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Globalisation - Essay Example

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Summary
In descriptive way, it is used to mean the ‘process of integration into the world economy’ and in its prescriptive way, it is used to mean ‘strategy of development based on rapid integration…
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Globalisation

Download file to see previous pages... This would require that the nations concerned should open their markets for international trade, international investment, international finance and labour movements – a process which would result in interdependency and lead to integration of the economies of the concerned countries with attendant benefits to all.
From an individual country or a business point of view, globalisation is also a matter of strategy in the overall process described above. This strategy is best defined as the attempt to reap the highest benefits from out of the natural endowments of a country / business – be it in terms of raw materials, technology, skilled manpower etc. and reach the world markets with greater competitiveness. Viewed from this perspective, the term globalisation defines both a threat and an opportunity; a threat if a dominant economy or a business house commands the world markets, and an opportunity when even a small player can look at the entire world as his potential market to exploit.
the term. Deepak Nayyar puts it best in his words: “It is, in part, an integration of markets (for goods, services, technology, financial assets and even money) on the demand side, and, in part, an integration of production (horizontal and vertical) on the supply side (Nayyar, 2006).
International trade had been taking place for nearly a thousand years both on the land and sea routes. The items of exchange were mainly spices, silks and precious stones; in other words, only a limited number of highly valued exotic items. This trade was being conducted by individual traders.
international trade - exchanging finished manufactured goods for raw materials, although Great Britain as the supreme imperial power, controlled the raw materials prices from its colonies as well as the prices of finished goods sold in its colonies. Further, to supplement its work force, it deployed substantial number of indentured labourers from the Indian subcontinent to places like the South ...Download file to see next pagesRead More
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