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Competing in the global arina - Essay Example

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Gigantic flows of capital and technology have stimulated trade in goods and services. Technology helps to connect geographical regions and improve financial transactions. This new system of relations influences the internationalization of trade and finance, the increasing power of transnational corporations, and the enhanced role of international economic institutions like the IMF, the World Bank, and the WTO…
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Download file to see previous pages Globliztion is "neither new nor folly but global movement of ides, people, technology nd goods from one region to others benefiting the people t lrge" (mrty Sen cited Stiglitz 2002, p. 6).
The main companies contributed to globalization are McDonald's, General Motors, Wal-Mart, Google and Yahoo! which account for over half of the world's output. This geographical concentration reflects existing economic relations between the North and the South (Bhagwati 98). Rivalling nation-states in their economic power, these corporations control much of the world's investment capital, technology, and access to international markets. In order to maintain their prominent positions in the global marketplace, transnational corporations merge with other corporations. These companies have consolidated their global operations in an increasingly deregulated global labor market. The availability of cheap labor, resources, and favorable production conditions in the global South has enhanced corporate mobility and profitability (Hirst and Thompson 134-135).
The main drivers of globalization are technology, free trade and low barriers to trade, investments and democratization processes. A combination of weak and unstable governments, small and vulnerable economies, warlike conditions, and widespread poverty creates unattractive conditions for the major drivers of globalization, especially the global corporations and other private sector investors (Bhagwati 23). Apart from mining and other natural resources extractive industries, these countries are not players in the global economy. Moreover, lack of good governance often means that the proceeds from these economic activities benefit only a select group of elites, giving rise to private armies and guerrilla movements (Stiglitz 90). Price system help companies to sell product around the world and meet diverse customers' needs. Indeed, the network's market share increased even further as a result of the dramatic reduction in the price and size of satellite dishes. Suddenly, such technologies became affordable, even for low-income consumers (Bhagwati 21). For instance, a new economic order allows the farmers to produce more than the market can absorb but get paid at a fair price. It also keeps agricultural goods, produced elsewhere more cheaply and efficiently, out of these countries' markets. Globalization, as it relates to trade, is aimed at reducing or eliminating protectionism in order to maintain a level playing field for all trading nations. Still, developing countries continue to face a wide range of nontariff administrative instruments of protectionism, which keep their exports out of the rich markets of developed countries. Protectionism by the developed countries-aimed at keeping developing countries out of the formers' markets especially in sectors such as agriculture, textiles, and light manufacturing where the latter have a decided comparative advantage-is a serious impediment to free trade and globalization and a constant source of conflict in multilateral negotiations (Hirst and Thompson 98). Contrary to public perception, export subsidies are not an efficient public policy instrument for allocating resources. This is particularly important for developing countr ...Download file to see next pagesRead More
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