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Economic globalisation promotes the idea of international economic integration which may enhance a single global market whereas the concept of globalisation supports…
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Download file to see previous pages Economic globalisation is a broader idea that encompasses concepts such as globalisation of production, market competition, multinational corporations, and industries. The concept of economic globalisation was suggested along with the policy of trans-national trade and hence it has been occurring for the last 20-30 years. By the end of the 20th century, economic globalisation was greatly promoted and this situation led to the integration of developed economies and developing economies through increased foreign direct investment, elimination of trade barriers, and high immigration flow. Although evidences suggest that economic globalisation has a range of positive financial effects, it is also argued that such effects benefit only developed countries and cause power imbalance in the global economy. This paper will analyse “in what ways economic globalisation has affected the state”?
International capital markets, labour markets, and commodity markets constitute the concept of economic globalisation. While analysing the history of economies, it seems that majority of the economies was influenced by foreign markets by the early 1900s in terms of either money and labour or business policies. Advancement of ship building technology and railroad inventions greatly contributed to the economic interdependence of global economies. Although World War I & II noticeably disrupted these advancements in economic globalisation, this concept again achieved widespread attention in 1970s and since then it has been gradually developing. Nowadays, dramatic advancements in information technology ensure the effective flow of information. Subsequently, economies tend to constitute a single global market so as to take advantages of integrated trade and other economic operations.
While analysing the UK economy in the context of economic globalisation, it is obvious that this process has significantly ...Download file to see next pagesRead More
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