International trade is also knows as a globe trade which give the country opportunity to expands their markets for both good and services that otherwise may not have been available in other countries. This type of trade also give advantages for world to rise the economy in term of prices, supply and customer demands, affect and are affected by global events. All of the good and services can be found on international market. International trade will involve two types of process which be export and import. Export is a function of international trade in which the goods produced in a country will be sent to another country for future sale or trade.
CONCEPT OF GLOBALIZATION Globalization is the process of international integration arising from the interchange of world views, products, ideas and other aspects of culture. It is the process of growing and expanding to exist throughout the entire world. The tendency to move beyond domestic and national markets to other markets around the globe, thereby increasing the interconnectedness of different markets. Globalization not only leds to increasing international trade, but also in cultural exchange. Globalization is both boon and bane.
This causes to the alteration of outcomes which the low quality firms can be working at Minimum Efficient Scale which is appropriate to their quality level. In contrast, high quality companies still assumed to achieve Minimum Efficient Scale even though they are much bigger than low quality companies and operate in the same entire
At the same time, the world has also become interdependent due to trade relations. Major countries in the world trade with each other so as to ensure maximum productivity. Trade laws have been established through international organizations dictating the extent of trade relations. Imports
However, nowadays, globalization due to the Industrial Revolution and the advances in transport and technologies has reached an unprecedented scope. Globalization can be explained in mainly 3 different areas: in politic, social and economic terms. In politic terms, globalization can refer to the shift of political activities from a single-nation level to a global level and it has been created international organization such as the United Nations. It has also tried to spread democracies all over the world. Social globalization describes an exchange of values, ideas and it has facilitated the promotion of equality, dignity and human rights.
Globalization involves the increasing interconnection of local and nationalistic economies across the world. It increases border movement of goods, people, technologies, ideas and services throughout the world. It lets other countries to join the rest of the world and become part of worldwide interrelatedness. As the biggest companies are no longer national firms but universal partnership.
In the contemporary society, there are an increasing number of people involved in the globalisation. I choose the topic of international trade. And in the following paragraphs, I am going to introduce what is international trade, other possible benefits of trading globally and the bottom line. (Heakal 2015) Thanks to the international trade that allows us to expand the market for goods and services.
GLOBALIZATION, TECHNOLOGY AND LAW Globalization and Technology Globalization has completely transformed the way in which the world and its people interact. Earlier there were several roadblocks in the ability to communicate and interact with the people worldwide. But now, the world is becoming more and more globalized in all spheres: Business, financial, social, economical, etc. Over the years, a lot of technological advancements have come into picture including the changes in the field of Information Technology, having a significant impact on the global landscape.
1) What do I think of when I hear the term globalization? My impression of “globalization” lends to the cross-pollination of cultures and their associated technologies, politics, tourism, environmental, social, economic, trades and commodities that impose and influence world growth and development. 2) a) Which major trends, developments, and phenomena are caused or influenced by globalization?