What Are The Impacts Of Globalization
Introduction
Globalization has influenced the way that countries in terms of policy implementation. Countries have to take into account the impact of foreign markets as well as the effect that global patterns influence our financial systems. Institutions such as the World Bank, the International Monetary Fund, United Nations as well as the European Union.
What is Globalization?
Globalization is a process of interaction and integration between countries, companies and government of different countries. International trade between countries and big corporations drives it. (Globalization101, 2016) It has led to development of Multinational Corporations such as Barclays, MacDonald’s and Nike to name a few. Globalization has had both negative and positive effects on different nations. Globalization has led to the formulation of the World Bank as well as the International Monetary Fund. Globalization has made it easier for Countries such as South Africa to seek financial assistance. This had led to the world becoming a global village where interconnectedness is easier and faster.
The essence of globalization is perhaps rooted in the faster communication of information brought about by the internet, satellite communications, or even international workshops. Economic policy-making is not immune from this: at the very least,
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Since 1994, South Africa has been able to trade with the rest of the world, the end of apartheid marked the end of the trade embargoes against South Africa. The country has been able to trade with other markets freely, thus forging trade ties with foreign markets. This made it easier and cheaper to buy goods from foreign markets. This will also give the country the opportunity to sell its goods to foreign markets, thus increasing exports as well as investments into the country this will not only increase profits but also decrease the level of unemployment in the country. (Hsrcpress,
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