-the-disadvantages-of-political-polling-does-it-really-have-an-adverse-impact-on-the-political-landscape-does-the-criticism-about-political-polling-ma.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Globalization and Canada. Globalization and free trade

Globalization and trade

...?Running Head: GLOBALIZATION AND TRADE Drivers of international trade The main drivers of international trade are: Exchange rates Regimes This is the most significant factor affecting international trade. Various nations have implemented the use of different rates of exchange regimes. The picking of the rate of exchange has been in a way controversial without agreements upon the one considered most effective rate of exchange regime in the process of minimising protectionism. The demand and supply for the currencies as well as the resultant relative values can impact the demand for exports and imports. As demand and supply for currencies vary, the values of the same currencies also vary. If the currency is strong then imports are less...
2 Pages(500 words)Essay

Trade and Globalization and Gains of Free Trade

...Trade and Globalization and Gains of Free Trade Introduction Globalization is such as force that influences operations the world over, positively or negatively. Issues to do with free trade in relation to globalization have occupied debates in economics for a very long time, in various tenets, including the national governments roles and the international stipulations. In a progressively more global world, a number of gains are there to write home. The various inter-governmental organizations are not as much effectual, and international businesses and entities continue to define stipulations. Governments’ role in controlling trade is still enormous and many governments are increasingly accepting it as the norm rather than the exception...
9 Pages(2250 words)Essay

Free Trade during Colonialism vs. Free Trade during Globalization

...? Free trade during colonialism vs. free trade during globalization Introduction Many people have the illusion that free trade is an entirely modern economic concept which is the brain child of globalization. In reality, free trade existed in numerous forms even during colonialism. Free trade during colonialism and free trade during globalization have lot of similarities and differences in principles and practices. It should be noted that during colonialism, colonial powers encouraged free trade to safeguard their interests alone whereas at present or during globalization period, free trade is encouraged by all countries because of its potentials to rejuvenate the economy of countries irrespective of rich or poor. This paper analyses...
4 Pages(1000 words)Essay

International Trade and Globalization

... development. In addition, this paper will deliberate on the function of international institutions, multinational corporations and trading blocks. This essay will look into the major patterns in regard to the international trade and examine the positive and negative effects of globalisation. In addition, the discussion will assess the influence on different groups such as consumers of trade as well as limitations between blocks and countries. Moreover, the paper will touch on international production and its aspects of foreign direct investment. Finally, the paper will analyse the globalisation of international business, for instance, in regard to market entry techniques and the importance of multi-national global brands and corporations...
15 Pages(3750 words)Essay

The Trade Union Movement in the UK

Before the ERA 1999, union membership and recognition in the UK were characterized by voluntarism, in which employers and employees could bargain over the terms and conditions of employment without any legal interference. With the statutory system ushered in by the new law, voluntary recognition of unions is no longer allowed and it becomes unlawful for British employers to deny recognition to unions under any circumstances. That conveys the impression that ERA created a radical change in British industrial relations. This paper takes the contrary view, however, and proposes that while the new industrial relations law looks revolutionary in principle, there are no fundamental changes in actuality for the change to qualify as &ldqu...
8 Pages(2000 words)Case Study

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

Potential Benefits of International Trade

Conditions set for international trade have also changed in various nations. Today, interdependent is evident due to various global distributions. Examples are; transportation systems, the internet as well as satellite communication systems.
The establishment of WTO (World Trade Organisation) promoting equity in nations’ status, the international monetary Fund (IMF) besides the World Bank, has made stronger the anchorage of international trade. These organisations aid in reducing the trade barriers across boundaries. Nelson (2000). This is a study set out to make a comprehensive and vivid answer to the question, “Which are the benefits of international trade and why are trade restrictions imposed by countries?&rdq...
6 Pages(1500 words)Coursework

Globalization and Protectionism in Our Century

... economic situation with an eye to the main theoretical approaches to the globalization phenomenon, different theoretical paradigms will be analyzed. Mexico, a developing country in the Western Hemisphere and member of the North American Free Trade Agreement (NAFTA), will be used as a case study to explore the ramifications of realist-inspired neoliberalism and the effects of globalization on a country in the developing world. Interdependence and the Emergence of GlobalizationGlobalization, as it exists today, rests largely on the shoulders of neoliberal economics and the global entrenchment of capitalism as the dominant economic system in the world. Inspired by Realist ideological doctrine, neo-liberalism is the belief in laissez-faire...
6 Pages(1500 words)Case Study

Macroeconomics and Trade Policys

Keynes argued that prices and wages do not determine the level of employment, as many classical economists suggested, but instead the level of aggregate demand for goods and services (Case & Fair 683). Keynes realized as well during the Great Depression that the government could intervene in the economy to attain specific employment and output goals by either increasing or decreasing taxes and government spending.

For example, raising taxes will decrease the disposable income of households and thus effectively decreasing consumption. When the government decreases consumption, the household demand for goods and services decreases thus it would only seem reasonable that the amount of output that the economy would also...
7 Pages(1750 words)Article

Free Cash Flows Theory

These are not hard and fast rules in determining the capital structure which should best affect a firms value. These theories lay down the benefits and the costs when a firm chooses what it sees as an adequate mix to maximise the shareholders value.

One of the implications where this research can lead include the possibility of the effectiveness in maximising shareholder value by employing two or more theories in capital structure decisions. Because these theories are more conditional by nature, probing which combinations when used for capital structure decisions are more effective in arriving at the goal of maximising firm value can be another subject for further research.
The role of capital structure in increasi...
11 Pages(2750 words)Case Study

Economic Models: The Free Market and The State Owned System

The free market concept is mainly a theoretical concept as every country, even capitalist ones place some restrictions on the ownership and exchange of commodities (Free market economy). Therefore, the term free-market economy primarily means a system where the buyers and sellers are solely responsible for the choices they make. It gives the buyers and sellers the power to do business without being afraid of any regulations and intervention by the state. Hence, a free market gives the absolute power to prices to determine the allocation and distribution of goods and services (Free Market Economy). The pricing mechanism is in turn, driven by the forces of demand and supply of goods and services. Demand and supply of...
9 Pages(2250 words)Case Study

Benefit of Partnership to Company, Trade Union and Government

The John Lewis model of partnership states that the ultimate purpose of business is the happiness of all its members. Hence, when partners “share the responsibilities of ownership as well as its rewards of profit, knowledge, and power”, it is mutually beneficial to all members of the organization (ILO, 1996). The partnership can be a part of the commitment to pluralism and also a part of the non-union agenda (Bacon & Storey, 2000). The national agreement Partnership 2000 defines workplace partnership as “an active relationship based on recognition of common interest to secure the competitiveness, viability, and prosperity of the enterprise” (Doherty, 2008). The interest in the partnership has arisen due...
6 Pages(1500 words)Case Study

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

Globalization and Business Enterprise: Climate Change

Since globalization encompasses political, economical and environmental issues, there has been much debate amongst companies on how resources are to be allocated in order to minimize climate change. Climate change is being dealt with on a global scale. The “Green investing is on the rise”, where investors are buying stocks that are environmentally friendly. New Zealand, like other countries, is supporting the cause for environmental protection by legislative measures in trade, bills regarding carbon emissions and by being part of agreements with the UN and the Kyoto Treaty.

Climate change and globalization are intricately linked. With the passage of time, many environmental issues, like global warming, have...
6 Pages(1500 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 Essay on topic Globalization and Canada. Globalization and free trade for FREE!

Contact Us