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By global economy, we understand an integrated world economy, where competitive price prevails and countries specialise in producing a large variety of products in which it has comparative advantage, that is, produce the good at a lower opportunity cost. The country then trades…
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Download file to see previous pages... ell as markets as same products are being sold in different national markets, increased capital mobility – firms move more freely between countries, improved connectivity in terms of transport and telecommunication, deregulation (fewer business related laws and restrictions) and liberalisations (removal of trade restrictions). Formation of larger economies within the world economy, a very god example is the European Union (EU).
Free trade is always beneficial for the trading countries as it raises welfare and return is optimum. Then, why do countries go for protection? We concentrate our study on the infant industries and the consequence it faces in the face of global development. Global development also has its impact on businesses. The paper takes up two important aspects of business- Human resource management and research & development. Again, our motive is to access how these two aspects of business management and development helps in reducing the risks associated with global development. After establishing the effects of global development on businesses, we take up the two very aspects of marketing. A study of the consumer behaviour and the cultural aspects associated with it has been done in this paper.
Infant industry argument is another face of selective protectionism and applied in developing countries most of the times than developed countries, though it began in US in the late 18th century and Germany in the 19th century as both these regarded its industries as underdeveloped compared o UK. New industries and specifically promising ones in the market need a platform to grow and beat the existing ones in their pursuit to grab the market. This is where the home country’s government gives protection from foreign competition, as exposure to foreign competition so soon might be a hurdle for their growth. This argument has faced lot of criticism because protecting every such infant industry is not justified. However, only those industries should be ...Download file to see next pagesRead More
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