Economic Globalization Essay

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Globalization is defined in the Cambridge Dictionary as the “increase of trade around the world, especially by large companies producing and trading goods in many different countries”. Economic globalization is as presented in the Blackwell Companion to Globalization “one of the three main dimensions of globalization commonly found in academic literature, with the two other being political globalization and cultural globalization, as well as the general term of globalization” and it refers to the free movement of goods, services and capital. Continuing on this topic the Trans-Pacific Partnership or TPP trade agreement is a great example of economic globalization. The TPP trade agreement aims to promote trade growth, economic growth, to generate and retain jobs, to raise living standards, reduce poverty in the participating countries and promote good governance and transparency with the countries that signed this agreement. The countries involved in this agreement are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and the United states till January the 23rd 2017. After the U.S. dropped the TPP China and South Korea joined member states in trade discussions. U.S. was a key country in the TPP. The Trans-Pacific Partnership’s finalized proposal was signed on the 4th of February 2016 under the former Obama administration that contained measures to lower the tariff barriers for trade and create non-tariff barriers for trade and the
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