Factors Influencing The Global Economy

This paper will explore both the advantages and disadvantages that globalization has on the world. Globalization is good for economy. First, Enterprises can operate internationally, and production can be produced internationally. Similar to poor countries like Africa, although they are poor, they have a lot of cheap labor, other countries will make their goods

Globalization has its bad sides but is not all bad, it has lead to a greater trade network between countries and has saved lives by spreading information, medicine, clean water and food. But it also has its major down sides like outsourcing resulting in lower prices for goods but lost jobs for developed countries and poor paying, miserable jobs for developing countries. So, overall i think that globalization is good in some ways but In the past and present it has affected many people

Introduction Globalisation is the process that brings together the complaints nations of the world under a unique global village that takes different social & economic cultures in to consideration. First this essay will analyse globalisation in a broader term, second the history and foundation of globalisation that were intended to address poverty and inequality, third the causes that lead to globalisation and the impact that globalisation has on the world’s economy. The participation in the global economy was to solve economic problem such as poverty and inequality between the developed and developing nations. What is Globalisation?

When introduced to U.S. products and forced to accept them into their daily lives, it gives the U.S. another distinct advantage. Consumerism. Foreign citizens begin to grow attached to these U.S. products and when they have no need to receive them through aid any longer, they look elsewhere to find them. Consequently, businesses are encouraged to expand worldwide and promote globalization. Businesses go where demand is highest.

How has globalization influenced Canada's economy and cultural development? Trev Lau - Milliken Mills High School, York Region District School Board Globalization allows international companies free access to any country's marketplace. Countries like Canada pursue globalization because they want their businesses to have open access to other countries' marketplaces and be able to sell to more customers. In turn, Canada must open access to their markets.

It can be great and help the society because it can help advance the technology. For example Americans have devised straws that can instantly purify water, so they give this to many people n Africa. But globalization could also be bad because it can take away from cultural traditions. Part 2 1.

The Canadian GDP heavily relies on the contribution of foreign investments and therefore globalization is very important to the Canadian economy. Sometimes, Canadian owned businesses have to lower their prices due to foreign competition. There are also laws in Canada are put in place to ensure the protection of young (infant) industries, to make sure they survive the domestic competition that is as a result of foreign investments and globalization. Globalization affects almost all Canadian business decisions. Consumers benefit the most from this because they are the ones who get to make use of these products and they get to have a wider range of product variety due to globalization, this allows them to decide which of the many products

Globalization makes way for international investment and trade, there by establishing trade and bilateral relations between countries. 3. Technological diffusion and the distribution of economic development from rich to poor countries. 4. Globalization creates freedom to choose markets among globalized economy.

The founding of WTO in 1995 increased the conflict between economic globalisation and the protection of social norms until now because of WTO aims at further trade liberalisations. While there is no universally agreed definition of globalization, economists typically use the term to refer to international integration in commodity, capital and labour markets. There are many impacts that existed after the introducing of WTO. Firstly, the globalisation has changed the way of economic nowadays.

Moving on from a theory example, there are some other crucial factors that impact the progression of globalization. Important factors in globalization include transportation, technology, and an international currency system (Lecture 9-2). These are all important things needed for globalization. Transportation wise, the best method for transporting goods is through the use of containerized shipping. This method allows for ships to hold thousands of containers containing thousands of goods within those containers themselves (Lecture 9-2).

First of all, the most obvious advantage that the globalization brings about is that goods (such as car, laptop, smartphone, etc.) produced in one country can be sold in other countries .For the developed countries, now the can easily export their products and services to other countries to earn money. And for the developing countries, it can create opportunities of employment and reduce poverty, which is very good for the economy. The next positive aspect which is taken into consideration is that the developing countries now can receive sources of capital, new technologies from developed countries, which is very essential for the growth of a country. And in return, the developing countries let the developed countries’ companies do business in their countries.

Globalization allows countries in the world are free in trading without any barriers about tax, not only that the cost of domestic and imported goods are not too many differences cause major competition about commodity (The Impact, n.d.). That force developing nations have to make their product quality better, improve design of goods and reduce production cost. The next point is the pressure on the natural environment. Promoting the exploitation of natural resources in developing world depletes resources. The world is facing the fear of running out of natural resources like oil, natural gas, petroleum and coal because of overexploitation to meet the development needs (SÀIGÒN, 2010).

MINI REPORT ARE THE BENEFITS OF GLOBALISATION GREATER THAN THE DRAWBACKS? In my perspective, globalisation is a practice by which the world is becoming progressively connected as a result of immensely increased trade and cross culture diversity. Globalisation enhances the use of outsourcing and offshoring products.

Through globalization, people around the world share information as well as goods and services. As a result of globalization, consumers around the world enjoy a broader selection of products than they would have if they only had access to domestically made products. International trade has stimulated tremendous economic growth across the globe-creating jobs and reducing price. As globalization accelerates change in technology, more jobs are created and as a result more people are employed thus increasing their purchasing power. As the demand of consumers rise, more and more products are produced to suit the needs and wants of the people.

2. Main causes and drivers of globalization The treaty of Westphalia in 1648, has been known to be the beginning of the system of sovereign states. Unlike the previous treaties, the treaty of Westphalia drew up a list of core principles, which re-defined the conception of the state; territories were defined, and the lands uninfringeable. Supremacy of the nation-state became accepted as the norm and hence allowed growth of international relations (Pant, 2011).