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Scope Of Globalization Analysis

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1.0 Globalization definition
According to Royce (2008),The integration of markets, nation-states, and technologies to a degree never witnessed before-in a way that is enabling individuals, corporations and nation-states to reach around the world farther, faster, deeper and cheaper than ever before. the spread of free-market capitalism to virtually every country in the world.
Kendrick and Norton (2009) a person or company or country can choose people or organizations to do business with anywhere in the world. A person in United States can do business with a person in China or South Africa. Goods are distributed anywhere around the world. Information is moving in all directions forward and back through the use of the internet, phones, fax …show more content…

1.1.Scope of globalization.
Stegar (2013),Globalization has both good and bad aspects, but it is not inevitable. It has assisted in improving the conditions of living of people in poor countries. This is so because materials can move across the globe. Medication, for example, moves from China to Zimbabwe. Education is now possible anywhere in the world. Virtual learning is made possible.
Countries that do not have certain resources can access them through trade. Hunger has been reduced since food can be transported anywhere in the world. Life expectancy has improved due to globalization. There has been economic growth in some countries that used to be very poor. Expertise can now move across the globe. Yes, there are a few disadvantages. For example globalization has led to many international conflicts that arise out of trade agreements or practices. Local problems may be internationalized. For example the conflict in Libya has been internationalized due to the advent of new technology in information. Some countries are exploited of their resources by better of …show more content…

Here, a large package of measures was agreed, which freed up trade in both goods and in services. As a result, the volume of world trade rose by 50% just in the 6 years following the conclusion of the Uruguay Round. Equally important is the number of countries taking part in free trade negotiations. In 1948, when the GATT treaty became effective, there were only 23 Contracting Parties to the agreement. Just over 60years later, there are now 153 member states of the WTO who all enjoy the benefits of free trade based on the principle of comparative advantage.
Accordingly, between 1948 and 2008, trade rose from only 5% to a massive >25% of world GDP. This means countries are becoming more and more reliant upon each other for their export earnings, income and employment. This exposes them to the international trade multiplier, where domestic business cycles become vulnerable to changes in the level of economic activity in the rest of the world.
Changes in government

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