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Major Factors of World Trade Globalisation - Coursework Example

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The paper "Major Factors of World Trade Globalisation" discusses that deregulation of capital markets, increasing flows of foreign direct investments in the export processing sectors of the countries have speeded up the process of globalisation since the 1970s…
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Major Factors of World Trade Globalisation
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Download file to see previous pages The process of migration and technology transfer use the term globalisation to refer to national economies’ integration into a global economy. When economists use this term, then by this word he wants to imply a removal of national barriers for facilitating the flows of goods and services, labour and capital from one country to another. (Bhagwati, 2004; Steger, 2003)
The process of globalisation is actually made up of two phases. In the first phase, most of the countries are integrated economically. The principal action that is conducted during this first phase is to make negotiations of world trade by reducing protectionism. In this phase, all products get access to a wide global market. The second phase of the globalisation can be treated as the phase of constituting a global governance system. At present, the United Nations is considered to be the first step towards making global governance. United nation has been formed to reduce the risk of wars and conflicts between the nations while at the same time maintaining national sovereignty of each nation. (Steger, 2003)
The process of globalisation has got momentum in the past two decades. In the last two decades, technology has made huge progress and made it very easy for people to travel, communicate or conduct businesses at an international level. In recent times two major forces that are responsible for speeding up the process of globalisation are the huge advancements that are made in the field of telecommunications and development of the internet. Advanced telecommunication systems and development of the Internet have made it possible for the economies to become more connected with each other. As a result, economies have become exposed to more opportunities as well as more competition. (Steger, 2003)
Is globalization a new phenomenon? : There exist varied opinions on whether globalisation is a new phenomenon or not. ...Download file to see next pagesRead More
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