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Impact of Globalisation on UK - Essay Example

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If we trace the history of fast changing economic landscape for the last one or two years, we find that the finance and banking sector experienced a big jolt in UK. The subprime lending crisis made its way from US and thanks to globalisation spread in good measure all around the world…
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Impact of Globalisation on UK
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Download file to see previous pages The ups and down in equity markets is not a new phenomenon, but the UK equity markets have not recovered from the shake ups. This is a direct consequence of the networking of economies and globalisation.
Globalisation has made its mark in almost all parts of the world over the last two decades in particular. Globalisation as such, has been in existence for quite a while. In the early ages it was essentially limited to business and trade. But with the beginning of the new form of market driven governments, globalisation has filtered down to almost all walks of life like, media, culture, and of course the trade and business practices remain the key segments impacted by the phenomenon. During the early ages, trading companies, particularly from UK and Europe would arrive in a foreign land, make strategic arrangements with the respective governments and influence the ruling class in order to strengthen their business goals. In a number of cases, gradually these companies also succeeded in capturing power in those countries, thus giving rise to the practice of imperialism. Well, the modern avatar of globalisation appears far more sophisticated and customer oriented, as it gives rise to intense competition in the market. While on the one hand globalisation is transforming the face of economic policies, on the other apprehensions are also being expressed about the ill effects. International Monetary Fund (IMF) described globalisation as "The process through which an increasingly free flow of ideas, people, goods, services and capital leads to the integration of economies and societies" (IMF, 2002). UK has been at the forefront of implementing developmental change and played a key role in shaping the world opinion on the issue.
Globalisation: More than Transnational Cooperation
Trans-nationalism essentially meant a focus on broader areas of cooperation in cultural exchanges, economic exchanges; connecting people, governments, organizations or institutions across the borders of nation-states thus facilitating the flow of people, ideas and goods between different countries and regions. On the other hand globalisation, though implies similar connotations, has become more associated with economic activities and a market oriented attitude of big corporate houses. While trans-nationalization worked with exchanges across boundaries connecting the countries and regions, globalization seems to know no boundaries. Moreover with the advancement of communication technologies spread of globalisation has become more prominent and now it has replaced the word trans-nationalisation. Networking o economies and real time online businesses are just some examples of the borderless regime. While trans-nationalisation effectively meant cooperation and coordination between two or more countries, globalisation works with involvement of many countries in similar practices or trade. Formation of regional cooperation councils like G-8, G-20, EU, Gulf Cooperation Council etc. are an indication towards having similar policies on a range of issues, which in turn results in mutual beneficial proposition for the member countries. The networking essentially meant that the economic factors will experience similar triggers arising out of common policies will be shared proportionately by the members.
Under the globalisation regime, economic activities have dominated as the major players in deciding the policies. It is only because of such networking that ...Download file to see next pagesRead More
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