ipl-logo

Globalization And Economic Competitiveness

997 Words4 Pages

Globalisation is viewed as a world that is free up of hurdles to trade and investment, whereby firms can produce and sell almost any services and product almost anywhere, globalisation also in recent time involves trillions of dollars of investment. Globalisation and economic competitiveness remains one of the most controversial subjects in recent discourse. Economic globalisation and its attendant global competitiveness are aimed at increasing the level of interconnectedness among countries for the purpose of bringing about greater economic integration through trade and other exchanges. These are expected to create improved economic restructuring across the globe, Barro (1989).
Ayodele(1995), posits that the increased movement of goods, services, …show more content…

Over many years, governments in most countries have increasingly opened their economies to international trade, whether through the multilateral trading system, increased regional cooperation or as part of domestic reform programmes. Trade and globalisation more generally have brought enormous benefits to many countries and citizens. Trade has allowed nations to benefit from specialization and economies to produce at a more efficient scale. It has raised productivity, supported the spread of knowledge and new technologies, and enriched the range of choices available to consumers. But deeper integration into the world economy has not always proved popular, nor have the benefits of trade and globalisation necessarily reached all sections of society. Trade scepticism is on the rise in certain quarters, and the purpose of this year’s[You might need to rephrase this sentence to suit the timing of this research work] core topic of the World Trade Report (2008), entitled “Trade in a Globalizing World”, and is to remind ourselves of what we know about the gains from international trade and the challenges arising from higher levels of integration. (Barro, 1989)
The key economic features of globalisation constitute deeper integration in product, capital and labour markets. Globalisation is not a new phenomenon. Since the mid-19th century, there have been at least two episodes of globalisation. The most recent period of globalisation …show more content…

Chief among the technological drivers of globalisation are inventions that have improved the speed of transportation and communications and lowered their costs. These include the development of the jet engine, containerization in international shipping, and the revolution in information and communications technology. Equally notable are changes in production methods which have created new tradable products, expanded global production in food and made manufacturing more efficient. Political developments in the last decades of the 20th century sowed the seeds of further economic

Show More
Related

  • Ap World Trade Dbq Essay

    790 Words  | 4 Pages

    For any country that wants to survive in the toughest of times, they need to have good trading capabilities. Very few countries are able to sustain themselves without indulging in intensive trade with other countries. Trading has been considered a good thing in the past, but with the changing world, there are doubts about the benefits of trading. There are some factors that lead to the development of trade networks between countries. When people started to settle in larger towns, the idea that you had to produce absolutely everything for survival, began to fade.

    Read More

  • Global Trade Dbq Essay

    841 Words  | 4 Pages

    Benjamin Franklin said, “No nation was ever ruined by trade.” During the early modern era, technological advancements in shipbuilding and increased knowledge on wind and current patterns made global trading possible. The increased flow of trade in the 1300s through 1800s created important social relations and economic opportunities due to the increased integration of foreign people and desire to be wealthiest and most powerful, while improving government, culture, and ideas in the modern world. Global trading increased the spread of people, which also increased the spread of religion and culture.

    Read More

  • Dbq Essay On Globalization

    834 Words  | 4 Pages

    Products can now be distributed around the world in an extremely efficient time. People can also travel easier and cheaper. “In 1974, it cost $1,442 (in 2011 dollars) to fly from New York to Los Angeles; today it can be done for less than $300” (Document 2). Globalization has connected the world ideologically, and economically, and caused great exchange in networks through the ways of agreeing among each other. We have seen an increase in the accessibility of products from the efficient system of work spread throughout the

    Read More

  • Differences Between Globalism And Nationalism

    825 Words  | 4 Pages

    Many western countries are now shying away from globalism as a whole. Globalist and nationalist have begun to clash and argue with each other, leaving the world asking which system the world should follow. In order to ensure prosperity and success for every country, globalism is needed over nationalism to an extend. Since the majority of trade any country does is international, and it’s been shown that individual economies are interdependent on each, the current state of everyone’s economy is global.

    Read More

  • Airbnb Case Study Globalization

    1557 Words  | 7 Pages

    3. Globalization Throughout the last decades, globalization became a real phenomenon, but history tells us that it is actually not a new social, historical phenomena, but has, under different names and manifestations, been with us for a long time. It is actually not only the continuation of the liberalization of international trade, which began in the mid-19th century with the launch of cross-border trade over long distances and later with intensive large-scale mobility of labor and capital. During capitalism, globalization has amplified due to the lust for profit, which is driven by capitalists across the globe. Indeed, globalization has significantly strengthened ever since.

    Read More

  • Assess The Impact Of Globalization On Australian Economy

    1681 Words  | 7 Pages

    Globalisation is the integration between different countries and economies and the increased impact of international influences on all aspects of life and economic activity. There are many dimensions to globalisation, and there are many statistics that can be used as measures of globalisation. The major indicators of integration between economies include: international trade and trade flows, income gap between developed, emerging and developing economies and migration of labour force. Each of these indicators provides an insight into the way in which economies are now linked to each other and the extent to which a global economy is emerging. Globalisation contributes and sometimes hinders economic growth and quality of life.

    Read More

  • Disadvantages Of Globalization In Russia

    904 Words  | 4 Pages

    The idea of “Globalisation” has successfully brought people and nations of the world together by the increased of non-territorial social activities, the growing speed of transportations and communications, and the rise of cross-border interconnections. Globalisation is everywhere, it is a combination of environment, culture, society, politics and economy. Economic globalisation is one of the most influential aspects to globalisation in this modern society, which introduces free trade, marketisation, liberalisation and the movement of labour. However, local and international may share different economic views, as to contrast this, two same news items on August 20th, 2014 covered by The Moscow Times (Reuters 2014) as local perspective and The Wall Street Journal (Hansergard 2014) as international perspective, are being used for the study. European markets are affected by the conflict between Russia and the West over Ukraine, especially the beer industries are now further suffering low consumer spending in Russia since last year restriction on beer.

    Read More

  • The Causes Of Globalization In Europe In The 20th Century

    1193 Words  | 5 Pages

    This paper briefly analyses the trend in trade over the last century that built the unstable political environment that stemmed the result of the UK elections. Initially, it will describe globalisation in the 20th century proceeding to that of the 21st century. Then, it will deliberate Brexit and the reasons behind it. Concluding by stating that globalisation is a valuable sign of moving forward that should be correctly reinforced globally and accepted by people accordingly.

    Read More

  • Globalization Case Study: Amazon

    1105 Words  | 5 Pages

    I. INTRODUCTION a. BACKGROUND: Globalization is a process of interaction and integration among the people, companies, and governments of different countries, a procedure compelled by international trade and investment, and supported by information technology. Furthermore, this process has an effect on various other systems such as on the environment, culture, political systems, economic development and prosperity and lastly, on human physical well-being in societies around the world. “Since 1950, for example, the volume of world trade has increased by 20 times, and from just 1997 to 1999 flows of foreign investment nearly doubled, from $468 billion to $827 billion” (York, 2016). Technology has been another primary driver of globalization,

    Read More

  • Wto And Globalization Essay

    1014 Words  | 5 Pages

    What can be defined by economic globalisation is the increasing economic integration and interdependence of national, regional and local economies across the world through an intensification of cross-border movement of goods, services, technologies and capital. Whereas globalisation is a broad of set of processes concerning multiple networks of economic, political and cultural interchange, contemporary economic globalisation is propelled by the rapid growing significance of information in all types of productive activities and by the developments in science and technology. Some theorist also defined Globalisation as a historical stage of accelerated expansion of market capitalism, like the one experienced in the 19th century with the

    Read More

  • Pros And Cons Of Globalization In The Textile Industry

    954 Words  | 4 Pages

    The exceptionally notoriety of the word 'globalization’ signals a require for caution. The word was barely utilized some time recently the late 1980s, indeed in scholarly circles, but nowadays you can barely open a daily paper without experiencing the term. It might effortlessly show up to is an elegant name utilized to assign wonders around which one has as it were the vaguest thoughts. However to dispose of the concept of globalization, and the huge consideration agreed the marvels it envelops, on such grounds, would be silly. There is a genuine require for a common, non-specific term to portray the complex, multi sided ways in which the world is inter-connected, and progressively so.

    Read More

  • Disadvantages Of Globalisation Essay

    956 Words  | 4 Pages

    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.

    Read More

  • Mercantilism In Africa

    2052 Words  | 9 Pages

    Nations engage in international trade because they benefit from doing so. The gains from trade arise because trade allows countries to specialise their production in a way that allocates all resources to their most productive use. Trade plays an important role in achieving this allocation because it frees each and every country’s residents from having to consume goods in the same time combination in which the domestic economy can produce them. During the past decade, China’s growing presence in Africa has increasingly become a topic for debate in the international system and among economists as well as policy analysts.

    Read More

  • Essay On Causes Of Globalisation

    2111 Words  | 9 Pages

    Globalisation could be defined from a descriptive and prescriptive sphere of the economy. Descriptive, globalisation is views as the fastest growth processes of the world-wide connectivity

    Read More

  • Benefit Of Globalization In The Philippines

    945 Words  | 4 Pages

    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.

    Read More

More about Globalization And Economic Competitiveness

Open Document