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Globalisation & Global Economy - Essay Example

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Running Head: Globalisation & Global Economy Globalisation & Global Economy Globalisation & Global Economy Globalisation is one of the significant transformations that the populace of the entire world has encountered in the twenty first century, which has formed a universal platform for the entire human race…
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Download file to see previous pages 59-62). While looking at the component of political globalisation, diverse views and opinions have come under observation. According to the perspective of globalists, globalisation corrodes the dominance of the nations. In addition, these people also believe that the nations lose their supremacy over the financial markets, which comes under control on a global platform. The globalisation has shifted the dominance to the global marketplace and universal corporations. Due to this, the multinational corporations (MNC) capture the investment decisions, instead of the local enterprises (Rupert & Solomon, 2006, pp. 25-35). Indeed, the globalisation has shifted the governance of the nations to the global institutions in general. United Nations (UN), World Bank, World Trade Organization (WHO), and International Monetary Fund (IMF) are few of the examples of the new level of governance that is the consequence of the globalisation. The masses has witnessed evolution and rise of the global governance from the decade of 1940 with the prime motive to provide assistance to modernize the post-colonial nations and to help and support the economies frayed due to wars (Rupert & Solomon, 2006, pp. 25-35). ...
encement of this institution, the economies of the world came under a universal platform that focused on the financial securities of the entire globe as a solitary factor. IMF also laid key emphasis on the trading of national assets, removal of trade barriers and produce free trade economies, cutback in the public spending funds and various others. Likewise, the World Trade Organization (WTO) is one the organisation worldwide that oversees and liberalises the international trade. Furthermore, these global institutions are set up to redesign and reform the world with the image of the free marketplace (Rupert & Solomon, 2006, pp. 40-58). Globalists who promote and advocate the concept of globalisation declares that the countries from all over the world gets better opportunities to have a close incorporation and integration with each other and the barriers to free trade is also eliminated with the globalisation. This universally warm integration results in liberal democratic world with stable and secure economies. However, according to the some schools of thoughts, the globalisation is creating a threat and risk for the economies of the nations in a way that the governments gets intimidation of disinvestments if the local organisations are not able to meet or reject to meet the demands of the multinationals (Lane, 2006, pp. 86-96). Whilst quite in contrary, the skeptics deem that globalisation does not leave any impact on to the political aspect of the country and the nation holds it power, influence, and strength over the world. Additionally, they allege that globalisation may put a limitation to the powers of the government to certain extent, but does not destabilize or threaten their ultimate powers. This is because several factors that include investments, skilled ...Download file to see next pagesRead More
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