International Trade and Technology as Main Drivers of Globalization - Coursework Example

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The paper “International Trade and Technology as Main Drivers of Globalization” suggests that international trade liberalization agreements and activities, as well as technological progress, are key factors driving globalization in the last half-century as can be witnessed from GATT…
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International Trade and Technology as Main Drivers of Globalization
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Download file to see previous pages It can be apparently observed that growth has not only been witnessed in terms of goods and services, but also with regard to the exchange of currencies and in capital movements. The effect of globalization has been seen mostly evident in technology transfer and international trade activities owing to trade liberalization agreements. As a result of globalization, a massive improvement and advancement in the world economy in terms of technology and international trade during the last fifty years has materialized.
Over the last five decades, it has been observed that technological growth has progressed rapidly as a result of which international trade has also moved forward by a considerable extent. With these considerations, the study intends to present a brief overview of the most important factors driving globalization primarily in the last fifty years. At the same time, a comparative evaluation will be made amid technology and international trade liberalization agreements to ascertain which one of these key factors has been the primary factor driving the aspect of globalization.
Several factors have contributed to globalization since the last fifty years. Due to the effect of globalization, all the trade barriers have been largely removed during this period. As a result, it has been observed that international trade has become quite a value deriving for nations around the world. During the year 1948, when for the first time, supervising authority General Agreement on Tariffs and Trade (GATT) started its operations at that point of time only 23  countries had taken part in the international trade activities. After sixty years of journey, it deals with 159 countries in the globe.
During the last twenty five years, the cost of transportation through sea has been fallen 70% as well as the expenses through air route has increased 4% in every year. Consequently, the impact has directly been implicated on globalisation. Thus, the factor of convenience in terms of transportation facility has been one of the key driving forces behind globalisation. Moreover, during the last five decades, the use of the internet and telecommunication services has increased considerably due to the technological development which has also been a key factor. Furthermore, the sustained emergence of e-commerce as a business dealing and transaction medium has encouraged globalisation on a massive scale. Besides, trading blocs encourage global interdependency through creating regional trade agreement (RTA), altogether reducing cost, ensuring boundless trade license, an arrangement of capital and technological advancement that have motivated incorporated organisations to diversify their business outside of the home country. Consequently, it can be ascertained that a multiple of factors have played a decisive role in driving globalisation in the past fifty years by a considerable extent.        ...Download file to see next pagesRead More
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